Tax compliance and planning services can save you time and allow you to concentrate on your core competencies. Whether we like it or not, today's tax laws are complicated and even filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled and to make innocent reporting errors. Most state laws do not conform with IRS rules and keeping up with those differences and nuances requires constant monitoring. Even with tax preparation software with advanced wizards, there's no substitute for the assistance of an experienced tax professional. Wrightcpa applies over 20 years of tax expertise to your federal and state tax filing requirements and looks ahead for future issues. We promote electronic filing of your returns to reduce the chance of computer input errors that occur more often with paper-filed returns and for environmental concerns. Part of your tax return preparation includes projections for estimates and withholding for the following year and e-mail alerts for current changes in the federal and state tax laws that may impact you.
Planning is the key to successfully and legally reducing your tax liability. Wrightcpa goes beyond tax compliance to proactively recommend tax saving strategies to maximize your after-tax income. At Wrightcpa, it is a priority to keep up with current tax law, complex tax code, and new tax regulations by attending frequent tax seminars and utilizing state-of-the-art research materials.
Our business tax knowledge includes extensive work with flow-through entities. These entities are operating structures required to pass income, deductions, gains, losses, and credits through to the owners of the entity. Examples of flow-through entities include S corporations, partnerships (including limited liability partnerships (LLP) and limited partnerships (LP), limited liability companies (LLC), and certain types of trusts and estates. This "flow-through" of income eliminates a layer of taxation, as the flow-through entity typically will pay little or no tax itself. Choosing which of these entities is best suited to a particular business requires intimate knowledge of each entity type and the client's business. Wrightcpa can help determine which operating form is best for your situation and provide insight on the accounting needed as well as preparation of the entity tax returns.
The use of various types of trusts in estate, gift and tax planning has become a necessity in today's complex financial environment. As a trusted advisor, we will guide you through the labyrinth of tough questions that you face when planning for lifetime gifts and your estate and help come up with a plan that is in sync with your net worth and overall goals. Trusts often require special accounting for tax and legal purposes; we can assist with the accounting and record-keeping as well as preparation of the required tax returns.
Should your tax filings come under review from a taxing authority such as the Internal Revenue Service, the firm can represent you by creating a liaison between you and your assigned examiner and provide strategic planning to settle the issues favorably.
