Tax planning for individuals and small businesses
If you didn’t get the full Economic Impact Payment, you may be eligible to claim the Recovery Rebate Credit

As an Enrolled Agent authorized to practice before the Internal Revenue Service, the principal of the firm can handle a variety of tax situations, both for individuals as well as corporate entities. 

Planning in antricipation of tax consequences avoids or mitigates situations that could otherwise prove very expensive when tax returns are filed.  Should I borrow from my 403(b) account?  How should I setup my new business?  These are some of the questions that arise from circumstances involving your goals.

Tax preparation services include the filing of:

  • Form 1040 Individuals
  • Form 1120C Corporations
  • Form 1120S S-Corporations
  • Form 990 Exempt Organizations

1120C Entities keep their financial operating results entirely with the company, paying and reporting dividends to shareholders.  1120S companies pass their results through to the personal returns (1040) of the owners of the firm.

If you have a business you should take advantage of tax qualified retirement plans. (A new window will open if you clck the link, but this page will still be available for viewing). Your business does not have to be incorporated to take advantage of these plans since they are available to self-employed individuals.

  • Payroll Deduction IRA - The employer does not need to adopt a retirement; just allow its employees to contribute to an IRA through payroll deductions, providing a simple and direct way for employees to save. The employee always makes the decisions about whether, when, and how much to contribute to the IRA.  The contribution limit is $5,500 for 2017 and 2018 ($6,500 if age 50 or older).
  • Simplified Employee Pension Plan (SEP IRA) - A SEP plan allows employers to set up SEP IRAs for themselves and their employees. Employers generally must contribute a uniform percentage of pay for each employee, although they do not have to make contributions every year. Employer contributions are limited to the lesser of 25 percent of pay or $54,000 for 2017 and $55,000 for 2018. You decide how much to put into a SEP each year – offering you some flexibility when business conditions vary.