Year-End Tax Planning

Year-End Tax Planning

Defer income until 2022 while increasing deductions until 2021.
If you do so, you may be able to take full advantage of higher deductions, credits, and other tax incentives for 2021 that are phased out at certain levels of adjusted gross income (AGI).
Married couples with children with an AGI of roughly $150,000 should investigate measures to reduce their AGI so that they can take advantage of the enlarged child tax credit, dependent care credit, and any missed recovery rebate credits (stimulus checks).
Taxpayers who expect to be in a lower tax band next year due to changed financial circumstances should consider deferring income.
BBBA proposes a new 5% surtax on households with an AGI of more than $10 million, as well as an extra 3% tax (for businesses).

how to determine your tax status

Direct TAX

Advise clients on income tax provisions and develop tax-efficient alternatives.
Identify the tax consequences of a client’s financial transactions and provide advice on tax mitigation methods.
For existing and new client projects, we conduct tax effect analyses.
Prepare and e-file clients’ annual and recurring tax returns.
Respond to tax authorities’ questions and objections on behalf of clients.
Assist with tax refund claims.
Represent clients in front of taxing authorities such as assessors, commissioners, judicial forums, and appeal tribunals.

InDirect TAX

Clients are guided and assisted in registering with the sales tax department.
Advise clients on important sections of indirect tax regulations, such as sales tax, VAT, special excise duty, and capital value tax, among others.
Indirect tax laws require you to e-file monthly and other periodic returns.
Assist with tax refund claims.
Represent clients in front of taxing authorities such as assessors, commissioners, judicial forums, and appeal tribunals.

How we help?

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Tax advisors and professionals will ensure that returns are filed on time and accurately.

During the process, assist in resolving any customer queries.

To assist clients with current compliance needs in order to give long-term value.

Better planning and disclosure opportunities are identified.

Process and control simplification and standardization.

Monitor tax law changes to ensure that the client is compliant with current standards and that major consequences that may necessitate extra planning are highlighted promptly.

FAQS

Tax planning can be done in a variety of ways, but the three most common include decreasing your overall revenue, increasing your number of tax deductions throughout the year, and taking advantage of certain tax credits.

Tax Resolutions professionals and Tax Relief give tax payers a helping hand with their concerns and assist taxpayers with the complex work of resolving back tax issues. Once taxpayers neglect a problem for long period, the IRS or state loses patience and decides to forcibly reclaim unpaid taxes for this they seek help.nar dapibus leo.

There are numerous red indicators that any prospective customer considering employing a tax settlement service should be aware of. Any company that claims a significant decrease in a customer’s taxes without first obtaining a thorough financial background on that person is most certainly a scam

Tax relief firms essentially plead with the IRS on your account for a penalty. If you engage a professional tax relief firm to defend you, they may contact the IRS to try to reach an agreement on an offer in compromise, instalment agreement, or penalty or interest abatement.

Effective tax preparation can reduce future estate taxes, increase the amount of assets available for retirement, lower the cost of funding your children’s education, and aid you in managing your cash flow to help you reach your goals.

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