Accounting and Tax Preparation
Tax preparation is a year-round planning service, not an annual event culminating in a surprising result in the form of a refund or balance due. It is predictable and controllable. The key to this process is understanding that tax liability, the amount of tax due based on your income and deductions, is not the same as the resulting refund or balance due on the tax return. We determine your projected tax liability based on the income and deductions expected for the current year, including any changes or events that happen during the year. Tax liability is paid by withholding taxes from income sources, such as your salary or pension, or by paying estimated taxes. When these calculations are done accurately, you can decide whether you want your tax return to result in a large refund, a break-even, or anything in between. You are completely in control when you have professional guidance.
The accumulation of information for your tax return is a personal process, and we want to collaborate in a way that works for you. For some, this means gathering documents and preparing schedules to send to us and awaiting our contact for questions and discussion. For others, a guided meeting is more comfortable. Our goal is to ensure that this process is as efficient as possible for you.
As we learn about your income sources from employment, royalties, retirement, and investments, we create our checklists for your W-2s, 1099s, K-1s, and other documents that will recur annually. We work with you to determine related deductions for this income, such as employee business expenses, investments expenses, and your itemized deductions, including charitable donations. With each specialized area, such as rental properties and self-employment, we provide detailed recommendations for tracking the needed information.
General accounting, tax preparation, and business valuation services offered by Koslow CPA are separate and unrelated.