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Tax Preparation & Planning
We make sure you're taking advantage of all the deductions and credits you're entitled to
We provide the following Services around Tax Preparation and Planning
As a small business owner, you have enough to worry about without having to keep up with the latest tax law changes.
We know that dealing with taxes can be confusing and stressful, but we’re here to help. Our team of experts will work with you to ensure that your taxes are filed correctly and on time. We’ll also help you plan for the future, so you can focus on running your business.
helping with your Taxes
Tax Preparation and Planning
There is an old expression, “the only two constants are death and taxes”, with most people claiming the latter is more “painful” of the two. Yet, millions of taxpayers each year attempt to try and prepare their taxes without the use of an experienced certified public accountant (CPA).
Do I Need a CPA?
When it comes to deciding whether to use the services of a CPA, the following are some questions to consider:
- Am I self-employed and/or have ownership in a separate business entity?
- Do I own rental property?
- Am I selling stock, business holdings, or other large assets?
- Am I short on time?
- Am I overwhelmed with the thought of preparing my own taxes?
- Do I feel like I don’t understand the tax implications of my financial situation?
- Do I have a complicated tax situation?
If you answer “YES” to any of the above, then you are in a situation which requires the services of a CPA, such as Adam M. Domow CPA.
Tax Preparation Services
Are you paying more in taxes than you should? Could your refund be even higher? Do you need to file in more than one state? Or do you just look at the tax code and think it is an entirely different language?
The need for an income tax preparer, such as a CPA, is growing more important with tax laws and regulations changing every year and the complexities of monitoring these changes. To stay updated and how best to apply these changes to your specific situation, we regularly attend various tax seminars. We also strongly believe that our tax preparation software is a tool, ensuring, for example, our clients do not miss out on any new tax deductions and credits, rather than hoping that the tax software generates the correct results as is often the case when preparing your own tax return.
Over the past 20+ years, Adam M. Domow CPA, has serviced clients around the country and world with their tax filing requirements. As such he has been able to grow a firm that offers the highest quality of federal and state tax services to those who are searching for “tax preparation services near me” (i.e. Chelmsford, Massachusetts) and those for individuals and businesses that, likewise, believe with current technology there should no longer be barriers due to location.
Adam M. Domow CPA has vast capabilities, knowledge, and experience to offer his clients the following tax preparation services:
- Business entity income tax returns (Form 1065, Form 1120 and Form 1120S)
- Multi-state and local income tax returns
- Trust and other fiduciary income tax returns (Form 1041)
- Non-profit organization returns (Form 990, Form 990-PF and Form 990-T)
- Estate and gift tax returns (Form 706 and Form 709)
- International tax and reporting returns (i.e. Form 114, Form 5471, and Form 8938
Tax Planning for Individuals and Businesses
Do you know how to effectively reduce your taxable income? Should you completely write-off that new asset you purchased this year or depreciate it over multiple years? Do you know how much your tax liability will be when you file your taxes? Are you worried about being subject to penalties?
Adam M. Domow, CPA believes success comes from “accounting for the past, living in the present, and planning for the future.”
Tax preparation services account for the past, but to be able to live in the present it is important to plan for the future. This is why our tax planning services for individuals and businesses is an essential function of what we do for you, our client.
As a business owner of a small or large company tax planning is important to assist you in achieving your business goals.
As an individual proper tax planning will allow you to lower taxable income, gain more control over when taxes are paid, and reducing the amount of overall taxes you will pay.
Tax planning for individuals and businesses, often is thought of only being performed at year-end. Adam M. Domow CPA strongly disagrees with this notion, as is evident by the tax planning engagements we perform for our clients throughout the year. This allows us to be more proactive when it comes to your taxes. Being able to implement and strategize for new tax reform and law changes (such as the TCJA of 2017 or the SECURE ACT of 2019), advising you on appropriate quarterly estimated taxes to pay, ensuring that you pay what you owe and not a dollar more and/or receive the maximum tax refund possible.
Monthly and Quarterly Compliance
Did you know that annual income taxes are just one of the many types of taxes? Did you know that certain taxes are paid more frequently than annually? Did you know that non-compliance with respect to all of your tax filing requirements will result in assessment of penalty and interest?
Running a successful business involves more than just being in control of the day-to-day operating activities, you also need to be compliant with your tax filings. Annual business income taxes are just one type of these tax filings. Adam M. Domow CPA ensures that you are compliant with ALL of your business tax filings whether it be on an annual, quarterly or monthly basis.
Do you have employees?
Do you collect sales or meals taxes?
Then you should be aware of the importance of timely filing and remitting your payroll, sales or meals taxes to avoid becoming subject to significant penalties.
Even individuals might have tax filing requirements that take place more frequently than an annual basis. The most common of these tax requirements, is the remittance of federal or state quarterly estimated tax payments. Adam M. Domow CPA can ensure that you pay the proper amount at the proper time to avoid having to pay penalties later.
IRS and State Tax Representation
Do you know what to do if you receive a tax notice? What are your options if you can’t pay your tax liability in full? What are the consequences if I don’t file a tax return? Should you completely write-off that new asset you purchased this year or depreciate it over multiple years
President Abraham Lincoln said, “a man who represents himself, has a fool for a client”.
We of course, would never call you a fool, but with 20+ years of experience on our side, who would you rather have representing you?
Corresponding with the IRS and state tax authorities can be a daunting, intimidating, and difficult process for those that do not do this often. Adam M. Domow CPA, has successfully represented his clients with respect to various tax issues, including non-filed tax returns, back taxes owed, liens/levies and installment agreements (including offer in compromises).
So, before you attempt to deal with the IRS or other various tax authorities, consider using the services
of someone who has dealt with these agencies for over two decades.
What Should I Do Now?
Feeling overwhelmed? Feeling less confident that you know everything about your tax situation? Feeling like maybe you are paying to much or not receiving enough back? Feeling as though there is too much to remember or do during the year? Feeling like properly handling your taxes will take to much time away from your business or life?
One of the first lines in President Franklin D. Roosevelt’s inaugural address, “…let me assert my firm belief that the only thing we have to fear is…fear itself” might have been in reference to what was going on in the U.S. at that time, but also can sum up tax preparation and planning in the 21 st Century.
At Adam M. Domow CPA we take the fear, concerns, and trepidation out of the unknown when it comes to your tax requirements. So, call or email to begin the better way of handling your taxes.
Frequently Asked Questions
Tax preparation is a process that helps people to calculate their income and expenses in order to determine how much money they owe in taxes. Tax preparation can be done on your own by using a calculator or spreadsheet or by using an online service like TurboTax. However, it is best to consult with a professional when doing this because there are many deductions and credits that may be overlooked if you do not know about them.
-You will have peace of mind knowing that all calculations are correct
-If you have complicated investments or business expenses, these may be taken into account
-You will get advice on all the different required items
1- We know all the rules that go into filing taxes including deductions and credits.
2- We provide advice on how to save money on taxes.
3- We can help with the IRS audit process.
There are several ways to reduce your taxable income.
1- One way is to claim deductions and credits on your tax return.
2- Deductions lower your taxable income by reducing the amount of income that is subject to tax.
3- Credits lower your tax bill by reducing the amount of tax you owe.
Another way to reduce your taxable income is to take advantage of tax-advantaged accounts, such as a 401(k) or an IRA. Contributions to these accounts are not subject to income tax, so they can help reduce your taxable income.
You can also reduce your taxable income by making charitable contributions to qualifying organizations. The amount of your contribution is deducted from your taxable income, which reduces the amount of taxes you owe.
Finally, you can defer taxes on some types of income by investing in a Roth IRA. With a Roth IRA, you pay taxes on the money you contribute, but withdrawals are tax-free in retirement. This can be a good way to reduce your taxable income in the future.
There are several things you can do to make sure you are compliant with your tax filings. First, make sure you file your taxes on time. If you are self-employed, you will need to file your taxes quarterly. Second, keep good records of your income and expenses. This will help you prepare your tax return and avoid any penalties. Finally, if you have any questions, be sure to ask a tax professional for help.
It is the remittance of federal or state quarterly estimated tax payments.
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