Tax Services in Cooper City
Whether you are an individual who files their taxes annually or a small business filing quarterly, the team at Peterson Accounting CPA PA can help you get the most out of this tax season and the next.
With strategic tax planning, there are no big surprises when the time comes to determine the amount you need to pay or the size of the refund you'll receive. Our tax professionals offer a multitude of personalized tips to use throughout the year and at tax time to minimize your tax liability or increase your refund. If you reside or own a business in Cooper City, Broward County, or Palm Beach County, call our experienced tax services team today!
About Tax Deductions and Credits
Deductions and credits allow you to lower your tax bill. Our firm works with you to determine the best options that help you reduce your liability and get the most out of your refunds. Individuals can choose from two types of deductions - standard and itemized. Businesses generally have better results when they itemize deductions to reduce their liability.
The standard deduction is a fixed amount subtracted from your total taxable income. Itemized deductions are generally a better choice for those with a heavy tax burden. However, proof must be provided to back up these deductions in the form of receipts and bank statements.
Credits can be an even more effective way to lower your payment or increase your refund. While deductions reduce your total taxable income, credits decrease the amount of taxes you owe. Our team stays up to date to ensure we claim every deduction and credit available to you.
Avoiding IRS Imposed Fines
The last thing you need while trying to run your business is the IRS knocking on your door. We help you keep your records audit-ready and stand by you if you are ever subject to one. We make every effort to avoid future audits by ensuring all details have been addressed and that your return is filed correctly and on time.
Business Tax Services
If you have a small or mid-sized business, you can benefit from business tax services. Business tax services enable you to:
- Ensure your tax documents are prepared accurately and filed on time
- Find and use opportunities to save money legally on business taxes
- Respond to issues like audits or changes in the tax code quickly
- Adapt your business tax strategy to your long-term strategic goals
Our CPA firm uses cloud-based accounting. That means you have access to all your accounting information at any time, from anywhere in the world. You can use any modern computer or mobile device to access your data without having to install or learn complicated software. That makes accounting more secure than ever and keeps you informed.
Business Tax Planning
Business tax planning is a comprehensive strategy to safely and legally lower your tax burden. We find opportunities for savings within the tax code and help you plan your transactions so you can maximize the financial benefit to your business. Cities, states, and the federal government create opportunities for tax incentives. For example, you might receive tax incentives for investing in eco-friendly technology for your office or spending on certain business activities based on your industry.
Companies like yours can also take advantage of tax savings strategies involving securities like stocks or bonds or special funding arrangements, such as tax-sheltered trusts. We help you design the ideal tax planning strategy for your unique situation.
Payroll taxes represent the largest segment of taxes for most businesses. Most companies must submit these taxes every quarter. That adds significant complexity to recording your taxes accurately and filing on time.
Our team simplifies payroll. We offer assistance with a wide range of payroll issues, including checks, direct deposits, and wage garnishment. We perform monthly payroll tax submissions for you and even do payroll taxes for other accounting professionals.
Tax Resolution for Businesses
Does your business owe money to the IRS? Tax resolution is the process that protects your company and its assets. With tax resolution, you can resolve unpaid taxes by negotiating a repayment approach that works for your situation. This option applies even if the IRS has audited you.
One of the most important things to do in an audit is to respond quickly. If you do not respond, the IRS may assume you are refusing to pay. You should also promptly identify any documents the IRS has requested and prepare to submit them as soon as possible.
Opening communication is critical. Our team will provide IRS guidance and equip you with a strategy to challenge IRS findings or negotiate a good compromise. That leads to a faster audit with better outcomes.
Tax Services for Individuals
Individuals can find themselves in tough tax situations. Tax problems can feel overwhelming. Don’t let stress lead you to make bad decisions. Our accounting team will help you save money and navigate the complexities of today’s tax code. Our most popular tax services for individuals include:
Tax Planning: Just like businesses, individuals can save money on their taxes by planning ahead. Tax planning identifies opportunities to safely and legally reduce the burden you must pay. We will help you make the most of your money with local, state, and federal savings.
Tax Resolution with Payment Plan Negotiations: The tax code is changing fast. A simple mistake can lead to a situation where you owe money to the IRS. Tax resolution is the process of settling the issue while minimizing financial harm. We aid tax resolution with proven negotiation skills. We understand how to craft a payment plan that works for you and meets IRS approval.
Individual Tax Savings with IRAs and 401(k)s
One of the most common and beneficial tax-saving strategies is growing your money through tax-deferred income. Deferred income is deposited into a separate account for growth, and the funds deposited here face no tax liability in the present. Instead, the money is allowed to mature and grow and is only taxed when withdrawn, usually after retirement. This often puts you in a lower tax bracket, allowing you to pay less on the income overall.
Our Cooper City tax firm thoroughly reviews your financial situation to advise you of any opportunities to lower your current tax burden.
Do I Need a Professional for My Taxes?
Virtually all small and mid-sized businesses can save more money with a tax professional. Our tax experts routinely use their knowledge of the tax code to find tax savings entrepreneurs and business owners overlook when doing their tax filings independently.
If your taxes seem complicated or you feel you are paying too much, it is a good idea to see a professional. Remember: The IRS will not notify you if you don’t take advantage of savings. Putting your tax strategy into practice is up to you – our CPA firm can help.
Our Success Relies on Your Profitability
When your taxes are high, it cuts deep into your bottom line. We have a collection of tax-saving ideas and techniques that are not widely known. Let Peterson Accounting CPA PA share our insight and experience to get you the best tax outcome possible. Call us today for a tax consultation!