Making Taxes Easy
Tax Planning
Tax planning is the art of arranging your affairs in ways that postpone or avoid taxes. By employing effective tax planning strategies, you can have more money to save, invest and spend. Put another way, tax planning means legally deferring and flat out avoiding taxes by taking advantage of beneficial tax-law provisions, increasing and accelerating tax deductions and tax credits, and generally making maximum use of all applicable breaks available under the Internal Revenue Code.
Tax planning and financial planning are closely linked, because taxes are such a large expense item as you go through life. If you become really successful, taxes will probably be your single biggest expense over the long haul. So, planning to reduce taxes is a critically important piece of the overall financial planning process.
Seeking professional tax advice before executing significant transactions is usually money well spent. Let us help you plan your transactions with taxes in mind. Book a free Consultation today.
Income Tax Preparation
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Every year individuals and business owners must report their revenue, expenses, and profits to the Internal Revenue Service (IRS) and States, where applicable, and pay their share of taxes. Many companies offer tax preparation services and there are dozens of software that allow you to prepare income taxes yourself, but having your taxes done incorrectly can be expensive, since there are many complex laws to interpret and follow. Grassroots is made up of tax professionals who can properly prepare your taxes.
Our team is run and directed by a Certified Public Accountant (CPA), the highest level of accounting certification you can attain and a Licensed Attorney who is well versed in Tax Law. Guaranteeing, you are in good hands when it comes to tax and financial planning. Grassroots is trusted by many because of our high-quality tax preparation and usage of the latest tax software and accounting software.
We also specialize in helping with delinquent tax filings and handling IRS Notices. Contact us today for a free Consultation.
Tax Compliance
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Tax compliance involves being aware of and observing the state, federal, and international tax laws and requirements set forth by government officials and other taxing authorities.
Businesses must align their accounting, reporting, and tax filing processes with a different set of laws and regulations than those governing personal tax filing. In addition to paying income tax, some business entities must also pay:
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•Sales tax on the merchandise and services they sell in specific states
•Property taxes on their real estate and other assets
•Excise taxes and other administrative taxes
•Employment and payroll taxes
•Franchise or gross receipts taxes (in certain states)
•Taxes on the dividends the company provides to its shareholders
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Additionally, it is necessary to pay estimated taxes to avoid penalty and interest for certain individuals & businesses. These include entities that earn income where taxes are not being withheld. Any failure to observe, report, and pay taxes according to these laws can come with significant consequences for a business. This includes fines and other penalties as well as impacts to their brand reputation.
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At Grassroots we specialize in providing these services and many of them are bundled with our Bookkeeping and Income Tax Preparation Services. Contact us for a free consultation.