Who prepares your taxes? Is that person someone who took a brief training course? On the other hand, do you trust tax software to understand and correctly interpret every nuance of your finances? It may be time you considered using a CPA, a dedicated professional who really knows the business of taxes and finances - all year around, not just January to April. Shabbir Bahora, CPA specializes in individual and small business income tax preparation. Our tax preparation services are affordable, efficient, and most importantly done by a professional.
Review of previous year tax returns:
We will review previous year taxes to identify additional tax deductions or credits that you may be entitled to on federal or state tax already paid in a prior year. If we find additional tax savings available for one or more tax years, we will send you an e-mail outlining the potential additional refund and detailing the fee that will be charged to prepare amended returns. You may then decide if you wish to proceed with amending your returns.
To start review of your previous years' Tax Returns, submit copies of your last three years' federal and state income tax returns to us.
Preparing current year tax returns:
We have designed the following checklist to assist you in gathering the appropriate documentation to prepare your current return. Please note this list is not all-inclusive, but covers the most common situations. Complete tax organizers are available by contacting us.
Tax Check List
Individual Tax Organizer
Business Tax Organizer
Tax Planning Services:
Tax planning is an essential element of the tax preparation process in minimizing current and future tax liabilities. By making tax-planning part of your overall personal and business strategy, you can create a blueprint for a successful and prosperous future.
Many tax credits and deductions created by congress are designed to encourage taxpayer savings. We can help you in maximizing the benefit of these laws by creating a meaningful plan. Here are some examples:
- Planning for retirement, or savings for home purchase, or college funding
- Planning for income receipts (gain from sale of assets, stocks, windfall gain, etc) to minimize tax impact.
- Planning for expenses and deductions (purchase of vehicles, equipment) to maximize tax advantages available.
Estimated taxes and withholding calculations:
We can help in reviewing your withholdings to ensure that you are paying the proper amount of taxes to the IRS throughout the year to avoid penalties and interest for underpayment, and at the same time making sure that you are not overpaying the IRS.
Representation services:
- Audit: If the IRS selects your return for examination or audit, we can represent you as your advocate before the IRS. We will review your return and supporting documents, prepare a pre-audit strategy, and represent your tax positions during the actual audit.
- Appeals: If an IRS auditor determines additional tax is due, we can review the audit report and research possible grounds to appeal the audit findings, and then represent you at the IRS appeals hearing.
- Back Taxes: If you have not filed previous years tax returns, it not only will create back tax liability but will also add daily interest and penalties. We will prepare and file those back tax returns for you, then start the process of working out a payment plan for the amount due to the IRS and/or your state.
- Collections: If the IRS has issued intent to levy on a taxpayer's property or actually seized property, there are appeals avenues available to delay IRS action and propose other options including installment payments or an Offer in Compromise for a reduced amount.
Contact us now to make an appointment.