Tax Planning Dallas, Arlington, Fort Worth, Seagoville TX
We have prepared thousands of tax returns for individual clients in Dallas, Fort Worth, Arlington and Seagoville Area. Our CPAs meet with each client and ask the questions that minimize tax liabilities. We use tax solutions that are tailored to each individual due to the fact that tax situations are not a one size fits all scenario. Our CPA firm provides tax expertise while being affordable for all clients.
Are you stumped with your tax planning? Can’t figure out how to proceed? At Smith & Smith CPAs LLC, we can use our well connected networks and resources to help you decide on the best possible course of action. We will customize a plan that is best suited for you and tailored to your preferences.
The primary focus here at Smith & Smith CPAs is to minimize liabilities when it comes to tax planning. It is important to be aware of the latest changes and modifications as soon as the IRS updates them. We will help you to navigate your way through complex processes and simplify them for your understanding.
It is essential to be vigilant when it comes to scouting and mapping out the assets which qualify for tax deductions. Owing to the many clauses and conditions, we can help you list the deductions where they are possible so you can be efficient in your tax planning decisions.
A client received a letter from the IRS regarding his prior year tax return. Unfortunately, he was being audited. The IRS believed that expenses for his LLC were overstated and disallowed certain deductions. In addition, the IRS stated that the client owed thousands of dollars in penalties alone. We met with this client and went over all of the relevant documents. We were able to guide him through the process and provide him peace of mind. Upon review of transcripts and various documents, we met with an IRS agent on behalf of our client. This ...
An owner of an auto shop came to Smith & Smith CPAs, LLC with a letter from the IRS.
This letter stated that an audit would be taking place. Having never been through an IRS audit, the owner needed help to prepare. We advised him on the process and shared our past experiences. When the audit came, we were there with him every step of the way.
An Oil & Gas company needed guidance on how to handle their growth.
They started as a sole proprietorship and were in search of a CPA firm that could advise them on how to handle the growth of their company. After searching for a firm, they decided to meet with Smith & Smith CPAs, LLC. In our initial meeting, we learned of their business and inquired about their goals. We decided that it was best for them to incorporate.
A group of doctors were looking for a CPA firm to help them form their new practice.
A group of doctors had been working for various practices and decided to form their own medical entity. They were sure that they could succeed given their experience and knowledge in their field of medicine. Needing a CPA firm to advise them on various tax decisions, they decided to seek the services of Smith & Smith CPAs, LLC.
A cardiologist received a letter from the IRS for delinquent payroll taxes that had already been paid.
The cardiologist was sure that the payroll taxes had been paid however, he needed help to prove this was the case. Our CPAs reviewed the tax payments and reconciled them to the various tax liabilities. Upon completion, it was determined that the aforementioned taxes were indeed paid. The issue was that they were applied incorrectly.
Taking your business to the next level of success, you must make sure to understand the many expenses that are tax deductible in order to maximize your profits. Typically, business expenses are those costs that are directly involved in the progress of the trade or business and if profits can be made as a direct result of these expenses, then they are qualified for tax deductions. Capital Expenses The costs that become a part of your capital investment are considered capital expenses. These are considered your business’ assets. These include business startup costs, business assets, and improvements. For startups, you…
Now that we are edging closer to 2017, it is imperative that you consider tax planning for your business at this early date. There are a few changes from last year that you have to consider during your tax preparation. Let us explore these changes in detail. Tax Filing Deadline For the season 2016 – 17, the deadline for paying out your taxes is scheduled for midnight, April 17th, 2017. You need to have completed all your filing by this date in order to avoid being penalized. If you want to request an individual return tax filing extension, or the…