Frequently asked questions

Accountant: is a financial professional who is responsible for the action or process of keeping accurate financial accounts, analyzing, tracking, verifying data, and reporting results. They ensure your books are correct and compliant while providing a clear picture of your financial health.
Advisory: is a financial expert with specialized training in tax law and tax accounting. Their services are typically engaged to strategically reduce tax liabilities while maintaining full compliance with legal requirements, particularly in complex financial scenarios. Tax advisory is not a one time service, but an ongoing partnership that delivers year round guidance on tax related matters. It involves regular consultations to navigate tax issues and support informed financial decision making.
Planning: is the proactive analysis of a financial situation or plan to ensure that all elements work together to allow goal of minimizing tax liabilities. This proactive process typically takes place once or twice a year often in advance of tax season to anticipate changes in income, financial circumstances, or life events. By aligning financial decisions with tax saving opportunities, individuals and businesses can optimize their tax outcomes within a given fiscal year.
Preparation: is the process of accurately completing and filing income tax returns for individuals and businesses. While focused on compliance, preparation may also incorporate forward looking strategies to optimize financial outcomes by identifying potential deductions and credits that can significantly reduce tax liability and support future planning.
Strategist: highly specialized professional who develops strategic plans to minimize tax liabilities for individuals and businesses. Their primary objective is to help you legally reduce your tax burden while ensuring compliance with tax laws and regulations.

What are the different types of business legal structure ?

There are 4 standard business structures from a tax perspective.

Sole Proprietorship

Partnership

Limited Liability Company

C- Corporation or S-Corporation

Each structure has its own tax and business registration advantages.

Consult with a member of our team for which business set up is best for you.

Common Tax Forms to Gather For Your Tax Return

W-2 Tax Form

This is likely the most important document that you need to file your taxes. If you are employed by someone else, they should send you this form before January 31st. It contains information such as your wages, salary, tips, commissions, federal tax withholdings, social security taxes, Medicare taxes, retirement account contributions, and various other information.

1099-S Tax Form

If you did any work as an independent contractor, the employer would send you this form reporting your wages/salary. There should not have been any taxes withheld, because you are considered self-employed, and it’s your responsibility to do that on your own. The reason for this is because you were not an employee of that company or individual, so they should not have withheld any taxes from you.

1099-SSA Tax Form

You will receive this form from the federal government in order to claim social security income if you received any SSA income at any time.

1099-DIV & 1099-INT Tax Form

You will receive these forms from any financial institution where you hold a fund or account that paid taxable dividends or if you had taxable capital gains or losses.

1099-R Tax Form

This is a form that reports distributions from annuities, profit-sharing plans, retirement plans, IRAs, and pensions. Whoever holds the plan, (the custodian of the plan) sends the form to the owner of a plan if he or she has made distributions of $10 or more from the plan in a given year.

The form is mailed to recipients by January 31 of the year after the distribution was made. In some cases, the individual needs to attach a copy of Form 1099-R to his or her tax return.

1098 Tax Form

If you own a home, your mortgage company will send you this, and it shows you the total amount of interest you paid on your mortgage for the year. Only those who itemize their taxes need to use this form to report the interest paid as deduction.

1098-E Tax Form

If you paid student loans throughout 2008, the institution that holds the debt will send you this form. It shows how much you paid in student loan interest. You will only use this information if you are itemizing your deductions.

1098-T Tax Form

If you or your spouse took any higher education classes at an accredited college or university either for a degree or not for a degree, you will receive this form from that institution. This information will show the amount of money you paid in tuition for 2008, and you can use it to claim the Hope or Lifetime learning credit.

1042-S Tax Form

This form will be sent from your former or current university/college if you received any grants, scholarships, or fellowship money that qualifies to be taxed.

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