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Tax Advisory Services
Are you feeling nervous about your taxes?
No matter your situation, location or needs, we can help you!
We understand that preparing and planning for taxes can be a stressful and complicated endeavor for people. Preparing your own tax return can be extremely difficult with today's complex tax code and may often leave you with more questions than answers.
Often, the majority of people and small businesses use a professional tax preparer to assist with the preparation of taxes. Even if you are just filing a simple return, the rules may change from year to year and it is easy to overlook these changes and submit an incorrect return. By doing your taxes yourself, you may also end up overlooking deductions and credits.
At Henriquez Accounting, we have the expertise that is needed to help you file your returns while also helping you to minimize your tax liability with careful planning. We service all 50 states within the United States!
How do I prepare for tax season?
Get tax-ready with these tips:
What you can do:
• Keep all your tax documents you receive in one place, ready to give to your tax preparer.
• Note any major life changes. Make sure your preparer is aware as it could change your filing status, or credits you are eligible for (change in marital status, have a baby or buy a home?).
• If you are not ready to file your taxes within a couple weeks of the due date, ask your tax preparer about an extension of time to file. Please note: an extension to file is not an extension to pay your balance due, so your tax preparer will likely need some information to estimate the amount due.
• Double check your estimated tax payments if you are required to pay them. Let your preparer know how much you have paid for Federal and State (if applicable) and when the payments were made.
• Keep in mind that your personal tax return must capture all sources of personal and business income. This includes, but is not limited to, interest, dividends, wages, freelance or side hustle income, rental income, retirement income, and LLC/S-Corp/Partnership income to name a few.
• Communicate with your tax preparer in order for the tax preparation process to move smoothly.
• Be responsive to your preparer as filing your tax return is a time sensitive matter.
• Be patient as this is a busy time for all tax preparers.
• If you are unsure if something is relevant to your return, ask your preparer.
Expenses you may be eligible for deductions or credits*:
• College education expenses (tuition, books, etc.)
• Child-care expenses
• Retirement contributions
• Health Savings Account (HSA) contributions
• Student Loan Interest
• Home office deductions for your business
• Business use of vehicle (mileage)
• Mortgage interest and real estate taxes
• Charitable contributions
• Out of pocket medical expenses
* Your specific situation should be discussed with a tax professional as eligibility for certain deductions or credits is dependent on various factors.
Tax Planning & Education
Effective tax planning means taking advantage of tax-law provisions, maximizing tax deductions and tax credits and all applicable breaks possible under the IRS Code. Tax planning is essential to helping you successfully and legally reduce the amount of your tax liabilities. In addition to making sure that your business is tax compliant, we also can suggest tax saving strategies that will maximize your after-tax income.
We offer tax education and planning to assist individuals, start-ups, and established businesses. We will provide you with a complete list of the most commonly overlooked deductions so that you can limit your tax liability for the following year.
We’ll also assist you with tax planning by:
- Helping you to defer income so that you can save money now and pay less taxes in the future
- Lower taxes on your income so that you can keep more of your earnings
- Lower taxes on your estate and gifts so that the beneficiaries can keep more of what you have given
- Lower taxes on investments and retirement distributions so that you can maintain your lifestyle
If you own a small business or need help with individual taxes, working with a professional tax planning service can help save you more money. Henriquez Accounting offers the expertise that you need to save on your taxes at affordable prices.
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