Reliable Tax Services in South Plainfield and Randolph
When it's time to file tax returns, many individuals and businesses often feel overwhelmed by the complexities of tax preparation. Fortunately, Max Bussel & Company has knowledge and experience in providing reliable tax and accounting services in South Plainfield, Randolph, and the surrounding areas.
Our tax services are tailored to suit your unique needs and help you make the most of your tax situation. Whether you're struggling with tax debt or need someone to help you file your returns on time, our experienced CPAs can help.
South Plainfield: (908) 753-1717 Randolph: (973) 328-0888 Schedule a Consultation
Experience Stress-Free Tax Preparation
Max Bussel & Company provides expert tax services to help individuals and businesses file their returns accurately and efficiently to avoid problems with the IRS. Our skilled CPAs prepare taxes on your behalf and free you up to focus on other priorities. With tax regulations frequently changing, you could be missing out on some opportunities to lower your tax liability. You could also put yourself at risk of making costly errors if you aren't compliant with certain filing requirements.
Our professional CPAs have years of experience in tax preparation to help you to avoid common errors and achieve valuable savings. We always stay updated on changes in tax legislation and how various clauses apply to you or your business. More importantly, having your taxes prepared by our professionals saves you more time and reduces stress, knowing that someone knowledgeable is on your side.
Individual Tax Preparation
As your tax records become more complex, filing returns yourself may not be the best option, especially if you're not tax-savvy. Our tax specialists will help you take advantage of tax credits and deductions and save you money. If you have more complicated income reporting, such as earned income from rental properties or a side business, you can benefit from speaking with one of our knowledgeable CPAs. Also, if you have been through a divorce or lost your spouse, our team can ease you through the related tax issues with compassion.
Business Tax preparation
As a startup business, keeping accurate books may seem simple and straightforward, especially with the availability of various paid software to help. But as your company grows and becomes more profitable, you'll need to deal with several complexities. For example, filing income tax returns for numerous employees and building out an HR department with health insurance and 401(k) benefits can become complicated. Our team can help you maintain accounts for your business and avoid costly errors.
Tax Planning for Businesses
Tax planning is the analysis of your financial situation from a tax perspective. The purpose of tax planning for businesses is to ensure tax efficiency. Our tax planning procedure directs all elements of your financial plan to work together in the most tax-efficient manner possible.
Tax planning is an integral part of any business plan. It helps to reduce tax liability and maximize your ability to contribute towards savings plans.
Tax planning involves many things, including the timing of income and purchases and planning for various expenditures. Strategies may also include saving for retirement in an IRA or conducting tax gain-loss harvesting. If you can't pocket your earnings, business growth and success will be an uphill battle. You need to delicately balance business decision-making with your long-term profitability goals to minimize your tax liabilities and remain compliant with federal and state tax laws.
Quarterly Taxes for the Self-Employed
Quarterly taxes (sometimes referred to as estimated taxes) are often required for self-employed individuals with income exceeding a certain amount. Our CPAs will help you file your quarterly returns every three months, covering income tax, Medicare, and Social Security.
Self-employment tax is generally 15.3% of your total self-employed income, and it rolls your share of Social Security and Medicare taxes into one tax. If you're a salaried employee, you will split the cost of these taxes with your employer. But if you're in business for yourself, you're required to pay the whole amount. We always advise self-employed individuals to set aside 25-30% of every paycheck for tax purposes. That way, you won't be blindsided by a huge tax bill when it's time to file returns.
Professional Payroll Tax Assistance
Small businesses are often negatively affected by misunderstanding payroll tax obligations. Intentional or unintentional mistakes can cause the IRS to trigger payroll tax audits, creating havoc for your business. Additionally, payroll tax penalties can add up quickly, so working with our professional tax specialists will help you avoid common payroll problems.
Max Bussel & Company helps small business owners plan for and file payroll tax withholdings. Currently, the IRS targets small businesses as a comprehensive source for uncollected taxes. The IRS has the power and authority to aggressively collect money due to them . Fortunately, our team can help you avoid payroll tax audits or penalties due to the following errors:
- Failing to file returns on time
- Failing to file a 941 each quarter
- Failing to enter withholdings electronically
Opportunities to Save
Changing tax regulations often make tax filing more complicated, but they also open up new opportunities to save. Turning to Max Bussel & Company for tax planning can help you identify all your liabilities and create an estimate of what you owe. We will then find potential deductions, exceptions, and tax credits that you could earn by applying certain strategies.
Timing is also an essential factor in tax planning. You should decide on the right time to make large purchases or upgrade certain equipment. Handling charitable donations can significantly impact your liability. We help you create a working timeline for the year and show you when and how to make the wisest and most tax-savvy decisions.
Tax Planning for Individuals
Taxpayers generally do a self-assessment of their income tax before filing tax returns. For many individuals, tax payments are required in the form of estimated tax payments or withholding tax. Due dates and other administrative procedures often vary by jurisdiction. Still, April 15 following the tax year is usually the final day for individuals to file tax returns for federal as well as most state and local returns. Regardless of your current tax bracket, our CPAs can help you plan for your tax returns, take advantage of any available deductions, and minimize tax liability.
401(k)/IRA Deferred Taxes
Saving via a retirement plan is a common way to reduce taxes efficiently. When you contribute money to a traditional IRA, you can significantly minimize your gross income. There are multiple retirement plans that you can use to help reduce tax liability.
The 401(k) plans work well for large companies with numerous employees. Participants in the retirement plans can defer income from their paychecks directly into their 401(k) plan. One outstanding advantage with 401(k) plans is that the limit dollar amount of the contribution is much higher than that of the IRA.
Estate Tax Planning and Gain-Loss Harvesting
Tax gain-loss harvesting is a unique form of tax planning that relates to investments. It is useful for anyone who owns an estate because it can use your portfolio's losses to offset your overall capital gains. According to the IRS, both short and long-term capital losses must offset capital gains of the same kind. It means that long-term losses must offset long-term gains before they offset short-term gains.
As of 2018, all short-term capital gains from assets owned for less than a year are taxed at the ordinary income rate. However, long-term capital gains are taxed based on the taxpayer's current tax bracket.
Tax Resolution
Tax resolution is a service that helps taxpayers resolve their open debt with the IRS in a manner that reduces the deficit as much as possible. Individuals often face tax problems for various reasons, such as unforeseen expenses, financial difficulties due to lost income, or unawareness about certain tax laws or regulations. Whichever the case, late charges, back taxes, and other tax debt can gradually derail your financial security.
As your representatives to the IRS, Max Bussel & Company works with the tax collector to provide a solution that helps you to deal with your tax debts in a reasonable and achievable way. Our CPAs apply several tactics, including:
Installment Agreements: If your tax debt is too heavy to pay all at once, the IRS provides an opportunity to break down the payment in installments. Our CPAs will work with the IRS to settle on a reasonable payment plan to clear the debt over time and avoid crippling penalties.
Offer-in-Compromise: If your tax debt is too huge or a particular circumstance is making it impossible to pay the full amount, our CPAs can negotiate with the IRS on your behalf and reduce your overall debt through an Offer-in-Compromise.
Innocent Spouse Relief: If your spouse commits tax fraud or tax evasion, you could be held legally liable for their debt. However, our CPAs can negotiate for relief if you were unaware of such actions and clear you of the debt.
Bankruptcy Filing: Depending on your financial situation, filing for bankruptcy can be necessary. Although bankruptcy cannot clear all debts, it can help mitigate what you owe.
Small Business Tax Resolutions & Audit Representation
Taxes play a critical role in the running of a small business, and when you owe the IRS, your business could suffer. Fortunately, you don't have to navigate the muddy waters alone. Our tax specialists can represent you before the IRS and find a workable solution to your tax situation.
A tax audit placed on your business does not automatically mean you owe the IRS, but depending on the outcome, you may have to pay some money. Audits often occur when the IRS finds discrepancies in one of your previous tax filings and wants to investigate it further. Audits can also happen randomly, and in either case, the IRS will request you to provide certain documents. Once the audit is complete, the IRS will notify you of the results. In most cases, the results can indicate that either no changes are needed or that you owe unpaid taxes.
When we work as your representative during an IRS audit, we handle all the interactions and provide the necessary paperwork. Our team will then review the findings of the audit and confirm whether the data backs the IRS findings. If there is a discrepancy, we can appeal the decisions and start negotiations to help reach an amicable solution. If you do owe some taxes, we work with the IRS to develop a consistent form and timeline for payment, which may include installment agreements.
Common Tax Problems
The most common tax problems for small business owners filing their taxes include:
- Mixing personal and business expenses
- Missing deduction opportunities
- Inaccurate deductions for home office spaces
- Missing expense logs and receipts
- Lack of payroll tax withholding or misappropriation
Tax Liens, Levies, Garnishments, and Seizures
If you don't pay your taxes, the IRS has the power to use tax liens, levies, garnishments, and seizures to collect payment. A garnishment is a form of levy that the IRS can use to legally seize your wages, salary, or federal payments to clear off a tax debt. A tax lien is a claim on your personal property that can stand as security for the tax debt.
A seizure, on the other hand, is a claim of your personal property to fulfill the tax debt that may result in your property sold at an auction.
Seek Expert Tax Solutions Services!
You don't have to tackle your taxes alone. At Max Bussel & Company, we're committed to helping you conquer financial obstacles and reach your tax debt relief goals. Our experienced team is on standby to give you the help you need. Even if we discover that you were eligible for tax exemptions, refunds, or credit deductions, we can facilitate filing for a refund on any overpayments. Contact us today for more information about our tax services!
Call Us: (908) 753-1717 Schedule a Consultation
Tax Preparation
According to a study released by the US Government's General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Tax Planning
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
Tax Problems
We're here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and of course, extremely discreet.
