TAX PREPARATION AND PLANNING
Preparing and planning for taxes is often a stressful and complicated endeavor for most people.
Preparing your own tax return can be extremely difficult with today’s complex tax code and may often leave you with more questions than answers.
These days, the majority of people and small businesses use a professional tax preparer to assist with the preparation of taxes. Even if you are just filing a simple return, the rules may change from year to year and it is easy to overlook these changes and submit an incorrect return. By doing your taxes yourself, you may also end up overlooking deductions and credits.
WFTFS, LLC Tax Services include:
- Individual Tax Preparation & Planning
- Business Tax Preparation & Planning
Individual Tax Preparation and Planning
Tax software’s have made it easier for people to prepare their own taxes, but there are still situations where it’s smart to bring in a pro because hiring a tax professional is the safe way to go. Also if you are confused by your taxes or have a lot of questions it’s probably a good idea to get solutions from a professional. Also if your tax preparer finds even one deduction or tax credit you may miss out on, it can easily exceed the cost to have a professional prepare your return. It saves your time too.
Our team has an extensive experience and expertise needed to minimize your tax liability and help you with your tax planning and preparation.
We can help you in the following areas of your tax planning and/or preparation:
- Individual Tax Preparation
- Multi state returns
- Out-of-State returns
- Estimated taxes
- Gift & Estate Tax Preparation
- Tax saving strategies to maximize after tax income
- Tax compliance planning for small Schedule C businesses
- Tax planning to legally reduce the tax liability
- Strategies for deferring income from the current year and pay less taxes in the future
- Strategies to lower taxes on investment and retirement distributions
Business tax preparation and planning
- As a business owner, you’re busy developing new ideas and making sure your business runs smoothly. It is hard to keep up with the latest tax laws to find out which tax breaks you can take advantage of while focusing on everything it takes to run your day to day business activities and planning business growth.
- Our goal is to help your business succeed no matter what the economic climate is. From start-ups to large corporations, we have experience working with them all.
- Our thorough understanding of small business issues means your taxes will always be prepared accurately and timely.
- We guarantee prompt delivery of completed tax forms, so you won’t worry about meeting tax deadlines.
We have a strong and seasoned support staff to assist you with the following types of returns:
- S Corporation
- C Corporation
- Estate Tax
- Sales Taxes
- Payroll Taxes
Tax Planning & Education
Tax planning is essential to helping you successfully and legally reduce the amount of your tax liabilities. In addition to making sure that your business is tax compliant, we also can suggest tax saving strategies that will maximize your after-tax income.
We offer planning to assist start-ups, as well as, established businesses. We will provide you with a complete list of the most commonly overlooked deductions so that you can limit your tax liability for the following year.
We’ll also assist you with tax planning by:
- Helping you to defer income so that you can save money now and pay less taxes in the future
- Lower taxes on your income so that you can keep more of your earnings
- Lower taxes on your estate and gifts so that the beneficiaries can keep more of what you have given
- Lower taxes on investments and retirement distributions so that you can maintain your lifestyle and much more.
If you own a small business in Philadelphia Mainline or need help with individual taxes, working with a professional tax planning service can help save you more money. WFTFS, LLC offers the expertise that you need to save on your taxes at affordable prices.
Here are some links to help you learn more about PA taxes:
If you’d like to receive more information about our Philadelphia Mainline Tax Preparation & Planning Services, please contact us today!
BOOKKEEPING & PAYROLL SERVICES
Success starts when you take charge of your books.
How much more profitable could your business be if you had the time to focus on the actual business instead of handling a range of administrative tasks?
WFTFS, LLC offers you options for better management of your bookkeeping, accounting, controller and payroll services. Leverage the advanced technical expertise of our team members to help you realize increased profitability through efficiency gains by using our robust accounting and bookkeeping solutions that allow you to minimize the time you spend on these functions.
We have experience in serving a wide range of industries and business models, including health care, insurance, food, service, real estate, retail and many more. Whether you run a factory or sell fashion jewelry, we know the services you need and can provide it in a way that suits your schedule and budget.
Our process is all about you and your business, so we don’t take a cookie cutter approach. Instead, we start with a conversation, speaking to you one-on-one on to make sure we know which tasks you want us to work on.
Our goal is to help you meet your goals, both short and long term. We know that competent, consistent bookkeeping and accounting is the key to a business’ success. Having accurate and professionally-prepared financial documents enhances your understanding of the health of your business and guides your decisions. Our services are customized to your specific needs, and can include any or all of the following, and more:
Remote Bookkeeping Services (Quickbooks)
Remote Payroll Services
Our Virtual CFO Service may be a perfect fit for you if:
You’re a growing service-based business that now needs professional financial advice but can’t yet afford a full-time CFO or controller.
You’re an existing business that’s looking to replace an existing CFO and don’t need an on-site CFO on a daily basis.
From helping you understand the financial health of your business to providing you with valuable financial projections and giving your entire team strategic advice as your business grows, we are here to help you in the following areas related to your business:
Explain your financial position: Walk you through your financial statements and discuss profits (or losses), any assets you own and outstanding liabilities as well as your cash flow
Set up an accounting system and tools: If you have an existing accounting system, then we will evaluate the existing system and process that you have in place and make recommendations for improvement.
Forecast cash flow: Create a 12-month cash flow projection to ensure you have the cash that you need to cover future obligations
Manage cash flow: Understand where your money is coming from and where you are spending your money.
Create budget-to-actual reports: Set goals for the year and evaluate periodically to see if you are on track to meet your goals; if not, dig into the reasons for not meeting the goals.
Work directly with lenders and investors: Act as your liaison by communicating directly with financial institutions and potential investors to provide the financial documents required to show that you are a good credit risk
Remote Bookkeeping Services (Quickbooks)
When it comes to accounting software for small and mid-sized businesses, QuickBooks is considered the gold standard. The software enables easy tracking of sales and expenses, can create invoices, generate payroll and generally gives you the ability to do all of the bookkeeping and financial management of your organization from one streamlined application.
More importantly, a QuickBooks system can be put into place for your Mainline Philadelphia business quickly and easily in a way that will have an immediate positive impact on your profitability. The experts at WFTS, LLC are here to help you with every step of implementation!
Why Use Quickbooks for your Small Business?
One of the advantages of QuickBooks is that it can easily be customized to your particular business needs, and we are proud to be a member of the Certified QuickBooks Pro Advisor program. This means that wherever you are located in Mainline Philadelphia or anywhere the United States, we will be able to create and implement a custom QuickBooks design that will be designed specifically for your organization and everything that makes it unique.
QuickBooks will answer all of your business needs, providing you with improved economies and efficiencies, and by taking advantage of the expertise of our team, you will be assured of complete assistance and support from the very first consultation through to the program’s installation and training. We will be with you every step of the way, providing you with support and ongoing maintenance.
QuickBooks has gained the confidence and admiration of businesses around the world, allowing organizations to take charge of their own bookkeeping in a revolutionary and simple way. The program provides valuable tools that save time and money, and our accounting firm is dedicated to helping businesses around the country with the positive impact that it can make.
Our Mainline Philadelphia Quickbooks Services
The advantage of using QuickBooks Services implemented by our Mainline Philadelphia small business accounting firm is that it is designed with your specific business in mind. We take a consultative approach, diving deep into what makes your company unique and how it does its business and then creating the system to work within your operation. We will look at every nuance of your business, from the everyday tasks to the long-term financial objectives and then set up a personalized QuickBooks system that is customized to fit your needs.
You will find that the program not only saves you time, but also improves the quality of your bookkeeping and gives you an enhanced level of security over other systems, and we make sure that you and your staff are fully trained so that you will be able to use the system to the fullest extent of its capabilities.
Benefits of Quickbooks and Your Business
QuickBooks offers a number of highly valuable features for small and mid-sized companies, including the ability to send out invoices, scan receipts, track sales revenues and organize your expenses in a way that allows you to stay informed easily. It will run your employee payroll system, enable payments in storefront, online and mobile environments and generate real-time financial reports whenever you need them.
Perhaps most importantly, QuickBooks will eliminate the kind of costly mistakes and delays that plague so many businesses, both on a day-to-day basis and when it comes time to prepare your taxes. The program synchronizes tasks across multiple devices and platforms, enabling for greater efficiency, accuracy and accessibility.
Our Mainline Philadelphia, PA Accounting Firm
We have been providing business accounting services in the Philadelphia Mainline area for years, working directly with clients in order to enhance their chances for success. We have a deep understanding of QuickBooks and how it can improve efficiency and accuracy, and have used it to help countless businesses.
In addition to the improvements that QuickBooks can make within your organization, it also makes it possible to transmit important information directly to our team in real time, making it possible to take advantage of her expertise and knowledge that much more quickly and efficiently.
If you would like more information on how our knowledge and experience can help your business grow, save on taxes and build a secure future, contact our office today. We will tell you how QuickBooks services can help you.
QuickBooks set up that can save you hours of trying to figure out the initial installation for yourself.
QuickBooks training that helps you and your employees operate all of the program’s functions and take advantage of all of its benefits.
QuickAnswers for your accounting department employees. We are just a phone call or email away, ready to save you time and answer all of your questions in a friendly and supportive manner.
QuickTuneup is a service that we provide whenever you need help with problem areas. Whether you are getting ready for tax time, going through a financial review or have encountered some other kind of challenge, our Tuneup will clear up the problem.
QuickBook Tips is a collection of shortcuts and hints that will help you make the most of your QuickBooks experience.
If you’d like to receive more information about our Philadelphia Mainline QuickBooks services, please contact us!
Remote Payroll Services
Our Payroll Service Solutions include following services:
- Employee & company setup
- Calculation of Net Pay checks
- Processing & reconciliation of payroll
- Check/Direct deposit processing
- Payroll Journal and Payroll Summary Sheet
- Payroll tax filing
- Form W-2 and W-3 processing
1099 and 1096 processing
If you have been considering hiring someone for any of the above services, please do give us a call at (267) 496-1110 to show how our custom, outsourced bookkeeping services offer a better way.
IRS TAX RESOLUTION
Before you call one of the large advertisers claiming to solve your problems for pennies on the dollar, take the time to talk to your trusted, local expert.
If you have received an IRS notice, want to release a wage garnishment, tax lien or resolve any other tax problem, you have reached the right place. Your tax problems will not just go away by themselves, they just keep getting worse with penalties and interest being added each day. If you owe money to the IRS and/or a state, you have an issue that needs tax resolution expert like us because tax problems will stay with you unless you have a professional to fight for your rights.
WFTFS, LLC in Mainline Philadephia is here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and, of course, extremely discrete.
- We’re here to fight for your rights and get you back on track
- We’ll handle your tax debt so you don’t have to
- We’ll work directly with the IRS
- We’ll keep you updated throughout the process
- We handle all types of tax debt – any size, from the simple to the complex
- We’ll take immediate action to help you address your tax debt
- Get a break from threatening IRS notices and letters
- Take immediate action to suspend collection activities
- Request a hold on active wage garnishments and bank levies
- We’ll find a resolution plan for you
- We’ll have a dedicated Enrolled Agent who will act fast to help
- Request a hold on all collection activities to help protect assets
- Prepare and submit your resolution package
- Work on your behalf to get you the best possible outcome
Our Tax Resolution process
Consult: Give us a call to discuss your tax situation and we will explain how we can help.
Investigate: Our Investigation process begins by filing a Tax Authorization Information Form 8821 or 2848 with the IRS and/or the appropriate form for the State Taxing authority on your behalf in order to obtain a complete record of your account. Upon completion, we will contact you to discuss the best way to address the problem.
Resolution: The resolution phase of our process begins by gathering more in depth financial information and documentation in order to prepare an in depth proposal for submission to the IRS and/or State. Our team is here for you and our goal is to not only fix your tax issues, but to keep you tax debt free in the future.
TYPES OF CASES WE HANDLE
Tax Relief – IRS Debt Forgiveness When the IRS is demanding full payment of back tax debt up-front or a payment plan that is substantially higher than what you can afford to pay, we can negotiate an offer in compromise settlement, potentially providing a forgiveness, therefore allowing you to pay a fraction of what is owed or to set up an arrangement for the lowest possible monthly payment with various options for making those payments, if you qualify.
Wage Garnishments An IRS wage garnishment is part of the IRS levy process and permitted by the Internal Revenue Code. When a taxpayer ignores the IRS notices about taxes owed, the IRS can levy property included wages. The levy notice is sent to the employer and monies are withheld from the taxpayer’s paycheck and sent directly to the IRS. A federal tax levy must leave the taxpayer with some income for living expenses, many state’s tax levies do not.
Release Bank Levies A direct seizure of property, assets, or income by the IRS. This can affect a taxpayer’s home, car, bank account, retirement funds, wages, and more. If you receive an IRS bill titled Final Notice of Intent to Levy and Notice of Your Right to A Hearing, contact us right away If you receive an IRS notice of levy against your employee, vendor, customer or other third party, it is important that you comply with the levy.
Lien Release The IRS can file a lien against a taxpayer’s property or assets, giving them the right to claim any income generated from these things as a means of settling the taxpayer’s debt.
Offer in Compromise An agreement with the IRS to pay less than what is owed, because a taxpayer cannot pay the full amount due to financial hardship.
Innocent Spouse Someone whose spouse or former spouse has made an error on their jointly filed return, who feels their spouse should be financially responsible for the debt. In some cases, a spouse will be relieved of the tax, interest, and penalties on a joint tax return. There are three types of relief available:
- Innocent spouse relief
- Separation of liability
- Equitable relief
IRS or State Tax Audit Representation An IRS audit is an examination of business and/or individual accounts and financial information to ensure amount being reported on a tax return are accurate and according to the tax federal or State laws. Did You Receive an Audit Letter From the IRS? – The first step is not to panic. The IRS uses letters to communicate with taxpayers about IRS audits. As with most IRS communication, there are deadlines associated with IRS audit letters. You will have time to review the items that are being contested and prepare your response. Selecting a return for examination does not always suggest that the taxpayer has either made an error or been dishonest. In fact, some examinations result in a refund to the taxpayer or acceptance of the return without change.
Delinquent and Unfiled IRS Tax Returns Tax returns filed after the tax deadline for a particular tax year. Usually, the IRS requires that you file delinquent tax returns for the past six years. What if you fail to file? – The IRS may file what is known as a substitute return for you. However, as you well know, the IRS will not be looking to save you any money. In fact, a substitute return will not include any of the standard deductions your accountant would typically include in your return. Case in point, a substitute return only allows one exemption: single or married filing separate, so you end up with higher tax liability than if you would have just filed.
IRS Penalty Abatement Relief from tax penalties due to reasonable cause or hardship during the time the penalties were accrued. If any penalties are reduced, the related interest associated with the penalties is also reduced.
Threatening Letters The IRS carry out their threats, so ignoring an IRS threatening letter is absolutely the worst thing to do. First, you should check the facts in the letter. If there is anything amiss in their calculations or your liabilities or their assessment, write a polite letter back explaining the error or omission and see if they will remedy the situation. If they have reached the point where they are sending you threatening letters however, you may need to be a little more proactive in resolving the situation before the IRS become proactive themselves. You do not want this to happen. If you allow the IRS to take action before you do it will result in you unnecessarily suffering at their hands. The IRS has considerable powers when it comes to collecting taxes and they are rarely if ever prone to taking the lightweight approach. The IRS sends out threatening letters when they know or think they know that you owe them money; beyond that, they have little interest in you.
IRS Payment Plans and Installment Agreements If you can’t pay your back taxes in full but could potentially pay them back over time, you can negotiate a reasonable monthly payment plan with the IRS. Once an IRS Payment Plan (also known as an Installment Agreement) is established, the IRS will not enforce collection action, including the levy of bank accounts or wage garnishments, as long as you remain current with all filing and payment obligations.
Expiration of Collection Statutes The date on which the IRS has to forgo a taxpayer’s debt, 10 years from when the penalty was assessed.
Sales Tax Problems Some of the greatest challenges facing businesses are income, sales, use, and specialty taxes by state governments to collect revenue. These taxes are often confusing and hard to track without proper accounting systems in place. This usually results in additional tax assessments through audits where estimated figures can be used if records and accounting information were not properly kept or recorded. To make matters worse, regulations and guidance are often limited at the state level, sometimes making the outcomes of tax disputes unpredictable. In some situations, a state tax audit can lead to a criminal investigation.
It is critical that you consult with an attorney if your business is facing a state sales tax audit or a tax liability has already been assessed.
Payroll Tax Problems, Business Tax Audits, and Unpaid Employment Taxes and many more. If you’ve missed a payroll tax deposit accidentally, high tax penalties and interest charges begin to accrue immediately and will compound each pay period. By the time you realize your mistake, the fees are gaining steam and you’re faced with a mammoth tax bill that your business can’t afford to pay.
Another reason businesses experience payroll tax problems, is because the funds set aside for payroll tax deposits are used for other expenses or are mismanaged.
The IRS will impose tax penalties and interest builds up on the missed payroll taxes which can threaten the life of the business. If your business doesn’t have the cash or assets to pay your back payroll taxes, the IRS will not hesitate to go after individual owners. And in serious cases, they may even choose to criminally prosecute the offenders.
Resolve your IRS tax problem with the peace of mind that you are in good hands, please contact our office to set up a consultation. Serving the Mainline Philadelphia area.
Focus on growth, not on your business processing.
WFTFS, LLC considers its role as an experienced and trusted advisor on issues of critical importance to your business: new start-ups, finance, operations and profit planning.
We understand that every business and every individual is unique. We take the time to listen and learn your business to guide you through a full range of tax planning decisions using strategies that minimize your tax liabilities, maximize your cash flow, and keep you on track to achieve your financial goals.
Our comprehensive experience, expertise and thorough analysis allow us to optimize your financial opportunities in existing, as well as, recently altered tax laws. Being a tax resolution and consulting firm, we are knowledgeable and up to date on the tax laws and can make sense of your receipts, bills and notices.
We can help you make logical decisions and avoid pitfalls that your business can do without. When you retain our services, you can rest-assured that your business is in good hands.
Our consulting services include but are not limited to
- New Business formation
- Business tax planning and preparation
- Business consulting
- Financial Analysis
To find out how our team can help your small business achieve success call us today or use the contact form below.