We feel as though tax planning should be the crux of every good accounting firm. Whether you're a W-2 worker at a local restaurant or the executive of a multi-million-dollar corporation, the question that everyone has every year is whether they owe the IRS money when they file their personal tax return. We hate unpleasant surprises as much as you do, and we do everything we can for our clients to ensure that they avoid said surprises come tax time.
Paycheck Checkup
Federal withholding taxes weren't ever necessarily an exact science, but the passage of the Tax Cuts and Jobs Act in 2017 made life a lot harder on most individuals, particularly those in high income tax states and/or had a substantial number of dependents. The IRS admitted the flaws in its withholding system in 2018 and even waived underpayment of estimated tax penalties for taxpayers who ended up short of their total tax liability.
In 2019, the IRS launched its Paycheck Checkup software. It's a handy tool indeed, but just like everything else, it has its flaws and doesn't necessarily account for everything that may show up on your tax return.
Further tax changes due to the coronavirus caused 2020 tax returns to be an even bigger headache for taxpayers. Howard and Adam take great pleasure in offering tax planning for all of our clients for a nominal fee. If at any point you want to stop by or have us take a look at your withholding to see where you're at, we're happy to do so for any of our clients at a minimal cost.
Business Tax Planning
It's quite a bit easier to know what your tax liability is when you know how much money you're going to make for the year. As a business owner, you don't necessarily know when your next check is going to arrive or for how much it's going to be, let alone how that check is going to affect your tax liability.
At Howard L Markowitz PA CPA, we routinely check in with our monthly and quarterly business clients throughout the year and manage their taxes through estimated tax payments and federal withholding tax payments to help reach your tax goals. Business tax planning is a part of the service we offer for all of our ongoing corporate clients at no additional cost.
Bonus Depreciation and Other Tax Strategies
Thinking about buying a new piece of equipment for your business? Or maybe you're looking to add a rental property to your assets to give you some additional passive income? Perhaps you're considering installing solar panels on your roof or considering going back to school to further your education? All of these items could trigger taxable events on your personal tax return and affect what you ultimately owe or get back from Uncle Sam at the end of the year.
No two tax returns are created equally, and as a result, tax credits often end up having a different end result for different people. Regardless, the best time to check up on tax credits is before you make your purchase. There are always different strategies to consider that might be beneficial, and we're here to help you make those decisions.
Our very first step when a new client walks in the door is to acquire a copy of their most recently filed tax return. Not only is that our starting point for knowing what information we need to complete your tax return, but it's also a way that we can go back and do a quick review of your previously filed taxes.
Most people don't realize that a tax return can be amended after it is filed. Not only can you make a claim for a refund after filing your tax return, but you can do so for three years! So long as the request for refund is filed within three years of the original due date of the return, the IRS will pay up – with interest!
Tax Returns from Prior Periods
PRICING
Like we said, we hate bad surprises as much as you, and though we can't make your taxes disappear, we can certainly do everything in our power to keep you from those April heart attacks. For non-clients, we charge $250 for a Zoom consultation which will give us a great opportunity to take an in-depth look at your specific situation and see where you may be in need for some tax planning strategies. For our existing clients, be on the lookout for our new package plans to debut in 2023 where we will give you an opportunity to tax plan with us throughout the year for a nominal additional fee to your tax return.
Have a “quick question?” Though we’ll be the judge as to whether the questions are truly quick or not, consults for all of our clients are always free of charge and a part of the great service that we offer. We would much rather you give us a call and ask your questions than to have to explain to you later why you have to write the IRS a check.