Income Tax Planning

Taxes represent a significant expense to many individuals and businesses. Therefore, planning to minimize taxes both in the short term and in the long term should not be overlooked. Proper tax planning involves a proactive assessment of your current tax picture as well as where things are headed.

Basic tax planning isn’t necessarily complicated, but it generally involves a lot of variables and thus may require a fair amount of effort – especially if you’ve never done it.

Tax Return Compliance

All the tax planning in the world will not help you if it is not presented on a properly prepared tax return that includes the following elements:

  • It is accurate and reflects the tax planning efforts undertaken in the current and prior years;
  • It is complete and includes all necessary forms, schedules and disclosures as required under current law;
  • It is filed in a timely manner with certified proof of filing date;
  • It is supported by detailed working papers that thoroughly document significant issues and positions taken;
  • It is securely stored in a format (preferably electronic format) that provides ready access.

“Audit-Ready” Approach

Our philosophy in tax preparation is based on the presumption that you will be audited. In this regard, we carefully analyze your situation to determine high-risk audit areas and incorporate detailed custom workpaper templates, checklists and documentation memorandums designed to mitigate the chance of an audit as well as to prepare ourselves in case of an audit.

Tax Audit Representation

Depending on the nature and complexity of your returns, a tax examination by the Internal Revenue Service or by a State taxing authority can be disruptive and expensive. A tax examination can call into question events or transactions that took place several years prior to the tax year under examination, and often requires taxpayers to gather supporting documents out of storage or attempt to decipher cryptic schedules prepared by personnel that are no longer around to answer questions.

One of our main goals in representing you before a taxing authority is to keep you out of it! We handle the audit from start to finish. This helps to ensure that any disruption to your business is minimal and that you do not provide the auditor with anything more than what is required under the law. In the rare instance that a meeting with the auditor is unavoidable, we will conduct the meeting in a manner that is most convenient and beneficial to you.