Everyone has heard the phrase, “the only sure things in life are death and taxes.” While you don’t have much control over death, you can do something to make certain you are paying the minimum amount of income tax. In today’s complex income tax environment, self-prepared tax returns or returns done by a storefront tax preparer can often mean thousands of dollars in extra taxes (not to mention the risk of incorrectly prepared returns). It is vital to have access to competent and experienced tax counsel throughout the year, but primarily at tax time.
At McCormick Tax Group, LLC, we see value beyond taxes. We take a global look at your tax and financial structure to recommend a coordinated plan that can save you thousands of dollars as well as ensure that your return is done correctly.
Our attorneys, CPAs, and enrolled agents have extensive experience in representing clients in disputes with the IRS and state agencies. The combination of our experience, education, and background can mean thousands in savings for you at tax time.
Effective tax planning requires a review of your financial structure in the current tax year. By planning properly now, you can save money and time when it comes time to file your tax return. We have strategies that can be implemented to save you money.
Some of our strategies can be found below:
- Review your income statement and budget to determine whether you can defer income or accelerate deductions in the current year
- Maximize contributions to your retirement plan
- Shift income to your children or other family members
- Take advantage of charitable giving
- Review your stock portfolio to determine the tax benefits of tax selling
Effective tax planning now can reap big rewards at tax time. Please contact our office to schedule an in-depth strategy session customized to your specific tax needs.
Tax Compliance and Planning
At McCormick Tax Group, LLC, we strive to provide our individual and business clients with the taxation expertise and knowledge that they need throughout the year. Tax services offered include but are not limited to tax planning and preparation of:
- LLCs/Series LLCs/LLPs
- Not-for-Profit Organizations
- Estates, Trusts & Gift
Effective tax planning requires a review of your financial structure in the current tax year. By planning properly now, you can save money and time when it comes time to file your tax return. We have strategies that can be customized to your specific tax needs and implemented to reap big rewards at tax time.
Filing Past Year Tax Returns
Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved. However, full payment of taxes saves you money.
Information courtesy of the Internal Revenue Service, United States Department of the Treasury.
For more information about filing past year tax returns:Contact Us
Estimated Tax Payments
Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards.
You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.
If you do not pay enough through withholding or estimated tax payments, you may be charged a penalty. If you do not pay enough by the due date of each payment period, you may be charged a penalty even if you are due a refund when you file your tax return.
To figure your estimated tax, you must figure your expected gross income, taxable income, taxes, deductions, and credits for the year.
Download your 1040-ES below:Form 1040-es
For more information about estimated tax payments:Contact Us
Filing an Extension
If you are in need of more time to file your federal tax return, the IRS provides a form that will allow you to do so for the current calendar year until:
- September 15 for corporations, partnerships, LLCs, Series LLCs, LLPs
- September 30 for trusts
- October 17 for personal income tax and Foreign Bank Account Information Reporting (FBAR)
- November 15 for not-for-profit organizations
However, please be aware than an extension of time-to-file is not an extension of time-to-pay any tax due; it simply extends the amount of time to file you return. To avoid interest and penalties, the full amount of tax must be paid through withholding or timely estimated tax payments.
In addition, if you are not able to file your federal individual income tax return by the due date, you may be able to get an automatic 6-month extension of time to file. Keep in mind that special rules may apply if you are living outside of the United States or out of the country when your 6-month extension expires or are serving in a combat zone or a qualified hazardous duty area.
Amended Tax Returns
If you discover an error after your return has been mailed or electronically filed, you may need to amend your return. The service center may correct errors in math on a return and may accept returns with certain forms or schedules left out. In these instances, contact our office to determine if an amended return is necessary.
You may need to file an amended return if your filing status, your income, your deductions or credits were incorrect.
Everyone looks for “user-friendly” bookkeeping software and after getting their feet wet, realize it’s not as easy as it looks. On the bright side, it is reassuring to know that your tax firm can help. McCormick Tax Group, LLC has a team of Quickbooks qualified staff that can help you properly set-up, customize and understand your Quickbooks online accounting program tailored to fit the way you do business. We offer arrangements to meet your monthly, quarterly and annual needs.
Audit Defense and Resolution
Whether you’re a business or individual receiving a notice for the first time or are further in the process, McCormick Tax Group, LLC and our affiliate, McCormick Law Group, LLC, can help you. We handle and represent various clients with the following matters:
- Resolving tax notices
- Preparing an installment agreement or offer in compromise
- Addressing the examination (audit) process
- Appealing positions with federal, state, and local tax authorities