Effective individual tax preparation and planning can help minimize tax liabilities and maximize opportunities to save money. Tax planning and tax preparation go hand-in-hand. Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
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 taxpayers are seeking new strategies under the new tax regulations to minimize their tax burden. Accel’s tax advisors can help. Our Charleston/Mt Pleasant firm offers both traditional and comprehensive tax preparation and planning services provided by our CPA, attorney and enrolled agent tax professionals.
Individual Tax Preparation Services
Preparing your own income tax return can be a task that leaves you with more questions than answers. Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It’s just too easy to overlook deductions and credits to which you are entitled. There’s no substitute for the assistance of an experienced tax professional.
It takes a uniquely qualified and creative professional to understand the tax laws and devise optimum tax saving strategies and solutions.
- We prepare all federal, state, and local income tax returns and offer electronic filing at no additional charge.
- Our professionals will review your return to minimize potential problems and avoid “red flags” that may prompt IRS scrutiny.
- We are experts in dealing with unique or complex tax issues such as those facing real estate professionals, physicians, investors, and expatriates.
- We can show you how to adjust your withholdings or help you set up a schedule of estimated tax payments if you are self employed.
- We are also available throughout the year to assist you in examining the tax consequences of anticipated transactions.
Individual tax return preparation is the last step in good tax planning. Our tax professionals 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.
Individual 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 rules 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 or by phone 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 can 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.