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This segment of financial guides is dedicated to strategic tax planning for business owners. Can you save more? We think so.
Charitable Giving
It’s a good idea to keep the records that support items on your individual tax returns until the three-year statute of limitations runs out. Examples of supporting records include canceled checks, charitable contributions receipts, and documents showing your mortgage interest payments and retirement plan contributions. These documents may also support an amended tax return if you find you overlooked something.
Estate Taxes
Lessen Taxes at Time of Death
IRS Representation
Our services encompass nearly every aspect of financial life. We are experienced in all matters of accounting and taxation, IRS problem resolution, estates and trusts, real estate and business sales.
Tax Services
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
Roth IRA
The IRS requires you to keep copies of Forms 8606, 5498 and 1099-R until all the money is withdrawn from your IRAs. It’s even more important to retain records of all transactions relating to Roth IRAs, in case you’re ever questioned.
Tax Deductions
Income Tax
Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office recently, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Tax Return Preparation
Advanced Tax Solutions Inc. is a full-service enrolled agent firm providing tax problem resolution, tax return preparation, and bookkeeping services for individuals and businesses.
Whether you need to prepare for tax time, a financial review or you just need to clean up some problem areas, you'll be prepared with a QuickBooks Tune-up. In four (4) hours, a QuickBooks expert will help you clean up and organize your bookkeeping system.
Payroll Services
Steve became an enrolled agent (EA) in 1998, started bookkeeping and payroll services in 1999 and started helping new clients solve their back tax problems in 2000. He prepares tax returns for individuals, partnerships, corporations, LLCs, trusts and estates, and state tax returns in all states. Steve, a recognized representation expert, has taught many classes for tax professionals, especially complex tax topics and representation subjects involving taxpayers with IRS and California tax problems. Steve has an engineering degree from the U S Air Force Academy and an MBA from Golden Gate University. He is a graduate of the National Tax Practice Institute, the premier education program for taxpayer representatives. Before becoming a tax professional, Steve was an Air Force F-4 fighter pilot, a Merrill Lynch stockbroker with securities and insurance licenses, and a self-employed merger and acquisition specialist (helping people buy/sell businesses).
A financial plan's true value comes with its implementation. Let us be part of your financial planning team to develop your plan. Request a Free Consultation below.
Retirement Planning
Annuities
Estate planning on your own can be complicated and costly. And the list is endless... state taxes, bureaucracy, probate courts, unfair appraisals, health care concerns, eligibility of heirs, life insurance, IRA's, 401K's, annuities, burial or cremation costs, and intent regarding death-postponing treatment to name a few. Not knowing your legal and financial rights often ends up costing you more in the end.