The legislation known as the Tax Cuts and Jobs Act (TCJA) made sweeping changes to the tax law in 2018 – with many of those changes scheduled to expire after 2025. As a result, individual tax payers are seeking new strategies under the new tax regulations to minimize their tax burden. Accel’s tax advisors can help. Our Charleston/Mt Pleasant tax firm offers both traditional and comprehensive tax preparation and planning services to our individual clients.
Business Tax Preparation Services
Taxes can have a significant impact on the operation of any business. We would like to stress the importance of proper documentation. Many taxpayers forgo worthwhile tax deductions because they have neglected to keep receipts or records. Keeping adequate records is required by the IRS for employee business expenses, deductible travel and entertainment expenses, and charitable gifts and travel. But don’t do it just because the IRS says so. Neglecting to track these deductions can lead to overlooking them. You also need to maintain records regarding your income. If your receive a large tax-free amount, such as a gift or inheritance, make certain to document the item so that the IRS does not later claim that you had unreported income.
We prepare all federal, state and local tax returns for any form of business entity including:
- C Corporations;
- S Corporations;
- Partnerships;
- Limited Liability Companies (LLC);
- Sole Proprietorships; and
- Nonprofit Organizations.
- Home Owner Associations and Property Owners Associaitons.
Business tax return preparation is the last step in good business tax planning. We can also assist you with new business formations and strategic business planning, as well as periodic business review meetings. We are available throughout the year to assist you and ensure that you and your business pay only the amount of taxes you are required to pay and no more.
Business Tax Planning Services
Tax planning is the process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability.
The new tax law has created many new tax planning opportunities for individual tax payers. Many of the individual tax provisions under the new tax code (including a new deduction for some owners of passthrough entities) are scheduled to expire after 2025. Among the key changes affecting individuals for tax years 2018 – 2025 are the following:
- Lower individual income tax rates and revised brackets;
- New limits on itemized deductions;
- An increased estate, gift, and generation-skipping transfer tax exclusion of $11.18 million per person for 2018;
- Simplified “kiddie tax”;
- A new 20% deduction for qualifying income of certain owners of passthrough entities and sole proprietorships; and
- New limits on active net business losses.
In addition to the new tax regulations being temporary – which makes long-term planning difficult — many of the new tax rules require professional guidance. Accel’s tax specialists can provide timely and accurate advice. Starting the individual tax planning process is easy and risk free. Simply call our office to schedule a time to meet with us in person, by phone, or virtually for a preliminary question and consultation session. Our tax advisor will provide a summary of what services we can offer based on your specific tax planning needs. If our tax firm is the right fit, you will engage our services and we will move forward with your tax planning, providing more details for how to minimize your tax liabilities and maximize opportunities to save money.
Our tax advisors will evaluate and implement tax planning strategies for individuals that help you:
- Grow and preserve assets by keeping Uncle Sam out of your pockets.
- Defer income so you can keep your money now and pay less taxes later.
- Reduce taxes on your income so you keep more of what you make.
- Reduce taxes on your estate so your family keeps more of what you’ve made.
- Reduce taxes on your gifts so you can give more.
- Reduce taxes on your investments so you can grow your wealth faster.
- Reduce taxes on your retirement distributions so you can retire in style.
Remember, our tax firm works for you, not for the IRS. Our clients often save many times our fee in reduced tax liability through careful planning and legitimate tax strategies. Contact us today to speak to a CPA, attorney or IRS enrolled agent.