Tax Services in Staten Island
Tax obligations can be confusing and challenging for many individuals and businesses. However, turning to experts for professional tax preparation and planning can help you navigate the issues and avoid troubles with the IRS and your state. Affordable Tax Solutions is a full-service accounting firm serving Staten Island, New York, and neighboring areas. We offer a broad range of services for individuals, business owners, and executives. Our professional CPAs will bring a wealth of expertise to you and provide strategies and tools to maximize your after-tax income.
Tax preparation is the process of filing tax returns, generally for compensation. Some tax-savvy individuals can prepare taxes on their own, but as your revenue sources become more complex, you need the help of a professional tax preparation service provider. Since tax laws are considered complicated in the US, getting professional assistance prevents costly errors and helps you make the most of your available deductions and credits.
Individual tax liabilities are due to be paid each year. If you fail to file your taxes on time, you can accrue late charges and penalties. Fortunately, Affordable Tax Solutions can help you keep track of your tax obligations by paying estimated taxes each quarter to ease the burden of full payment all at once.
Benefits of Tax Preparation
If you've been wondering whether enlisting the help of a professional tax firm can be beneficial, here are a few compelling reasons to take that step:
Saves you time - Completing your tax returns takes approximately 16-22 hours each year. This includes record-keeping, organizing and completing forms, and finally submitting the return. Our experienced CPAs will take this burden off your back and save you more time to focus on your core business.
Saves you money - Our tax professionals can save you money on your tax return by identifying all possible deductions and credits that you could be eligible for.
Accurate returns - Our experienced tax professionals can reduce the risk of errors on your return and minimize any likelihood for an audit. Basic math errors, forgetting to sign, and inverting numbers are some common errors that individuals often make when completing their returns. Our CPAs will ensure that your return is error-free.
Support in the event of an IRS audit - Using our tax professionals for your annual return will ensure that if the IRS has questions about your return, we can help you respond.
Individual Tax Preparation
As an individual taxpayer, you can receive professional, reliable income tax preparation from our tax experts at Affordable Tax Solutions. We will prepare, review, and e-file your state and federal income tax returns. With our expertise, you pay the least amount of income taxes legally possible.
Other than income tax preparation, we also provide advanced tax planning to minimize future taxes and advise you on the tax effects of proposed transactions. We also offer valuable services such as Amendments, Offers In Compromise (OIC), and IRS Audit Representation.
Business Tax Preparation
Affordable Tax Solutions can make your tax worries disappear and help you build the best possible tax strategy for your business. Professional business tax preparation is critical if you want to succeed as an entrepreneur. Our experienced CPAs will offer more proactive support. Without a proper tax preparation plan, taxes can quickly hinder your growth trajectory. Our tax experts will work diligently for your business and avail themselves to answer questions and address issues as they crop up.
Quarterly vs. Annual Taxes
The IRS determines how much you owe annually by weighing your gross income for the calendar year and adjusting it for certain deductions, exceptions, and credits. People who receive salaries and wages prepay their tax liability throughout the year by having a portion of their earnings withheld by the employer. The final amount owed is then balanced during the annual filing, which primarily occurs in April of the next tax year.
Our experienced tax specialists can help you fill out a new IRS Form W-4 with your employer every year. We will ensure that you aren't hit with a large tax balance at the end of the year as a result of underpayment. Also, you won't have to endure a smaller paycheck throughout the year due to overpayment.
If you don't remit taxes on your income through withholding, you will need to make quarterly estimated tax payments. Some individuals, including partners, sole proprietors, and S-corporation shareholders, are required to make quarterly tax payments to avoid incurring huge penalties due to underpayment or late payment. Your estimated taxes will cover your income tax, alternative minimum tax, and self-employment tax.
If you do receive untaxed income from dividends, alimony, interest, prices, capital gains, or awards, you may need to make estimated tax payments every quarter. This may include rental income and revenue from other investments.
Tax Planning for Businesses
Affordable Tax Solutions offers business owners professional tax services to help reduce year-end tax liabilities. Our tax services have proven beneficial for numerous industries, including gas stations, insurance agents, dollar stores, jewelers, and many more business ventures in Staten Island, NY, and the surrounding communities. Regardless of your background, our experienced CPAs can help you understand your tax obligations and come up with a compliant tax plan to benefit your business growth.
Is Tax Planning Worth the Cost?
Business growth can be a rough road if you can't pocket what you earned. You must balance out your decision making with long-term profitability goals to minimize your tax liabilities and remain compliant with state and federal tax laws.
An efficient yearlong tax plan can steer your business in the right direction and save you money in the long run. By working with our CPAs, you will know what information you need to file your taxes and prepare everything beforehand. Additionally, we will help you fill in and submit the necessary forms based on your entity. Additionally, when you need an extension to file your returns, we can petition the IRS on your behalf and request an extension.
Small businesses are often negatively impacted by confusing payroll tax obligations. When mistakes happen, whether intentional or unintentional, the IRS can trigger a payroll audit, causing havoc to your business. Our expert CPAs can help you deter common problems with payroll and prevent costly payroll tax penalties.
Affordable Tax Solutions has been helping small business owners plan for and process payroll tax withholdings for years. And since the IRS often targets small businesses as a substantial source for uncollected taxes, working with our tax professionals can help you avoid trouble with the tax collector. The IRS has the power and authority to collect money due to them forcefully.
Our CPAs can help you avoid payroll tax audits or penalties due to the following mistakes:
- Failing to file a 941 every quarter
- Failing to remit withholdings electronically
- Failing to pay taxes on time
Opportunities to Save
At Affordable Tax Solutions, we take a customized approach to your tax planning to create a solution that makes the most sense with your business and industry. Typically, we don't try to squeeze your company into pre-tailored plans. We simply look for opportunities that align with your goals and help you strategize for the future.
This tactical approach helps to streamline your tax planning to complement your day-to-day processes rather than distract from it. Here are some ways our tax planning strategies will save you money:
Optimizing Your Business Structure - The entity type you chose at the beginning may not fit well once your business begins to grow. Our CPAs will help you evaluate your options and determine if a restructure will benefit your business.
Classifying Expenses - We will help you identify what are considered business expenses and help you make savings.
Deferring Revenue - We will help you find deductions in gift cards, receivables in dispute, and advanced payments.
Inventory Tax Planning - Our tax specialists will examine your inventory details and help you reduce capitalized costs, earn cash and trade discounts and apply other methods of valuation and costing.
Counting Fixed Assets - Amortization, repair costs, and fixed asset's depreciation can all help you save by considering them deductible expenses.
All these are viable strategies to help your business make savings. Our CPAs will take the time to learn every detail of your business in a bid to save you money. You can always turn to us for professional advice and sound planning when your tax situation changes.
Tax Planning for Individuals
As an individual taxpayer, you need to do a self-assessment of your income tax before you file tax returns. For most individuals, tax payments are often in the form of estimated tax payments or withholding tax. Deadlines and other administrative procedures may vary by jurisdiction. Still, mid-April of the next tax year is when individuals need to file their tax returns for state and federal tax returns. Regardless of your tax bracket, our experienced CPAs can help you plan for your tax returns and make the most of any available deductions and credits.
Tax gain-loss harvesting is a unique form of tax planning that relates to estates. If you own an estate or other investments, you can use your portfolio's losses to offset the overall capital gains. The IRS requires taxpayers first to use both short and long-term capital losses to offset capital gains of the same kind. In other words, long-term losses can offset long-term gains before offsetting short-term gains. As of 2018, all short-term capital gains from investments owned for less than a year attract taxes at the ordinary income rate. However, long-term capital gains are taxed based on your current tax bracket.
Tax Resolution Services
Tax resolution goes by many names, such as tax controversy, tax relief, tax problem recovery, or IRS representation. Generally, tax resolution is a service that helps taxpayers resolve their existing debt with the IRS in a way that minimizes the liability as much as possible.
Individuals can face tax problems for various reasons, such as financial difficulties following lost income, unforeseen expenses, or ignorance about the prevailing tax laws and regulations. Whichever the case, back taxes, late charges, and other tax debt can derail your financial security.
As your representative to the IRS, Affordable Tax Solutions works with the tax collector to create a solution that helps you clear your tax debts in a reasonable and achievable manner. Our CPAs will use several tactics, including:
Installment Agreements - Heavy debts that cannot be handled in a single installment can be broken down in installments. Our CPAs will reset your interest and negotiate with the IRS to settle your debt through a reasonable payment plan.
Offer-in-Compromise - If certain financial circumstances are making it impossible to pay the full amount, our experienced CPAs can negotiate with the IRS to reduce your overall debt through an Offer-in-Compromise.
Innocent Spouse Relief - In the unfortunate event that your spouse commits tax fraud or tax evasion, the IRS can hold you legally liable for the debt. But if you were unaware of the events, our CPAs can negotiate for relief and help you get cleared of the debt.
Bankruptcy Filing - Based on the severity of your financial situation, filing for bankruptcy can be a necessary option. Although bankruptcy may not clear all tax debts, it can help reduce what you owe.
Small Business Tax Resolutions
With the complexity of business taxes, it's unfortunately common for many companies to run into tax problems. Whether it's errors in returns, late filing, or a dispute over an audit result, our tax experts can help make the situation less overwhelming. Affordable Tax Solutions will act as your representative to the IRS and negotiate on your behalf. Our CPAs will help you navigate the process and help minimize the impact of tax problems on your business.
In the hustle of running your business, you may find yourself sending your tax forms late. Instead of panicking, you can depend on our CPAs to file for an extension before the deadline elapses. You'll still have to render what you owe, but you'll avoid penalties that happen when you make a late filing. And, if we find out that you overpaid on tax because of some deductions you didn't know about, we can help you apply for a refund.
Common Tax Problems
The most common tax problems that small business owners run into when filing their returns include:
- Mixing personal and business expenses
- Missing deduction opportunities you qualify for
- Inaccurate deductions for home-based offices
- Missing receipts and expense logs
- Lack of payroll tax withholdings or misappropriation of withholdings
IRS Audit Representation
Affordable Tax Solutions can also guide you whenever you receive a notice of an IRS audit. It is often terrifying for business owners to face IRS audits, but this process doesn't have to give you sleepless nights. Our team has years of experience with IRS audits and can work with you to smoothen the process, deal with it quickly, and go back to growing your business. IRS audits can be compliance checks or full audits, but regardless of the type of inspection your business faces, our CPAs will work with you throughout the process. We'll also help you fill out and submit any requested forms to minimize errors in submission and help the process run smoothly.
Tax Liens, Levies, Garnishments, and Seizures
If you don't remit your taxes, the IRS has the authority to use tax liens, garnishments, levies, and seizures to collect payment. A tax lien is a claim on your personal property that the IRS can use as security for the tax debt. A Garnishment, on the other hand, is a form of levy that the IRS can use to legally seize your salary, wage, or federal payments to settle a tax debt.
A seizure is a claim of your personal property to complete the tax debt. It can often result in your property being auctioned to clear off your pending debt.
Our Tax Experts at Your Service!
Taxes are inevitable but filing returns doesn't have to be a miserable experience. Affordable Tax Solutions has the expertise, insight, and expertise to ensure that your taxes are done right and filed on time. You can focus on the things your business needs with confidence that you're only remitting what you owe. Schedule a consultation with our office today to begin the conversation about our professional tax services!