Here is our Tax Planning Client Process:
- Mid to 3rd quarter bookkeeping checkup: We review your financial records and ensure they are up to date, making any necessary adjustments or corrections.
- September/October tax planning: We proactively assess your tax situation, identifying potential strategies to minimize your tax liability and maximize your deductions.
- 401(k) and SEP, DBP planning: We assist you in planning and optimizing retirement contributions, exploring options like 401(k) plans, Simplified Employee Pension (SEP) plans, or Defined Benefit Pension (DBP) plans.
- QBI optimization and bonus payroll: We analyze your Qualified Business Income (QBI) and recommend strategies to optimize the deduction. Additionally, we assist with bonus payroll calculations to maximize deductions.
- Health insurance W-2 reporting: We ensure accurate reporting of health insurance premiums on your employees’ W-2 forms, meeting the required compliance standards.
- January/February – 1099 and payroll reporting: We handle the preparation and submission of 1099 forms for independent contractors, as well as payroll reporting for employees.
- March/April – review books and prepare returns: We thoroughly review your books and financial records, ensuring accuracy and identifying any potential issues. If no extension is necessary, we prepare and file your tax returns promptly, sometimes even earlier.
- Obtain personal tax documents: We guide you in gathering all the necessary personal tax documents, such as W-2 forms, investment statements, and other relevant documents.
- File returns or plan for extension payment: We finalize the preparation of your tax returns and file them on your behalf. If an extension is needed, we assist in planning for any required payments.
Our goal is to provide comprehensive tax planning and preparation services, ensuring compliance, maximizing deductions, and optimizing your overall tax situation.
Please feel free to reach out to us with any questions or to discuss your specific needs.