Tax Strategies and Solutions for Businesses and Individuals in Arcadia, CA
We all have to file taxes, but with the many regulations and restrictions, it's easy to become stressed and confused. At Elite Tax and Accounting, Inc, our experienced accountants help businesses, individuals, and nonprofits with expert tax services, both at filing time and year-round.
Contact our office to make an appointment, or read on to learn more about how we can help your tax situation.
Why Get Tax Help From a CPA?
Few people enjoy filing their taxes. The process is complex, time-consuming, and mistakes can be costly. Still, many people also wonder if hiring a tax professional is worthwhile. If you've never worked with one before, you're likely unaware of the many benefits they have to offer.
Tax help from a professional can provide various advantages, including:
Saving Time and Money
While you get to spend your time on the things and people that matter to you, our CPAs are diligently pouring over your financial records looking for any opportunity to lower your tax liability and save you money.
Answering Your Questions
Your taxes can change dramatically with various life events, likely leaving you with questions. The IRS can be difficult to reach when searching for answers, but a CPA has the experience and expertise to help you understand your situation.
Preventing Expensive Errors
A tax professional's job is to keep up with tax regulations and how they should be applied. On top of ensuring that your forms don't have errors in the provided data or overlooked income, they make sure you're adhering to the latest tax policy, so you aren't hit with heavy fines.
Reducing Chances of Audits
IRS audits happen either at random or because something appears incorrect or misleading it a tax statement. Professional oversight reduces the chances of the latter, and if an audit does happen, you have reliable representation to help you through the process and find resolution if needed.
Providing Peace of Mind
One of the most stressful aspects of tax filing is being unsure of whether you're paying too much or too little. Working with a professional gives you confidence in the accuracy of your tax filing.
Tax Services We Provide
Our firm is experienced in various forms of taxes, and our accountants are ready to put their skills to work benefiting individuals, businesses, and nonprofit organizations.
You can rely on us to deliver:
Contact our office and schedule your complimentary consultation to learn more about what we can do to assist with your tax situation.
Individual Tax Preparation
Tax preparation for individuals is a highly customized and nuanced effort. Every client has different circumstances that make filing unique, such as whether they have a family, own a business, bought a house, or have investments.
Our accountants know how to navigate tax regulations to process your return quickly and accurately. They can help you take advantage of any deductions, credits, and exceptions available to you so that you never pay more than you owe.
7 Situations Perfect for Professional Tax Help
Any time you have a major life change, it likely also means a major change in your tax filing. Someone who is single, has one job, no dependents, and no property or investments may be able to handle taxes on their own. For the rest, the many nuances of tax regulations can be difficult to keep up with.
These are seven examples for when you might need to consider tax help.
When Should I Start My Taxes?
Many people put off their taxes as long as possible, only to be stressed and rushed just before the deadline. You can avoid this type of headache by starting on your taxes earlier, so long as you have the necessary tax forms.
Filing before April means that your tax forms will likely be processed sooner, giving you more time to deal with errors or questions. It also means that you'll get any refund owed to you that much sooner.
In any case, you can save yourself a significant amount of time and money if you prepare for tax filing throughout the year. Keep relevant financial documents, such as receipts and past tax returns, in a safe and organized place so you can access them easily when you need them. You can also use tax planning to help you develop strategies that you can use during the year to reap the tax benefits later on.
Individual Tax Planning
While tax preparation is the organization and reporting of your year's activity; tax planning is all about being proactive. This process is designed to help you be more efficient in your spending and saving habits so that you can lower your tax liability on your next tax filing. From carefully timing major sales and purchases to determining your retirement-saving strategy, tax planning gives you the tools to make smarter financial decisions and reap the long-term benefits.
Is Tax Planning Worth It?
We make plans throughout our lives, whether buying a home, taking a vacation, or throwing a party. Yet most people don't know how to plan for their taxes, if it even occurs to them.
When you work with an accountant to plan your taxes, they help you develop custom strategies you can apply throughout the year. Tax planning allows you to evaluate decisions, work toward goals, and do the things you enjoy while approaching them all in a smart and tax-savvy way.
Common Tax Planning Strategies
Every client has unique responsibilities and goals which we use to build their custom tax plan. With our approach, there is no one-size-fits-all solution to saving on their taxes. However, certain options are available to nearly anyone, and we can help you understand how to take advantage of these opportunities.
A common strategy includes utilizing retirement savings and investments to move your income into a lower tax bracket. Carefully timing large sales or purchases, such as property, can also offer tax advantages or help you avoid hefty fines. We can even evaluate estate plans and trusts to help minimize the tax burden on beneficiaries.
Our experienced staff stay up-to-date on all relevant tax forms and can provide year-round assistance to help you navigate your tax plan and adapt it to life changes so that you continue to hold onto your hard-earned capital.
Tax Services for Businesses
Business taxes can be just as complex as an individual's, and they face far more scrutiny. This can make tax preparation a full-time demand on your business.
Leaving tax preparation to someone without sufficient understanding or those who are dealing with multiple responsibilities means that your taxes may not get the attention and care they need. This could result in errors, late filings, audits, and potentially heavy fines.
We work with businesses to prepare their taxes accurately and efficiently, always looking for opportunities to reduce their liability. Our accountants stay current on new tax regulations and can provide strategies to help your business qualify for exemptions and deductions throughout the year.
Tax Services for Nonprofit Organizations
Nonprofits enjoy natural tax exemptions, but they're held to strict guidelines in order to maintain that status. We've worked with numerous nonprofits organizations, and we can help yours to evaluate your finances, determine whether your status could be at risk and provide solutions and strategies to protect your exemption.
Tax Representation and Resolutions
Whether you're facing an audit or dealing with tax debt, tax problems can be incredibly stressful. We can provide support to help you navigate the situation and act as your representation to the IRS.
Our accountants are experienced in dealing with tax matters, and can assist with:
We help you organize your files, facilitate communication between you and the IRS, and review any amendments the IRS produces to determine if they are accurate.
We can help you develop strategies to help you work toward clearing owed taxes.
If you find yourself owing more than you can pay, we can represent you and work with the IRS to find a resolution, whether that's through a payment plan, offer-in-compromise, or some applicable exemption such as innocent spouse relief.
Are You In Control of Your Taxes?
At Elite Tax & Accounting, Inc. in Arcadia, CA, we love helping you find ways to grow your finances, whether through financial planning or expert tax services. Schedule your consultation today to find out how you can save!