Every year, tax laws seem to get more complicated. Studies have shown that a person may spend as many as 30 hours preparing an individual income tax return, and it’s not a pleasant experience. Tax preparation is now more confusing than ever.
Many people turn to software or to large tax-prep retail chains for their individual income tax preparation, which can be helpful, but these options do not offer the kind of individualized service you might need.
While much of the country struggles to assimilate the new “fiscal cliff” tax laws, more properly known as the American Tax Relief Act of 2012, here at Wallace & Associates, we are standing ready to implement all of the new regulations.
You can call on our expertise to access the most current developments in the tax laws to manage both your current and future tax liabilities.
Our experience in individual income tax preparation provides a quality of service that is beyond comparison.
Individual Income Tax Preparation
Our experience and expertise allow us to accurately and efficiently prepare returns for various types of entities including individuals, partnerships, trusts, and estates. It doesn’t matter if you only have one W-2 or if you need to file a complex taxation report, we are happy to offer our assistance.
International Taxation
Our experience with the taxation of U.S. residents and companies working/operating abroad, as well as foreign citizens and companies working/operating in the U.S., has provided us with an extensive base of knowledge in the area of international taxation, voluntary disclosure, and foreign bank account reporting. We will ensure that you remain compliant with tax requirements while getting credit for any tax paid to another country.
Tax Planning
Projecting your tax liability before the year ends can save you a lot of money. Tax planning is an essential element of the tax preparation process for both individual and business clients. Whether you are an individual or a multi-tiered partnership, our experienced staff can develop tax strategies that take advantage of new tax laws and legislation to help you make the right choices all year long.
Services for Self-Employed or Small Business Owners
We can provide analysis and advice for home office deductions, equipment depreciation, pension, 401K and other services for self-employed individuals and sole proprietors.
Estimated Quarterly Tax Payments
Individuals with unequal income throughout the year, self-employed or independent contractors, or commission-only employees – anyone who does not draw a standard paycheck with regular tax withholding – require additional effort to remain compliant with IRS regulations. We can help you determine your obligations and make sure you are handling your quarterly tax payments in a timely manner.
Estate & Trust Tax Planning & Preparation
Effective estate and gift tax planning facilitates the orderly transfer of assets to your beneficiaries, provides security for the surviving spouse, and can reduce or eliminate the tax due on the transfer of your assets. We can guide you through the complex process of getting your financial affairs in order to make transitions seamless.
IRS Audit Representation
Before filing your returns, we identify the presence of any potential questions which may give the IRS a reason to scrutinize your documents.
And you can sleep easy with the knowledge that during our years of experience dealing with many taxing authorities, we have achieved a level of competence that assures our clients that, in the case of audit, they are being properly represented before the various federal and state tax agencies.
“The detail to her work and knowledge she brings seem endless. If I call with questions, she is always available and gives sound advice.”
Amy Pell
Realtor, Coldwell Banker
Beverly Hills, CA
