We work with independent contractors, wage and commission employees and retiree/investors to plan, prepare and file US federal, state and local income tax returns. Even “simple” returns can have planning opportunities, including maximum value for tax-advantaged retirement planning, credits, pre-tax benefits, etc. More complicated returns provide challenge and opportunity both for compliance and for proactive tax planning. Each return and each potential refund is important to you, and we work to make it important to us as well.
Special situation in individual returns include (but are not limited to) back taxes and collection/installment agreements, multiple back year ‘catch up’ filings, amended returns to correct mistakes or claim missed tax benefits, US persons living abroad and non-US persons living in the US and alternative investment classes (hedge funds, cryptocurrencies, etc.) Many individuals and families invest in rental real estate properties, and we can advise and assist in planning and filing for investment, ownership, rental income/expenses and succession planning in these situations.
LLC vs. S Corp
One of the most common questions we get is “LLC or S Corp?” from new businesses, either primary revenue generators or side endeavors. This question is more deep and complex than might seem at first blush and there is, in our observation, no one “right” answer. The best approach depends upon an analysis of your specific situation and business, both now and plans for growth in the future.
We can help you navigate this decision, explain the tax and filing consequences and help you set up the legal entity required (local state or Delaware is another of our “most commonly asked questions” and again, the answer is “it depends”).
We’ve worked with clients in numerous industries:
Consultants, computer programmers, doctors, dentists, lawyers, real estate brokers, financial advisors, professional investors, models, artists, actors, construction companies, designers, interior designers, entrepreneurs, health care advisors, statisticians, market analysts, patent prosecutors, PR firms, recruiting firms, website designers, travel agents, television producers, insurance executives, greenhouse gas consultants, educational consultants, resort managers, property managers, therapists, technology incubators, bookkeepers, cleaners, academics, authors, journalists, lifeguards, sneaker exchange operators, application developers, structural engineers, fabric designers, real estate developers, chefs, insurance brokers, boxers, bankers, life coaches, rabble-rousers, restaurateurs, piano makers, IT support centers, policemen, fitness gurus, stagers, e-commerce sites, retirees and students.
By the time you read this, the list will have grown. Every economic activity has tax consequences and we apply the rules to the economic activity in which you are engaged based on the facts and context of your profession. And when (it still happens) we come across an area that truly is new to us, we hit the books and use our tax library, research materials, and network with other tax professionals, to come fully up to speed.