Tax Planning, Preparation, and Compliance

Compliance, for the most part, is the nice way of saying “Dealing with the government,” usually through Federal, State, and Local tax mandates.

Tax preparation is one of those “Have to” accounting services that business owners and most individuals have to deal with.

Having a Tax Philosophy helps keep the preparer, the business, and the individual focused and on track.

Krauss CPA Tax Philosophy:

1. The tax code is political and therefore full of exceptions and is always changing, making it overly complex and often times contradictory. Constant learning, research, and diligence is needed to provide a high quality service to the client.
2. Taxes are a non-value adding cost. However, bad tax preparation and a lack of tax planning may result in significant added cost for both the client and the tax preparer.
3. If given a magic wand, Krauss CPA would eliminate all tax codes everywhere and forever as taxes are costly and inefficient.
4. Lacking a magic wand, adherence to all tax codes is followed to minimize current and future tax costs. Minimizing client tax liability and maintaining legal compliance is the goal.
5. Every business and individual have NO obligation to pay any more tax than is required by law. This is referred to as Tax Avoidance and it is everyone’s right.
6. Tax planning and avoidance occurs before a transaction takes place, not after. Have a plan sooner rather than later.
7. Business deductions follow the rule of R.O.N., meaning business deductions must be REASONABLE, ORDINARY, and NECESSARY.
8. Poor planning, accounting, and record keeping results in higher preparation fees. Keep the client informed of deadlines and record keeping requirements.
9. Tax return preparation fees are itemized and charged at a flat rate on a per form basis. The client understands that increased complexity results in increased preparation fees. A detailed invoice is provided to the client.

Tax Services:

• Tax Planning
• Tax Preparation
• Business Entity Creation
• Tax Letter Resolution

Professional & Timely Tax Preparation of the following:

• Individual Tax Returns, Form 1040
• Corporation Tax Returns, Form 1120
• S-Corporation Tax Returns, Form 1120S
• LLC Tax Returns, Form 1065 or Schedule C Form 1040
• Partnership Tax Returns, Form 1065

Tax preparation is a “Have to” accounting service because there really is no other choice but to take care of it. The best way to handle taxes is to have a philosophy that will help to shape your tax plan for the coming year.

If you need help with getting your taxes in order and getting next year’s tax plan in place, please feel free to leave a detailed message in the “Get in Touch” section below.