Whether you are planning ahead for your estate, or are a beneficiary or Trustee of an estate or trust, proper tax reporting and planning is vital to ensure that assets pass to the beneficiaries as intended and without being subject to extra layers of taxation. Tax planning and preparation is important for any estate, but is especially important for any estate in excess of the IRS' exclusion amount of $5.4M, indexed for inflation. Trusts can provide flexibility to control assets and distributions to beneficiaries, but are also subject to complex tax reporting rules that are difficult to follow. Let our staff oftax professionals assist you with any of your Estate, Trust, or Gift Tax needs.
Business Income Tax
Our Staff of Certified Public Accountants and Enrolled Agents are experts in tax preparation and tax planning. Whether you are run a large organization, are a small business owner just getting started, or are retired and trying to minimize your tax liability our tax professionals can help with all your income tax needs. We are please to be able to offer the following services to our clients:
Individual Income Tax
The Income Tax is the main way that Federal and State governments receive their funding from us the taxpayers. As such, nearly every American is required to file an Individual Income Tax Return. Our current tax system is full of complicated laws, rules and regluations that make complying with the Tax Laws a daunting task. Our staff of tax professionals have years of experience preparing, reviewing and processing income tax returns and can help you to navigate your specific tax situation and make certain that you do not pay a nickle more in taxes from your income than is absolutely necessary. Let our team of Certified Public Accountants and IRS Enrolled Agents assist your with your Individual tax needs.
IRS Audit Support
In the event that your personal or business tax returns are ever selected for examination by the Internal Revenue Service or a State taxing agency, it is important for you to work with a tax expert to ensure you understand your rights as a taxpayer, to guide you through the audit process and to defend your position in an audit. Our staff of tax professionals has years of experience working with the IRS and State agencies, defending our clients in the event of an audit. If you are facing an audit of any of your tax returns, having a professional by your side will help to ensure that the audit process goes smoothly, that all audit and documentation requirements are met, and that you are treated fairly and reasonably by the auditors.
Estate & Trust Tax
Non-Profit & Tax-Exempt Entities
Tax reporting and compliance is critical to your non-profit organization for maintaining the tax-exempt status with the IRS and State. While there is never any tax liability for non-profit organizations, the tax returns that are required to be filed with the government contain importand financial information about your organization and accurate reporting of that information is crucial to ensure your organization remains in compliance with your organization's mission, as well as State and Federal Tax Laws. Let our staff of tax professionals guide you through the complex reporting requirements for your non-profit entity.
Businesses that are established a their own legal entity seperate from the owner (such as a corporation, LLC or partnership) have their own Federal and State tax reporting requirements and are required to file an annual income tax return for the business. Depending on the type of entity, the business then either has to pay taxes on it's own income, or the income is passed through to the owners for reporting on their individual income tax returns. At Tidwell & Associates, we have many years of experience working with large and small businesses to ensure tax compliance and to take advantage of every tax benefit possible in your business to reduce the overall tax liability as much as possible. Let our staff of tax professionals assist you with understanding and complying with the requirements for your specific business situation.
Sales and Use Tax
When your business engages in the sale of goods, you are generally required to collect and pay sales tax. Depending on the volume of your sales, your business is then required to file sales tax returns and reports with the State either monthly, quarterly, or annually. Failure to properly report sales or make payments of sales tax timely can result in costly penalties. At Tidwell & Associates, we have years of experience working with retailers and manufacturers across various industries and can help you undersand your specific sales tax requirements and handle all of the necessary filings sales and use tax returns, scheduling of timely payments and ensure compliance with all State and Local laws.
Payroll is often the most expensive part of a bsuiness' operations. In addition to paying your employees, you are also required to pay Social Security, Medicare, Unemployment and other payroll taxes. As an employer, you are not only required to pay the employer portion of these payroll taxes, but you are also required to collect the employee's portion of their payroll taxes and remit them to the government. These "trust fund" obligations to the government for collecting and depositing payroll taxes for yourself and your employees creates complicated reporting and payment requirements. Let our staff of tax professionals assist you with ensuring that your organization is in compliance with all Local, State and Federal Payroll Tax Laws to keep the government out of your business and avoid large payroll tax penalties.
Tax Planning and Projections
No one enjoys paying taxes. An unexpected tax bill is particularly unpleasant. Let our experienced staff of tax professionals assist you in planning for and developing strategies to eliminate underpayment or late payment penalties, reduce overall tax liabilities and help you to project your potential tax liabilities for the future. By taking a look at your potential tax liabilities in advance, we can advise you on ways to reduce your tax burden, create an estimated tax payment plan and help you to prepare for the future tax payments.