Tax Stories

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Tax Stories

We offer an accurate, dependable tax service to our customers located all across the United States. Our tax service has saved our clients more than $240,000 in 2021. Here are some tax stories that demonstrate our tax service.

 

TY 2020

In preparing our clients' 2020 tax return, we analyzed the sale of a $1.9 million home. Applying sales expense, adjusted cost basis, and home exclusion, there was no capital gains tax as the spouse's business was moved across state to their new home. This saved $41,800.00 in potential federal tax.

 

Sub S Corporation

A corporate officer/stockholder owns a trucking firm. Our strategy saved him $3,400 in federal taxes for 2020 taxes as a Sub-S corporation.

Two corporations have not filed their 2019 and 2020 federal tax returns. After reviewing and corredting their financials, we filed their corporate federal and state tax returns. A data entry and medical health corporations are now both compliant with the IRS and California Franchise Tax Board.

An ag retailer in South Dakota has us perform similar functions for them and their corporation, savings them $13,600 in federal taxes. 

A business owner requested our assistance in managing his Quick Books accounting records for his two restaurants. We perform weekly updates through Quick Books and provide periodic financial reports. Our services offer real time solutions in managing business dollars. For 2021 we were able use the net operating loss carryback to generate a $26,000 federal tax refund.

E-File

E-filing offers a fast way to get your tax returns filed on time. In 2021 we have e-filed hundreds of tax returns where some of our customers received their refunds in less than 8 days.  

Our client's  average tax refund this season has been $3800. Why wait; getting your 2020 taxes done ensures the IRS has your current banking information for your stimulus check. For one recent client we prepared 2017-2019 tax returns getting her $3440 in refunds; plus with new address and bank info, it ensures she will receive her stimulus check. Contact us as soon as possible to get yout tax returns expedited.

 

Not sure of tax effects?

 Not sure of tax effects for a pending transaction. Give us your data to analyze. With sophisticated software we can project future taxes for anticipated income or expenses. 

Tax Exempt Returns

Filing Form 990 annually is crucial to maintaing your club's tax exemption. We've assisted several nonprofits during 2021 in filing its Form 990 and local Form 199 to meets its annual compliance requirements. Our tax expertise has helped them file compliance reports to retain their tax exempt status.

If you have a similar type organization that needs a federal/state tax exemption or need to file federal Form 990, please contact us.

Not filed yet?

This year we've helped a number of new clients (42) e-file their tax returns. If you haven't done so, please contact us.

We require:

 

  • organized, accurate records
  • substantiation of tax deductible expenses
  • dedication to get the job done