Tax Planning
Many financial events in your business and personal life can influence your tax position over a period of years. That's why it's so crucial to obtain expert advice on tax planning strategies available to you before you authorize a major financial investment or establish a long range benefits program.
The professionals at Baker & Associates work with you to develop sound and innovative solutions for your business and personal tax planning challenges. We're always up to date on the current tax laws, latest tax changes, regulations, and complex tax codes that can affect you. By working with you throughout the year, our income tax projections and proactive tax planning strategies enable us to estimate your tax liability before your taxes are filed. Our goal: reducing your tax obligation to the lowest possible level. We are are dedicated to serving our clients in Iowa, including the cities of Adel, Ames, Ankeny, Boone, Clive, Des Moines, Johnston, Indianola, Knoxville, Marshalltown, Newton, Nevada, Winterset and West Des Moines and the communities that make up Boone, Dallas, Jasper, Madison, Marion, Marshall, Polk, Story and Warren counties.
Tax planning services we perform for our clients include:
- Planning and research for corporations, partnerships, LLCs, estates, trusts, and individuals to maximize all available deductions
- Income tax projection based on current activity and qualifying deductions
- Income tax cash flow planning allowing you to pay your income taxes in manageable increments
- Tax forecast preparation for the current year and following year to provide you with an accurate estimate of your income tax liability for the next two years
- Deferring tax liabilities through certain investment choices such as pension plans, profit sharing and other similar plans
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Other services include:
- Compliance services for corporations, partnerships, LLCs, estates, trusts, and individuals
- Retirement plan structure
- Management compensation planning
- Estate and gift planning for high net worth individuals and family-owned businesses
- Stock option planning
- Wealth accumulation strategies
- State and local taxation
- Multi-state tax issues
- Enterprise Zone and Empowerment Zone Tax Credits
- Cost Segregation studies
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Tax Return Preparation
Baker & Associates provides income tax return preparation for individuals, corporations, partnerships, limited liability companies (LLC), estates, and trusts. Why do you want to have Baker & Associates prepare your tax return? On September 2, 2009, the IRS held a public forum on the Tax Return Preparer Review featuring federal and state officials. The discussion was moderated by Doug Shulman (Commissioner), Karen L. Hawkins (Director, Office of Professional Responsibility), and Mark Ernst (Deputy Commissioner, Operations Support). Here are a couple of quotes from that meeting:
"In 2006, we testified before Congress on the results of an undercover investigation where we identified mistakes in 19 out of 19 visits to paid preparers working in preparer
chain offices.3 Some of the mistakes were significant, either exposing the taxpayers to serious IRS enforcement action or costing taxpayers over $1,500 in overpaid taxes."
Michael Brostek, Director, Strategic Issues, Government Accountability Office"
During the 2008 filing season, TIGTA (Treasury Inspector General for Tax Administration) found that a majority of tax returns prepared by a sample of unenrolled preparers contained substantial errors. TIGTA auditors posed as taxpayers in a large metropolitan area and paid to have 28 tax returns prepared at 12 commercial chains and 16 small, independently owned tax return preparation offices. The preparers in our sample were unlicensed and unenrolled. TIGTA found that these preparers made substantial errors when completing tax returns and correctly prepared only thirty-nine percent of the returns. Of the sixty-one percent of the returns that were prepared incorrectly, sixty-five percent contained mistakes and omissions that were considered to have been caused by human error or misinterpretation of the tax laws. The remaining thirty-five percent contained misstatements and omissions that were considered to have been caused by willful or reckless conduct. Furthermore, none of the preparers were able to prepare the business income and expense tax returns correctly."
Mike McKenney, Assistant Inspector General for Audit, Treasury Inspector General for Tax Administration
You can read all of the comments from this meeting at http://www.irs.gov/taxpros/article/0,,id=212450,00.html
Tax Representation
Baker & Associates provides expert representation on your behalf for income tax matters before all government agencies. Federal and state income tax representation is available for individuals, partnerships, estates, trusts and corporations. Baker & Associates skilled negotiators are consistently successful in obtaining favorable decisions for our clients.
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