Ormond Beach Tax Preparation & Bookkeeping Services
Over the long haul, people that hire CPA firms to prepare and file their income tax return save money. Companies benefit even more when they invest in bookkeeping and tax planning services. Camputaro and Associates, an Ormond Beach Tax Preparation CPA Firm, work hard to reduce your tax liability at the end of the year, but we also practice prevention with professional tax and estate planning services designed to reduce your tax burden.
Individual Tax Preparation
A lot of people dread tax time, because it means they have to send the government a large check. Some people like the beginning of the year, because they expect to get a refund from the IRS. Either way, it’s important to find the right CPA to handle your taxes for you. Tax preparation is complicated and tedious at the same time. If you don’t know which deductions and credits to take, you’ll end up paying more than you’re legally required to.
We handle all your federal and state tax returns to ensure you don’t pay more than you absolutely have to. Our services ensure that you’re filing your taxes correctly while taking advantage of the tax code as much as possible. We’ll be happy to explain the details when it’s time to file your return, but you don’t have to know what each line item means to feel assured that your tax documents are filed correctly.
Individuals aren’t the only ones who have to pay taxes. The IRS also reserves the right to tax certain entities. Even if your business is a flow-through entity for tax purposes, such as a Limited Liability Company, you may still have to file a return. In the case of an LLC, you’ll be expected to file Form 1065 as an informational return along with the forms K-1 for each of the partners.
Business taxes are even more complicated than individual tax returns. Now you’re dealing with shares, income percentages, pass-through deductions, and more. Our accountants are experienced in filing the taxes for your company, taking advantage of legal deductions, and reducing the taxable income as much as possible.
While it’s important to maximize your deductions and credits to reduce your taxable income, it’s even better to plan with taxes in mind before the year is over. Tax planning allows businesses and individuals to take care of certain portions of the tax code. For example, an individual can make the maximum contributions to their retirement account to increase their deductions on their return. Similarly, a business may choose to incur certain expenses in the current year to reduce taxable income.
Tax planning is a complicated process, because it’s not just about maximizing your expenses and reducing your income. Instead, you must find the balance and determine how you can have the greatest possible net income. Your accountant also knows that your net income on your tax return doesn’t necessarily equal your cash income. For example, certain portions of the tax code allow you to deduct phantom expenses like depreciation, which reduce your gross income on paper but not your actual income on your bank statement.
Estate planning can be just as important tax planning, although you won’t have to do this every year. By planning your estate, you can determine what will happen to your assets instead of leaving it up to the court system or the IRS. Your accountant will ensure that your assets will go to your heirs or the organizations of your choice. The sooner you start the process, the easier it will be to reduce estate taxes and income taxes. Estate planning may involve setting up trusts, but it could also include distributing wealth through cash gifts over time.
Throughout the year, your business requires bookkeeping services to keep your financial records up to date. Keeping accurate books is the best way to understand your company’s financials, plan future revenues and expenditures, and reduce your tax burden. Reconciling your expenses every month also prevents problems down the road because mistakes are discovered faster. Finally, the only way to get a good grip of your company’s finances is to keep them up to date and analyze them. Your accountant will take care of both.
Whether you need help filing your taxes or planning your estate, you can trust Camputaro & Associates with any financial question. We offer comprehensive tax and bookkeeping services. Give us a call or use our contact form to schedule your free consultation today.
Camputaro and Associates
Certified Public Accounting Firm
136 N. Orchard Street, Suite 8
Ormond Beach, FL 32174