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Tax Practice Areas
Tax Services in Miami preparing individual and corporate taxes. Tax preparation is done by a licensed professional accountant. Accountants in Miami preparing individual and corporate taxes. Tax preparation is done by a licensed professional accountant or CPA
Tax preparation is the process of preparing tax returns, often income tax returns, often for a person other than the taxpayer, and generally for compensation. Tax preparation may be done by the taxpayer with or without the help of tax preparation software and online services. Tax Services in Miami may also be done by a licensed professional such as an attorney, certified public accountant, or enrolled agent, or by an unlicensed tax preparation business. Because United States income tax laws are considered to be complicated, many taxpayers seek outside assistance with taxes (53.5% of individual tax returns in 2016 were filed by paid preparers). The remainder of this article describes tax preparation by someone other than the taxpayer.
Some states have licensing requirements for anyone who prepares tax returns for a fee and some for fee-based preparation of state tax returns only. The Free File Alliance provides free tax preparation software for individuals with less than $58,000 of adjusted gross income for the tax year 2010. People who make more than $58,000 can use Free File Fillable Forms, electronic versions of U.S. Internal Revenue Service (IRS) paper forms.
The cost of Tax Services in Miami and filing all business and personal tax returns are estimated to be $100 to $150 billion each year. According to a 2005 report from the U.S. Government Accountability Office, the efficiency cost of the tax system—the output that is lost over and above the tax itself—is between $240 billion and $600 billion per year. For tax return preparation, Americans spent roughly 20% of the amount collected in taxes (estimating the compliance costs and efficiency costs is difficult because neither the government nor taxpayers maintain regular accounts of these costs). Tax preparation businesses have been plagued with controversies over Refund anticipation loans.
Understanding Tax Advisors
A taxpaying entity, such as an individual, partnership, corporation, trust, etc. that has a complex financial situation (e.g., complex investments and deductions) can seek out the expertise of a tax advisor to help minimize the amount of taxes to be paid to the taxing authorities.
Depending on the taxpayer’s situation, the advice and tax services a tax advisor renders will differ. Individual planning for retirement will get different advice from an entrepreneur looking to set up shop. Likewise, a real estate investor will probably have a different tax need from a commodity trader.
A tax advisor’s dealings with a company looking to merge with or acquire another company may vary from his or her professional relationship with an estate executor seeking to minimize estate taxes.
Because tax service advisors are well versed in tax laws and IRS guidelines, businesses may retain their services to represent the businesses before tax authorities and courts in order to resolve issues relating to tax. Tax advisors understand the laws regulating individual and business taxes and are, therefore, instrumental in guiding taxpayers on how to comply with federal, state, and local tax rules. Advisors are required to stay up-to-date on the latest federal and state tax requirements so as to be effective when providing advice on current tax topics.
Corporate Tax
Federal and State corporate taxes Is a complicated process. Our Corporate Tax Preparation services provides authoritative guidance in navigating the confusing maze of federal and state corporate legislation, rulings and bulletins. We are professionals and we’re here to assist you.
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Individual Tax
Preparing your own 1040 Tax Preparation 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 last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using an Accountant.
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Corporate Tax Planning
Corporate Tax Planning is a complex. Making sure that you have the right people in place and are employing the efficient processes and up-to-date technologies to effectively manage you tax obligations is not easy. Where do you begin? Most would say tax reduction, but that is a hot button issue.
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Experts
Estimated Taxes
Estimated Taxes is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards.
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IRS Representation
We provide IRS & State Audit Representation Services. Do Not represent yourself in an IRS audit, no matter how simple it may seem. Even if you honestly believe you filled your entire tax return out correctly, meeting with the IRS can be a very intimidating experience and you don’t know the tax code.
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Don’t Over Pay
IRS Tax Liens
IRS Tax Liens give the IRS a legal claim to your property as security or payment for your tax debt. A IRS Tax Liens Notice of Federal Tax Lien may be filed only after:
IRS assess the liability;
IRS sends you a Notice and Demand for Payment – a bill that tells you how much you owe in taxes; and
You neglect or refuse to fully pay the debt within 10 days after we notify you about it.
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Know The Law
LLC vs Corp
Limited liability company LLC, commonly called an “LLC,” is a business structure that is similar to a corporation, but it’s a partnership. Unlike a corporation, the limited liability company LLC itself is not a separate taxable entity. This means that if the business owes money or faces a lawsuit for some other reason, only the assets of the business itself are at risk. Creditors usually can’t reach the personal assets of the LLC owners, such as a house or car. (However, both LLC owners and corporate shareholders can lose this protection by acting illegally, unethically, or irresponsibly.)
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Experts
Turning Losses into Refunds
Turning a loss into a Tax Refund from recently net loss can be as easy as using your (NOL) carryback allowances. These provisions address the fact that, although a net loss may appear in only one tax year, it represents weaknesses that may have arisen over years in which their effect was temporarily masked by favorable income opportunities. This allows you to net out.
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Solutions
Offer in Compromise
An Offer in Compromise is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed. Absent special circumstances, an Offer in Compromise will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or through a payment agreement.
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Don’t Pay a Penny More Than You Have To
We provide professional tax services for small businesses nationwide. Clean up your books & get your accounting up to date. 1st month of service free, book now. Call Our Expert Team. Free Consultation. 30 Years Proven Expertise. 786-250-4450
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