Tax season can evoke strong feelings for many taxpayers. Self tax preparation can be a stressful and daunting experience, especially with the many new tax laws that were implemented last year. Professional tax preparation requires industry knowledge and experience.
Today’s documents and tax statuses will affect both current and future years. It is vital to fully understand and manage new developments in tax law that may affect your current and future financial situations. Filing without accurate information could lead to missed credit opportunities and unwanted tax liabilities.
Tax laws are so complicated that unless your financial affairs are extremely simple, chances are you will benefit from at least occasional help from a tax professional. It is too easy to overlook deductions and credits to which you are entitled if you prepare only one return a year. Even the use of computer software is no substitute for the assistance of a seasoned tax preparer.
We prepare hundreds of tax returns every year. We know what to look for when your return is prepared. More importantly, you will have someone to answer your questions during the rest of the year. And we can put you on our mailing list to receive timely tax, business, and financial advice.
Your Tax-Cutting Checklist
Whether you’re a wage earner, an investor, a business owner, or all three, you should use the tax-cutting benefits available in the tax law. There is little to be gained by paying more tax than the law demands.
Identify the tax-savers for which you qualify. Here’s a tax-cutting checklist to get you started. Check the list to see if there are tax breaks that you are overlooking.
- Roth IRA
- Rollover to Roth IRA
- Tax-deductible IRA
- Child tax credit
- Income shifting to children
- Child care credit
- Earned income credit
- Lifetime gifts
- Education savings accounts
- Hope scholarship credit
- Lifetime learning credit
- Bunching deductions
- Flexible spending accounts
- Donating appreciated assets instead of cash
- Qualifying property for personal residence gain exclusion
- Best filing status
- Shifting income or deductions from year to year
- Adoption expense credit
- Tax-free municipal bonds
- Long-term capital gains
- Rental property
- Tax-free exchange
- Low-income housing credit
- Small business stock rollover
- Home office deduction
- Keogh plan
- SIMPLE plan
- 401(k) plan
- First year expensing of business equipment
- Year-end bonuses
- Bad debt write-off
- Disabled access credit
- Other business tax credits
- Tax-free exchange
Contact our office if you have questions or want more information on these and other strategies that could reduce your taxes.
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Individual & Business Tax Preparer in Los Angeles
The experienced tax preparers at Lavi CPA have extensive experience in all types of tax situations. We pride ourselves on our knowledge of business and personal tax return filings. Individual tax returns are not always simple, but our tax return preparation checklist helps everyone stay on track. We strive to find every deduction and tax credit available for individuals and families, regardless of their tax brackets.
Businesses and non-profit organizations have very specific filing conditions that require a keen eye for detail. Our team ensures that returns are filed according to the latest version of the Internal Revenue Code. Completed returns represent every possible tax situation, such as write-offs and credits, available for small businesses and large corporations alike.
During the initial consultation, a Lavi CPA tax expert will uncover necessary details about employee retirement plans, overhead, and other business expenditures. This initial step is crucial for comprehensive results that encompass all taxable events that occurred during the fiscal or calendar year.
Tax Preparation Services in Los Angeles for Estate & Trust Tax
A highly qualified tax or financial services firm must be proficient in filing personal or business tax returns. There are many other tax situations that arise over the course of a lifetime. Estate planning requires the help of a knowledgeable tax expert. Likewise, estate and trust tax laws are always changing. Lack of awareness about recent changes could end up costing taxpayers thousands of dollars in unnecessary penalties and fees.
Whether you are giving or receiving an estate inheritance, there are important guidelines that will impact your decision. Estate and gift tax benefits, including generational conditions, may ease the tax burden for recipients. Knowing how and when to report these estate-related tax events is important for maximizing savings. We also encourage advance preparation such as estate planning. Make the process simple for your heirs by creating a trust or otherwise outlining conditions for your assets. This planning phase is relatively easy but saves time for your loved ones in the future.
Lavi CPA Tax Preparation Service in Los Angeles, CA
The Lavi CPA group stands ready to service any of your tax return preparation needs. No tax situation is too small or too complex for our trusted staff of experts. Our collective decades of experience provide customers with confidence in the results we offer.
Lavi CPA has been instrumental in tax preparation, estate planning, and much more throughout the Los Angeles area for many years. We are your trusted advisors. Whether you are unsure about your Roth IRA earning or you want to offer a Keogh plan for employees of your new business, we can help.