Client PortalAt FJ & Associates, we give you the information you need and assist you in filing the proper documents for all tax related requirements. Our tax planning services aim to reduce your tax liabilities while optimizing your tax exemptions, benefits, and rebates to the full extent. We help you make informed decisions to minimize the incidence of tax. Following tax law, we are able to maximize your benefits under beneficial provision guidelines. Additionally, you have the benefit and option of using your returns for investing. This is something we go over in detail with each client, as it greatly differs from person to person. There are also different types of tax planning as well. Depending on your needs, we will recommend the best plan for you. These include: short and long-range tax planning, permissive tax planning, and purposive tax planning.
How do We Begin the Process?
As with every employee, your employer withholds the taxes you owe from your total earnings each pay period, which is determined by your W-4. This is sent to the federal and state government. Although this sounds simple, there is a lot involved in filing taxes correctly. As experts, we are here to make sure you are not paying a penny more than you have to while maximizing your refund. We also guide you through what needs to be updated on your W-4 after you experience a life-changing event. These include: marriage, the birth of a child, or receiving unexpected income. Any fluctuations in your life and income need to be accounted for.
We begin by taking into account your total income. We help you accurately assess both your annual and monthly income. We then use our expertise to correctly evaluate the taxable aspects of your income. Understanding what is taxable income and what is not is very important. We are able to make use of any possible deductions and reduce your total taxable income. Correct planning of investments and properly structuring your salary will get you the best returns.
How Are My Taxes Calculated?
Your taxes are calculated using a W-2 form that is filled out by your employer at the close of the tax year. This includes how much you were paid and how much was withheld from your pay, specifically for taxes. Using this information, the amount you owe, or how much is owed back to your, is calculated. You are responsible for remitting your own taxes throughout the year. We assist you in filling out this form properly so you are not left liable. Business tax returns can be part of your individual 1040 tax return, depending on the type of entity of your business. Picking the correct type of entity is important, which we can help assist in that determination.
What About Tax Deductions?
Many of our clients are amazed when they find out what they can legally deduct from their taxes. This is one of the reasons it is so important to have a tax professional assist you. By pinpointing each area and finding items that can be used as deductions, your effective tax rate can be lowered. Knowing your adjusted gross income is crucial because it directly affects itemized deductions and the percentages you can claim. Basically, you cannot always deduct all of what you spend, which is why you need to know your maximum deduction percentage.
Once we have entered in all of your information regarding your income, deductions, and tax credits, you will know whether you owe money or are receiving money. If you are given a refund, you have the option of receiving a mailed check or requesting a direct deposit into your bank account. We also file copies of your taxes to make the following year simpler or assist you with an audit.
How Does An Offer In Compromise Work?
Our services also determine whether you qualify for an Offer In Compromise. If you qualify for an Offer In Compromise, you will receive a deduction in what you owe. This is an agreement between the Internal Revenue Service and yourself (the taxpayer) that settles tax liabilities for less than the full amount originally owed.
How Can I Reduce My Tax Liability?
We can navigate you through tax-saving strategies in order to save you money each year. Using our knowledge, you can lower your tax bracket and minimize your tax bill. One of the easiest ways to do this is by maxing out your 401(k). Another is to contribute to an IRA. Here, you can defer an amount of your salary to a tax-deferred retirement account. This is something to discuss with your employer and determine the availability of this plan to you. By contributing into a retirement plan, you are deferring income and thereby accumulating retirement assets. Your employer may even match a portion of what you contribute to your plan. There are several other options we discuss with each client depending on their circumstances. These include: bunching itemized deductions, using the Gift-Tax Exclusion to shift income, giving assets to charity, special deductions and more. Each of these are ways you can reduce your tax liability. If any of these apply to your, we will make sure you reap the benefits.
At FJ & Associates, we have a proven track record of reliability and accountability. Our passion and experience allows us to work with you as an individual. We can give you reliable tax information that can save you money and protect your future. If you have questions about tax preparation, or you feel like you do not know where to start, we are the expert help you have been looking for. Hiring an experienced tax service is worth it. We make your taxes simple and we do the work for you. Our goal is to make sure you pay as little as possible and have the knowledge you need to take advantage of your money.
