Tax Preparation For Individuals and Businesses
Preparing, filing and planning for future taxes can be stressful and confusing for individuals and business owners alike. The simple truth is that what worked last year may not work today. Laws and regulations concerning taxes are complex and constantly changing, so it’s important to hire a CPA firm that’s committed to keeping up-to-date with them.
We Stay Up-to-Date on Tax Laws
2018 signaled extensive changes to the tax code; standard deductions increased, the personal exemption was done away with, the child tax credit rose, state and local tax deductions were capped at $10,000, the individual mandate of the ACA was repealed, and the interest deduction on home mortgages decreased. We don’t have to tell you the importance of making sure your tax returns are accurate, and are here to assist you if you are facing tax problems, like filing back taxes, paying tax debt or preparing for an IRS audit.
How To Lower Your Tax Bill
Understandably, few people enjoy paying taxes and most of us would prefer to pay as little as possible when the time comes. We’re often asked by clients if they can lower their tax bills, and the answer is different for everyone – it depends on your unique situation. Hiring an experienced tax preparer with knowledge of the tax system, one adept at developing strategies that take full advantage of available opportunities including reducing taxable income, increasing tax deductions, applying all tax credits and discovering other economic incentives is a start. At Stromsodt CPA Ltd, we’re standing by to help you manage your taxes.
Tax Planning Services
It’s important for businesses and individuals to develop tax planning strategies in order to avoid undue financial hardships that result from paying in too little or too much. Tax projections are a tool we use to forecast taxable income based on things such as historical data and the prediction of future income and expenses. This is crucial to plan for adequate year-end cash outlays, to avoid underpayment or non-payment penalties, to plan for the necessary cash outlay of future taxes, to compare strategies and to understand how pending regulation may affect your tax bill. Stromsodt CPA Ltd is here to do the hard work of tax planning with you.