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Let's face it - nobody likes to pay taxes. Although taxes are "part of life", nobody should
pay more tax than they are legally required to pay - that's where we come in. We have the knowledge of the tax laws
that enables us to properly interpret the laws (to the extent permissable) in a manner that is more beneficial for the taxpayer.
Below is a brief list of the types of Tax Services we offer:
Tax Planning: Tax
planning generally contemplates taking into consideration a variety of factors which may include projected revenues and expenses,
analyzing this information and estimating how much tax may be due in the near term. By performing such planning,
it also enables us to consult with management and advise them on the most "tax efficient" approaches, which generally
will enable management to take advantage of certain relevant tax laws to their fullest (and hence minimize their tax liability
whenever possible).
Tax Preparation: Also
known as "tax compliance". The act of preparing the relevant tax returns or reports for filing with the various
taxing authorities, be it Federal, State, or Local. We have over thirty years' experience and knowledge in
the areas of tax compliance. Our knowledge of the tax laws, coupled with a thorough understanding of the nature of your
business and financial dealings, enables us to be more pro-active in asking the right questions - with the intent of maximizing as
many tax benefits as possible to which our clients may be entitled under current tax law and interpretions
of the law that have substantial authority.
We can provide you with all aspects of Income Tax Related Services; including Federal, Ex-Pat,
and multi-state tax planning and preparation services for the following taxpayer type entities:
A FEW SUCCESS STORIES: Some of these "success stories" deal with tax law, or other aspects of accuracy on a tax
retun, and some of them deal with tax savings. In all situations, it is important to have a tax professional
that is very knowledgeable in the tax laws and how to apply those tax laws relevantly and correctly in each specific
client's situation, in order to best serve the client's needs without unnecessarily overpaying in taxes. In all cases
it is important that the client understand that the final responsibility rests with the taxpayer and we always urge our clients
to review a tax return before they sign and submit it to the taxing authorities. CAPITAL GAIN:
One would think this should be "easy" - if you sell a stock , you report a capital gain (or loss)
on your tax return. In this particular case, Mr Sills was retained by a new client - an executive at a medical products
manufacturing company located in the Central California region. Mr Sills generally requests to see prior years'
tax returns when being engaged by a new client. As a result of Mr Sills' review of the prior years' returns for this
taxpayer (as well as Mr Sills' extensive knowledge on certain tax aspects related to employee stock option plans, etc.), he
found that the previously filed tax return had overstated the client's capital gains on Schedule D by a significant amount.
Mr Sills recommended amending this prior tax return, which Mr Sills performed for the client and was able to get tax
refunds for the client in an amount in excess of $50,000. DEPRECIATION:
Here again Mr Sills was retained by a new client. This new client is a medical professional and - in
a prior year - had formed his own professional corporation and purchased an existing medical practice. When Mr
Sills performed his review of the client's prior years' tax returns, he found that the former tax preparer had actually depreciated
the same assets twice - once on the client's individual tax return, and again on the client's corporation tax return
- in the same year! PARTNERSHIP TAXES:
A new client contacted Mr Sills and requested a partnership tax return be prepared. Mr Sills obtained
from the client a copy of the prior year's tax returns (prepared by a nationally known organization - known more for preparing
individual returns). Upon reviewing both the [previously filed] return, as well as the client's accounting data, and
asking the "right questions" of the client; Mr Sills found that there were many "errors" or "omissions" in
the return, including an overstatement of taxable income of more than $25,000. As a result, Mr Sills recommended amending
the prior year's tax returns - which the client gratefully agreed to have Mr Sills provide the service of amending these returns.
While the other "errors" and "omissions" on the Partnership returns were "technical" in nature,
the existence of such "errors" could also draw further attention to a return and might lead the taxing
authorities to ask more questions (i.e. conduct an audit) regarding the return.
THE BOTTOM LINE: It cannot be emphasized
enough how important it is to have a knowledgeable tax professional working with you. Mr Sills has a wealth of knowledge
in the areas of income taxation and has the creative ability to properly advise clients on the most tax efficient approach;
while properly utilizing and complying with the tax laws. We are available to review your prior tax returns and, if
applicable or necessary, propose ways to amend/correct/revise these returns. Better yet, we are available to prepare
these returns on your behalf "the first time" - and enable you to avoid the added cost of having someone charge
you a second time for amending those returns.
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