Preparing your own income tax return can be a task that leaves you with more questions than answers.

Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing.  It is just too easy to overlook deductions and credits to which you are entitled.  Even if you use a computer software program, there is no substitute for the assistance of an experienced tax professional.

Personal Tax Returns

Providing Tax Compliance Services including tax planning, return preparation and compliance for personal tax clients.

• Accumulate and evaluate data required for preparation of private tax returns.
• Prepare/review required individual tax returns and estimated tax payments.
• Provide recommendations and solutions for minimizing taxes.
• Keep abreast of changing tax laws.

Business Tax Planning

Our team of experts can help you to create and maintain your business tax needs.

• Preparation of all corporate tax returns including C and S corporations.
• Formation of LLC’s or other business entities.
• Recommend and implement solutions to minimize taxes.

Business Consulting Services

We can provide the expertise for implementation of your accounting system, by introducing the use of QuickBooks tailored to meet the needs of your business to include preparation of financial statements.

• Evaluation of your current accounting systems and existing financial reporting to allow for proper tracking of the business to meet necessary regulatory reporting requirements from outside concerns such as loan agreement covenants with banks.
• Provide ongoing accounting services for your business on a monthly, quarterly, or annual basis.  This includes our processing of your transacting in-house and producing necessary financial reporting.  This service can help to reduce the fixed burden of staff and other overhead costs so you can effectively concentrate on growing your business.

Learn More About How We Can Help You

5 Things to Keep in Mind…

1. Keep good records about who is an “employee” and who is an “independent contractor,” for both your personal and professional taxes.

2. Know the difference between credits, deductions, and refundable and nonrefundable credits. Those are all going to save you money, it’s good to know how each one will help your bottom line.

3. Did you have a major life change in the tax year (marriage, divorce, birth, death)? Did you re-finance a home or purchase a new home? It’s important to maintain all fo the documentation associated with “life events.”

4. Hire a tax accountant who has experience in your type of business, whether it’s a coffee shop, a construction business or a high-tech software company, it’s important to work with someone who knows you and your field.

5. Keep receipts, labels, photographs and information on any and all tax deductions thoughout the year. Designate one spot to put everything in. This will make tax time much easier!

LEARN MORE: about Maryland Tax Law & Code, by visiting http://taxes.marylandtaxes.com and to get your taxes prepared and filed properly, give Stephanie a call!