If you are an individual, perhaps you need help with budgeting or financial planning for your immediate and future needs. You may have an idea for when you want to retire, buy a new home, or make investment decisions. In addition, you may have children going off to college and need help planning the financing for these future events. Next, you may want to secure financing for an investment project you are contemplating. A financial institution, like a bank, is going to want to see your financial statements to determine your past investment activities, your financial positions, where you spend your money, and the amount of cash flow you have coming in along with its sources. If you want to pool investors together, they are going to want to see your financial statements as well.
Your financial statements are different from your tax returns. Your tax returns are not a clear indication of your profitability. The IRS manipulates your reported income and expenses in a way to tax you in the manner they want. For example, they may allow certain expenses and disallow other expenses against your income and tax you accordingly. Another example is that some of your income is taxable and other types of income are not taxable. On the other hand, for financial statement purposes, all your actual income and expenses are relevant. Financial statements better reflect the money you have in your bank account and your pocket. Accounting services help you find where your money is coming from and how you are spending and investing it over a given period of time.
Personal Tax Service
Each individual or married couple may have different needs. If you have a simple tax return based solely on income reported on your W-2, then we can prepare your tax return at a low cost. If you have investment income, your tax return is likely to be more complex. If you offer services or sell items, we will have to examine the records that you keep, so we can prepare your tax return. Perhaps you have income from foreign sources or you paid foreign taxes and need help with these items. We file Individual tax returns on IRS Form 1040 along with supporting schedules.
Estate and Trust Tax Returns
We file Estate and Trust tax returns on IRS Form 1041 with supporting schedules and in some situations, we will need to file IRS Form 706 and supporting schedules. Accounting for Estates and Trusts can sometimes be stressful for executors and trustees along with the beneficiaries they service. The filing periods are often during times of unfortunate circumstances. We will do our best to make the filings and accompanying accounting necessities as comfortable as possible. For these tax returns, a full accounting write up with some degree of financial reporting is generally necessary to properly file the appropriate forms and schedules with the IRS. Therefore, a base fee along with an hourly rate is most practical.
One of James' specialties is doing taxes for USA residents with foreign income, or doing tax returns for foreign nationals.