Individual Tax Returns (Form 1040)

• Comprehensive return preparation: Accurate preparation of federal and state Form 1040 including schedules (A, B, C, D, E, SE, etc.) tailored to employment, investment, rental, self-employment, and retirement income.

• Income sourcing and classification: Correctly classify wages, interest, dividends, capital gains, K-1 income, unemployment, Social Security, retirement distributions, and other income

• Deductions and credits optimization: Identify and document itemized deductions (mortgage interest, state and local taxes, charitable contributions, medical expenses where applicable) vs. standard deduction, plus credits such as Child Tax Credit, Earned Income Credit, education credits, etc.

• Self-employed and gig-worker support: Prepare Schedule C and SE, advise on deductible business expenses, home office, depreciation, and self-employment tax minimization strategies.

• E-filing and secure delivery: Electronically file federal and state returns, provide secure copies, and manage payment or direct deposit of refunds.

• Amendments and corrections: Prepare and file amended returns (Form 1040-X) when changes or missed items are discovered.

S Corporations (Form 1120-S) & Partnerships (Form 1065)

• Full 1120-S/1065 preparation: Prepare federal and state 1120-S/ 1065 returns, including required schedules and statements.

• Shareholder K-1 preparation: Accurately prepare Schedule K-1s for each shareholder showing their share of income, deductions, credits, and distributions.

• Reasonable compensation guidance: For 1120S returns, review officer/shareholder payroll and provide guidance on reasonable compensation and payroll tax compliance. For 1065 returns, review Partners guaranteed payments and partner compensation: Properly characterize guaranteed payments vs. distributive share and advise on tax effects for partners.

• Pass-through tax optimization: Analyze business income allocation, fringe benefits, retirement plan contributions, and deductible expenses to minimize overall tax burden to shareholders/partners.

• Multi-state and nexus considerations: Address state filing requirements, apportionment, and nexus issues for S corporations/Partnerships operating in multiple states.

• Basis and at-risk analysis: Track shareholder/partner basis, distributions, and at-risk amounts to ensure correct loss limitations and to avoid unexpected taxable events.

Tax Planning Services (Individuals, S Corps, Partnerships)

• Year-round proactive planning: Quarterly or ongoing planning sessions to review current tax position, project year-end liabilities, and recommend adjustments to withholding or estimated payments.

• Income timing and deferral strategies: Advise on accelerating or deferring income and expenses, selecting accounting methods, and timing capital transactions to smooth tax liability.

• Entity structure and conversion analysis: Compare tax outcomes for operating as a sole proprietor, S corp, or partnership; advise on conversions, elections, and restructuring for tax efficiency.

• Compensation and distribution planning: Optimize mix of salary, guaranteed payments, distributions, and dividends to minimize payroll taxes and maximize after-tax income while maintaining compliance.

• Retirement, benefits, and executive compensation: Advise on implementing tax-optimize retirement plans (SEP, SIMPLE, 401(k)), deferred compensation arrangements, and fringe benefit strategies.

• Credits, incentives, and industry-specific planning: Identify available credits and incentives (research credits, energy incentives, work opportunity credits) and industry