Tax
At Taylor O’Rourke Accounting and Tax, we continually monitor changes in federal, state and local tax laws which provide us with the knowledge to provide outstanding tax planning and return preparation services for businesses and individuals. We guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals. Please see our tax services below.
Individual Tax Returns
Today’s tax laws are so complicated that filing a somewhat simple return can be confusing. It is easy to overlook deductions and credits in which you are entitled. There is simply no substitute for the assistance of an experienced tax professional.
Here is how it works:
Your tax return will be checked and rechecked using our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts. Your tax return will be filed electronically, ensuring a prompt refund. We will show you how to adjust your payroll withholding to get more money back each pay period. We will identify potential deductions to limit your tax liability for next year. In addition, we will give you a sheet commonly overlooked deductions to limit the following year’s tax liability.
Tax Audit
Nothing strikes fear in the hearts of people more than receiving an IRS Audit letter in the mail. Audits take significant time away from your business and family, requiring you to gather mounds of records
substantiating each item reported on your tax return and develop a comprehensive understanding of tax law. The IRS leaves no stone unturned in its mission to determine the accuracy of your tax return. If you don’t comply with the Auditors’ wishes, the IRS will recalculate your tax and send you home with a hefty tax bill as your parting gift.
Many taxpayers decide to handle a tax audit themselves, and discover they may have been “penny wise,” avoiding a representative’s fee, but “pound foolish,” because they received a substantial bill for a significant tax deficiency. You see, IRS Auditors are trained to extract more information from you than you have a legal obligation to provide. IRS Auditors know that most people fear them and are ignorant of their rights. As a result, they know they can use that fear and ignorance to their advantage. Rarely do our clients even have to talk with the IRS. We handle it all for you so that you need not take time from your business or job to handle the bureaucracy and paperwork of the IRS. No lost wages or business. You simply forward notification of an audit to us and we handle it from
A to Z.
Tax planning
Taylor O’Rourke accounting and Tax provides tax planning services to both businesses and individuals designed to minimize tax liabilities and maximize after-tax income. Through year-round tax planning, our staff will help you pay the least amount of taxes possible while maintaining compliance with tax laws and regulations. Our firm is dedicated to staying up-to-date to tax codes and ever-changing regulations, making it easier for you to plan tax savings accordingly and keep more of what you earn. We’ve helped many individuals and businesses reduce their overall tax liability through proper planning. Please give us a call for a free consultation.
Business Tax Returns
The advantage you get from hiring an experienced Enrolled Agent to do your business return is that you will have an exceptionally trained individual who understands the lengthly and newly updated IRS business tax code and how to minimize your taxes in a legitimate matter while following the correct preparation protocols. Our firm of highly qualified personnel can help you keep you books organized and inform you of exactly what you need to get the most out of your return. We will recommend any credits or deductions you qualify for and include them in your return to reduce you liability.
Sole Proprietorships
The owners of a sole proprietorship will need to file a Schedule C with their Individual tax return. A sole proprietorship, also known as a sole trader or a proprietorship, is and unincorporated business with a single owner who pays personal income tax on profits earned from the business. With little government regulation, a sole proprietorship is the simplest business to set up or take apart, making sole proprietorships popular among individual self-contractors, consultants
or small business owners. Many sole proprietors do business under their own names because creating a separate business or trade name is not necessary.
Partnerships
IRS form 1065 is the income tax return filed for partnerships. A partnership is a formal arrangement in which two or more parties cooperate to manage and operate a business. It is important to decide how profits are distributed and to develop a partnership agreement if possible. An advantage that Partnerships have is that their profits are passed through a K-1 to the partners and are taxed only at the individual level. Partnerships differ from S Corporations in that partners will have to pay self-employment tax on their share of income.
C Corporations
IRS for 1120 is the income tax return filed for C Corporations. A C corporation is a corporation in which the owners, or shareholders, are taxed separately from the entity. C corporations are subject to corporate income taxations. The taxing of profits from the business is at both corporate and personal levels. Choosing a C porporation for your business may be a wise choice if your plan on growing and one day selling your business.
S Corporations
IRS form 1120S is the income tax return filed for S Corporations. An S corporation, for United States federal income tax purposes, is a closely held corporation (or in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. S corporations are usually a wise choice for small businesses since they will have their income taxed only once. Also, the flow thru income from the K-1 of each shareholder included on their individual returns is not susceptible to self-employment taxes (payroll taxes). A business must make a timely filed S-election by filing form 2553 with the IRS to be treated as an S corporation.
Estates and Trusts
The income tax return filed for estates and trusts with the IRS is form 1041. It is important to be able to control your wealth and distribute it for your beneficiaries. A trust is a fiduciary arrangement that allows you to do exactly that and help your beneficiaries avoid probate. There are many types of trusts, such as material or “A” trusts, bypass or “B” trusts and testamentary trusts. To have the peace of mind that your beneficiaries can avoid court fees and wasting time to struggle for what belongs to them, you need someone with an expert understanding of such arrangements who can take care of it properly.
SERVICES
CONTACT
Email: ruth@taylororourke.com
Phone: (772)559-5746
Address: 1850 43rd Avenue Suite C9 Vero Beach, FL 32960
