FLETCHER TAX & BOOKKEEPING

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tax preparation services

Proper tax preparation is more than just answering a few questions and entering numbers into your tax software.  Thorough and accurate tax preparation will utlize applicable IRS regulations to lower your tax liability.  We go beyond merely tax compliance and will proactively explore tax strategies to help you achieve the optimal outcome.

 

No tax return is finalized without your final review and approval.  This means we can discuss any questions or concerns you may have.  We can help you understand what you may have missed as tax deductible or explain why something you believed should have been deducted was not deducted.  Our experience and expertise are at your disposal.

 

Whether you are an individual, partnership, or corporation, we can help.  We take a comprehensive view of your taxes as they relate to you and your business.  To be truly effective, we want to be your tax advisers year-round, not just during tax time or at the end of the year.

Tax Forms Supported

  • Individual Returns - Form 1040
  • C-Corporations - Form 1120
  • S-Corporations - Form 1120-S
  • Partnerships - Form 1065
  • Sole Proprietorships - Schedule C
  • Estates / Trusts - Form 1041
  • Gift Tax - Form 709
  • Amended Individual & Business 
  • Deliquent / Unfiled Returns

tax planning & projection services

We can help with individual and business tax planning.  Keep in mind that the IRS wants estimated tax payments paid quarterly througout the year based on your total tax liability.  For example, if you come into a large windfall of taxable income and just wait to pay the taxes when you prepare your tax return, there could be substantial underpayment penalties and interest for the tax the IRS expected to be paid when you received the taxabe income. 

Personal Tax Planning

Whether you are wanting to know how that large retirement withdraw will affect your tax liability, determine how much tax should be paid on those gambling winnings, how to handle that inherited retirement account, etc., we can run multiple scenarios and analyze how any one of these events will affect your taxes.  The following are some sample situations where a tax planning meeting would be advised.

  • Withdraw large retirement funds
  • Sell home (personal or investment)
  • Pay off house
  • Kids will go to college
  • Won money and/or prizes
  • Receiving or giving large gifts
  • Inherited proeprty or securities
  • Kids are gone. No dependents.
  • Convert home to rental
  • Retiring and income will change

  • Changing jobs

  • Death of spouse

Business Tax Planning

If you run a small business, it is essential you have annual tax planning reviews.  Situations change and tax code changes year-to-year.  You want to make sure your business plan is not missing out on advantages tax strategies.

  • Hiring kids
  • Retirement plan options
  • Best allowed method for owner pay
  • Actual vs mileage expense
  • Employee benefit options
  • General vs limited partner
  • Regular, bonus, or Sec 179 of assets
  • Loans to/from company tax impact
  • Mixed personal & business use items

Business Tax Entity Selection

Should you create an LLC?  If yes, an LLC is just a legal entiity and you now must choose your tax entity for the LLC.

 

Confused about whether you should be operating as a sole proprietorship, partnership, or corporation.  Furthermore, what type of partnership? What type of corporation? 
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These are legitimate and mind-numbing questions. No two businesses are exactly alike; we will go through your specific situation and help you decide which entity is best for you. In some cases, we will also be able to help you get your entity created.
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Once your entity choice is made and created, we won’t leave you there. We will advise on how to properly maintain your entity for tax and bookkeeping purposes. For example, letting you know to inform your bank, insurance company, etc. of your new entitiy.  Our goal is to make sure you get started correctly and have the knowledge to implement best practices for your new entity.
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We provide this service not only to new ventures, but existing ventures also that are either growing or winding down and would like to inquire about a more tax advantageous business entity choice.