Tax Planning
Navigate a Smart and Successful Tax Season
In order to ensure a successful, stress-free tax season, it is important to plan ahead and organize your finances so nothing gets lost in translation when it comes time to file your return. Our team at Manay CPA has more than 20 years of experience in tax planning and preparation and can help you become more comfortable with managing and monitoring your money for tax purposes.
To get a free consultation or start working with us, fill out the form.
How Manay CPA Can Help You
Year-End Document Preparation
We will help you gather all the necessary documents, financial statements, and other relevant information for your tax return based on your individual situation so you can take advantage of every possible opportunity to save money.
Personalized Planning
Our Certified Professional Accountants will tailor our services to your specific circumstances and individual financial goals, especially in relation to the constantly changing federal, state, and local tax laws and regulations.
Determination of Income and Deductions
Our team will assess your finances accordingly, including every type of earned income and expense, and determine all potential opportunities for tax deductions and tax credits.
Bookkeeping
When it comes time to prepare and file your tax return, you want your finances to be outlined and organized as clearly as possible. Our team offers customized bookkeeping solutions that align with your needs, ensuring accurate filings.
Ready to get started?
To start working with us call at 404-900-1040!
FAQ
How can I choose the right business structure for tax purposes?
Whether you establish your business as a sole proprietorship, partnership, limited liability company (LLC), corporation, or any other entity type, understanding the implications of each choice is essential. Our experts will help you assess your business needs and goals in relation to liability, taxation, and management in order to determine the best structure for your business that will minimize your overall tax liabilities.
What are the tax implications of hiring employees?
As a one-person company, you were probably using your Social Security number as your tax ID. Now that you are an employer, you’ll need an Employer Identification Number (EIN), which is required on the W-4 Form you send to your employees on their first day of work. If you’re hiring an independent contractor, you instead send them a W-9, and you won’t be responsible for withholding and paying income taxes for that individual. For more information on the tax implications of hiring employees, read our blog post.
Can I deduct business expenses from my taxes?
As a one-person company, you were probably using your Social Security number as your tax ID. Now that you are an employer, you’ll need an Employer Identification Number (EIN), which is required on the W-4 Form you send to your employees on their first day of work. If you’re hiring an independent contractor, you instead send them a W-9, and you won’t be responsible for withholding and paying income taxes for that individual. For more information on the tax implications of hiring employees, read our blog post.
How can I track business income and expenses for tax filing?
Document everything! When it comes time to prepare and file your tax return, you want your finances to be outlined and organized as clearly as possible. Our team offers customized bookkeeping solutions that align with your needs, ensuring accurate filings.
What are the legal and ethical considerations of tax planning?
In order to avoid any run-ins with the IRS, make sure your tax planning and money management is in full legal compliance with federal, state, and local tax laws. If you hire a CPA or other tax professional, you are entrusting them with some of your most sensitive financial information. But you must paint the full financial picture for them and, in turn, the IRS. Even a small mistake or omission on your return can lead to processing delays, penalties, and in some cases, legal action.
How can I plan for unexpected tax liabilities?
Throughout the year, keep detailed and organized financial records of all forms of income and all types of expenses. Consult with a tax professional for up-to-date knowledge of ever-changing tax laws in order to determine not only opportunities for tax deductions but also potential tax liabilities.
