At Modi CPA – preparing your Individual Income Tax Return isn’t just simply completing your 1040 based on your W-2, 1099s, and other tax documentations. As a Certified Public Accounting firm focused on providing you value, we focus on your goals and see how we can maximize your refund not only for now but for the future as well.
There are multiple tax planning strategies advice available to assist you in minimizing your taxable income:
– Retirement accounts
– Health Savings Account
– Income shifting strategies
– Maximizing your deductions:
- Purchase of a home – deduct real estate taxes & Mortgage interest
- Purchase of a Car – Sales tax deductions
- Charity contributions
- Unreimbursed Employee business expenses.
- Moving Expenses
- Self-employed Health Insuro ance deductions
- Education Deductio ons and Credits
- Much More
Business Tax Preparation & Planning:
If you are new or already have a business, we can assist you in maximizing your tax deductions. If you are just getting started, we can help you determine which business entity is right for you based on your industry.
For example, if your business is in rental real estate properties, then you may want to create a LLC to protect your assets and be taxed as a disregarded entity if you are a sole owner or as a partnership if you have a partner.
You may want to create an S Corporation if you are a small business owner due to advantage of not paying Self-employment taxes that otherwise would be required if you were not a corporation.
On the other hand, you can be a LLC and a S-corporation and get the best of both worlds. If you are not a small business and have number of investors and shareholders, you may want to consider being taxed as a C-corporation. Qualified Dividends received from C-corporations are taxed at highest 20% currently.
Regardless where you are on the stage of your business, we can discuss multiple tax planning strategies that are available to minimize your taxable income.
For business tax preparations, here are the following forms and the due dates:
Sole propertiorships – 1040 Schedule C – due date: April 15th or October 15th – if extension is filed
Partnership Tax Return – 1065 – Due Date: April 15th or September 15th – if extension is filed
Corporation (S or C) – 1120S or 1120 – Due Date: March 15th or September 15th – If extension is filed.
Modi CPA is a licensed firm in the state of Texas in the North Dallas located area at The Colony, TX. We are a qualified firm to discuss Domestic and International tax services to ensure your compliance with the United States’ Domestic & International tax laws. Do not hesitate to contact our office should you have further questions. Our Phone number is (214)618-0468 and email is email@example.com