Business and Individual Tax Services.

Business and Individual Tax Services

Sample of Tax Services

  • Audit and tax debt representation before the IRS and state taxing authorities
  • Business and individual tax preparation and filings
  • Cost segregation (accelerated depreciation) submissions
  • Employer 941/944 (payroll) tax debt issues & trust fund recovery penalties
  • Tax planning – Using proprietary methods and tools to avoid/minimize tax liability from flow-through Businesses to individual returns

Tax Prep Services

Business

Business tax compliance includes adjusting entries, balancing accounts and closing the books for the period in preparation for the inevitable tax return and relevant schedules. Tax positions/treatments should reflect and be consistent with the type of activities of the business and in accordance with the Internal Revenue Code.

Individual

Compliance for individual taxes means that your return(s) are filed (accurately) and timely within the meaning of the Internal Revenue Code. Tax compliance also means that your tax obligations are settled in full. Your return(s) and the tax positions you take should reflect your lifestyle and personal situation.

Unfiled returns? Problems with prior period tax filings? Federal or state tax assessments or liabilities?

Book a Call

Prefer to call, email or text us?

See our Contact Page

Tax Planning and Tax Preparation Explained (We Offer Tax Planning)

Tax Planning

  • Active engagement where a plan is created to reduce or minimize tax liability through activities that occur during the tax year (not after the tax year)
  • The plan is only as good as the willingness of the taxpayer to implement these recommendations during the tax year
  • Typical plans include credits, deductions and income deferral
  • Plan is monitored throughout the year for adjustments – actual figures are compared to plan and changes are made

Tax Preparation

  • Tax preparation is only concerned with “settling up” with the IRS to determine if any additional tax is owed or if the taxpayer overpaid during the tax year – A refund
  • Other than some suggestions (to open an IRA as a way to obtain additional deductions), there are very few ways to mitigate or reduce your tax exposure during the tax prep cycle
  • Even if recommendations do exist, your tax preparer will (rarely) have the time to offer or help you implement these savings during tax season

Tax Debt Representation

As an Enrolled Agent, Mike Faremouth can represent businesses and individuals in all matters involving unresolved tax debt issues and/or audits both at the federal and state level.

For tax debt representation, we are focused on providing solutions to Clients for two distinct issues – Payroll tax/trust fund recovery penalties and audits.

Salary/wage garnishments? Threatening letters? Interest and penalties accumulating? The IRS is not going to stop.

Book a call with us today. Let us help you resolve your tax debt issues.

Accounting Services
Regarding Accounting, Business Clients have many needs, but two overarching requirements - That their records comply (Financial Accounting) and reports to help them make informed, relevant decisions (Managerial Accounting) for their business. We can help with both.
Accounting Services
Advisory Services
We provide expertise to Business Clients in addition to Accounting, Bookkeeping and Tax-related services. Our approach is to integrate our services so we become your "one-stop shop," for accounting, tax or advice. Review our Advisory Page and contact us so you can decide for yourself.
Advisory Services
Bookkeeping Expertise
Bookkeeping is the process of inputting, classifying, error correction and maintaining accounting records. Understated or overstated accounts? QuickBooks workflow issues? Problems, involving one year or several years, large or small, simple or complex, we can help.
Bookkeeping Expertise
Tax Services
Whether it's Tax Planning, Tax Preparation, or Tax Resolution, small businesses need help navigating the complexities of the tax code. If you have tax debt, levies, liens, unfiled returns, or questions on how to minimize your tax liability, contact us so we can recommend the best options/solutions.
Tax Services