What we offer
Services and Pricing
We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year.
At WFTFS, LLC we prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year. Tax services offered include but are not limited to tax planning & return preparation for:
Tax Preparation Services
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.
Individual Tax Preparation: 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
Business tax preparation:
- 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
- Partnership
- C Corporation
- Gift
- Estate Tax
- Sales Taxes
- Payroll Taxes
Tax Resources
Here are some links to help you learn more about PA taxes:
- PA Department of Taxation
- Tax Information for Individuals – Internal Revenue Service
- Business Taxes – Internal Revenue Service
If you’d like to receive more information about our Mainline Tax Preparation Services, please contact us today!
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.
ITIN Application
Knowing the difference between an IRS Certifying Acceptance Agent (CAA) and an IRS Acceptance Agent (AA) is important, because the rights and responsibilities for a CAA greatly differ from an AA, as well as knowing how each type can effectively assist you.
- Individual Taxpayer Identification Number (ITIN) is required in order to file a U.S. Income Tax Return for a U.S. Non-Resident Alien.
- We offer convenient ways to start your ITIN Application from the comfort of your home, wherever you are located around the world.
- Using a Certifying Acceptance Agent rather than an AA is both for convenience and to have a faster and smoother application process.
- If you are eligible for a USA ITIN, WFTFS, LLC is an IRS Certifying Acceptance Agent who can help with your application process!
Certifying Acceptance Agent
Have the peace of mind in keeping important documents, such as passports, in your possession. Using an IRS Certifying Acceptance Agent can help in creating a smooth and convenient ITIN Application process.
- CAAs can certify your identification documents in your application for an ITIN, so you may not need to submit original documents
- CAAs can submit your ITIN Application on your behalf, helping you to complete the entire process even if you may be not be immediately available
- CAAs can help resolve IRS issues if they arise and can also receive your ITIN on your behalf
Payroll & Bookkeeping 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:
Virtual CFO/Controller
Remote Bookkeeping Services (Quickbooks)
Remote Payroll Services
Virtual CFO/Controller
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.
OR
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.
We provide:
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.
Consulting Services
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.
Pricing Plans
At WFTFS, LLC., we offer our services for fees that are fair and designed to maximize the value that you receive.
We make every effort to provide a transparent and simple fee structure.
Our fee structure can give you a fair idea of the fees for common business and tax preparation situations. However, let us not forget that there are always outliers or unusual situations for which you may contact us directly for a precise estimate or consultation.
Most of our clients are primarily in PA, NJ, DE, NY, CA, and FL, but we serve business owners in all 50 states including the District of Columbia. Please click on each button below for more information.
Starts at $295W2 Income only, no dependents. Federal and PA State. Electronic filing.
Forms Required:
1040, PA 40,
1 Form W-2
(Each W-2 is $5)
Starts at $350Not itemizing deductions, no dependents. Income is from W-2, 1099R, Social Security, 1099-INT or 1099-DIV only.
Note: Add $5 to the fee for each W-2, 1099-R, 1099-INT or 1099-DIV.
If interest or dividend income is greater than $1,500, Schedule B is required and adds $23 to the cost. Add $5 for each 1099-INT or 1099-DIV you have for the year.
Oregon allows special deductions and credits in certain situations. If you are eligible for these, we may need to prepare Schedule A which costs $25. If additional worksheets are required, these are $10 each.
Forms Required:
Low: You have income only from wages.
1040, PA 40, one W-2
Average: You have income from retirement, wages, interest or dividends. Interest and dividends are under $1,500. Please add $5 for each income statement that you have.
High: your return will push into the high range if your interest/dividend income is more than $1,500, you have several W-2s, 1099Rs, 1099 INTs or 1099 DIVs, or if you have certain types of income or deductions that require additional forms on your PA return. If you have other sources of income, you should look to examples on this page for these types of income.
Starts at $425W2 income only, with childcare expense, earned income tax credit and no itemized deductions.
Forms Required:
1040, W-2 x 2, 8812, EIC, 8867, Form PA 40
Low : Starts at $425
W2 income only. Federal and PA state. No EIC.
Forms Required:
Low: Single, no dependents, college expenses which qualify for the lifetime learning credit. (One W-2, 1040, Sch 3, 8863, PA 40)
Average : $475-$575
W2 Income only, no dependents. Federal and PA State. Electronic filing.
Forms Required:
Average: You fall into the average range when you have dependents, head of household filing status, or qualify for the American opportunity credit. (1040, Sch 3, 8863, 8867, PA 40, and two W-2s.)
High : $575 plus
W2 Income only, no dependents. Federal and PA State. Electronic filing.
Forms Required:
High: Pricing pushes into the high range if you have other types of income, multiple students qualify for education credits or you are itemizing deductions.
Out-of-state returns
We prepare returns for other states. You should request an appointment with an experienced preparer if you had income from a state other than Pennsylvania. Out-of-state returns range in price from $75 – $225 each depending on the complexity of the state.
We recommend you see what to bring page and review our Individual 1040 Tax Organizer to help you prepare for your tax interview.
Home Sale: Did you sell your home during the year?
If you sold your home, the sale must generally be reported on Schedule D and Forms 8949. If you owned and occupied the home as your main home for 2 of the past 5 years, the sale may not be taxable, however it must still be reported on Schedule D. Refer to Example 6 below for an estimate of what we charge to prepare a return that includes Schedule D and 8949.
Was your home used as a rental property in the current or a prior year?
You have a more complex tax situation if you sold a home that you previously rented out and our preparation fee will likely be higher than it is for a straight sale of your main home. If the home was rented during the current year, you should refer to 7-Rental Property to see what we charge for preparing a rental property return.
Low : Starts at $475Income is from wages, pension, social security, interest and dividends.
Forms Required:
Low: Simple Schedule A: 1040, Schedule A, PA 40 and 1 W-2
Average : $475 – $650Income is from wages, pension, social security, interest and dividends.
Forms Required:
Average: Schedule A with Dependents: 1040, Schedule A, 8867, W-2 or 1099-R x 2, PA Form 40
High : $650 plusIncome is from wages, pension, social security, interest and dividends.
Forms Required:
High: Taxpayers with other forms of income and deductions should refer to other examples in this table.
All facts the same as the previous example (low), except there is additional income reported for stock sales. This example assumes 5 long-term and 5 short-term sales, to arrive at a price of $575.
If you’ve received a K-1 (Form 1120S, 1065 or 1041), then Sch E, Pg 2 must be completed. Numerous other forms may also be triggered depending upon the types of income and deductions reported on the K-1s. K-1 income typically adds $50-$100 to the bill, per K-1
Alternative minimum tax and NIIT
If you are a higher income taxpayer ($200,000 and up), additional forms will be required if you must pay alternative minimum tax or the net investment income tax. These forms can add $50 – $175 to the bill.
Foreign investment or financial accounts
Investment accounts that fall under FATCA and/or FBAR filing requirements can trigger additional forms, and typically add $100 – $250 to the preparation fees.
Low : Starts at $575
Forms Required:
Low: Return is reporting only wages and simple stock sales. No other complexities like dependents or itemized deductions apply. 1040, Sch 1, Sch D, 8949 x 1, W-2 x 2, PA 40.
Average: $625 – $925
Forms Required:
Average: Most clients with stock sales fall into this range. You can expect to fall into this price range if you have a significant portfolio, multiple accounts, you are itemizing deductions, claiming dependents, or your income is over $200,000. Look to Example E at the top of this webpage for an example of a return with stock sales, itemized deductions and income over $200,000.
High: $925 plus
Forms Required:
High: Returns push into the high range when there are other forms of income to report, large numbers of stock sales, foreign income reporting or other complex items affecting the tax return.
Simple returns reporting a single rental property start at $575.
Itemized deductions or additional forms of income will add to the price.
More than one rental property: Each additional rental property will add approximately $100 to the bill.
Low: Starts at $675
Forms Required:
Low: Look to Example C at the top of this webpage to see what’s typically included in preparation of a return with a single rental property.
Average: $725 - $975
Forms Required:
Average: Your return will fall into the average range if you itemize deductions, have dependents, have other forms of income such as investment income, more than one rental property, or have rental property in another state.
High: $975 plus
Forms Required:
High: Your return will fall into the high range if you have multiple rental properties, self-employment or other complex items to report.
Price will vary according to complexity of the business return and other forms and schedules that are a part of the tax return.The average self employment return typically includes all of the following forms: 1040, Sch C, Sch 1, Sch 4, 8829, 4562, QBI worksheet, PA Form 40. Having multiple businesses or additional types of income will add to the complexity of the return.
Low: Starts at $675
Forms Required:
Simple Schedule C (expenses under $5,000 and not claiming a business loss): This type of return would include preparation of the following forms; 1040, Sch 1, Sch C, QBI Worksheet, Sch 3, Sch SE, PA Form 40.
Average: $725 - $975
Forms Required:
Average Schedule C: Your return will fall into the average range if you itemize deductions, have dependents, have other forms of income such as investment income, more than one rental property, or have rental property in another state.
High: $975 plus
Forms Required:
Self-employment income pushes into the high range when there are multiple businesses, or rental properties, that are being reported along with other types of investment income and deductions.
Our fee for preparing an amended return depends upon whether we prepared the original return and why the amendment is needed. If we made an error, we amend at no charge. If we prepared the return, but you failed to provide us with complete and accurate information, then we charge for additional forms needed to prepare the corrected return. The minimum charge is typically about $250 – $300.
Range: $175-$350
We prepared the original return but you failed to provide all relevant information:
Forms Required:
1040X, PA 40X
Additional forms required for the amendment
Range: $350 – $1,500 plus
We did NOT prepare the original return:
Forms Required:
1040X, PA 40X
Additional forms required for the amendment
A small business tax return is needed for any business that is considered a separate entity such as a Partnership, Corporation, S Corporation or Limited Liability Company (LLC).
Schedule C
Single member LLC generally file a schedule C unless an election has been made to file as a corporation, please see self-employment business income example for an idea of what we charge a schedule C small business tax return.
Get StartedForms 1065, 1120, 1120-S
Forms 1065: This is used to declare partnership income of 2 persons or more.
Form 1120: This is the form that C Corporations and LLCs filing as C-Corps need to use to file their tax return.
Form 1120-S: This is the form that S Corporations need to use to file their tax return, the election can be done by submitting for 2553 to the IRS timely or after a consultation with a tax professional.
Price Charged:
Simple: $750 plus
Moderate: $975 plus
Complex: $1,250 plus
Form 1041
This is the form filed by a decedent’s estate or living trust after their death. It’s similar to a return that an individual or business would file. It reports income, capital gains, deductions, and losses, but it’s subject to somewhat different rules than those that apply to living individuals.
Price Charged:
Simple: $750 plus
Moderate: $975 plus
Complex: $1,250 plus
Consulting
Business Consulting, Periodic Business Reviews (PBR)
$250 per Quarter
Interfacing Attorneys, Lenders, Attorneys, Financial Planners
$125 per Hour
New Entity Formation
Articles of Organization Domestic Owners
$350 + state filing fee
Articles of Organization Foreign Owners
$525 + state filing fee
Employer Identification Number
included
Onboarding
Payroll Accounts Setup or Transfer
$250
QuickBook Setup and Support (90 Days)
$500
Examine Prior Tax Returns
included
ITIN Application$125
Have the peace of mind in keeping important documents, such as passports, in your possession. Using an IRS Certifying Acceptance Agent can help in creating a smooth and convenient ITIN Application process.
Get StartedBefore 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.
We are 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.
Resolve your tax problem with the peace of mind that you are in good hands. Please call our office at (610) 989-2926 to set up a consultation.
We can help you with the following:
- Wage Garnishment
- Bank Levy
- Threatening Letters
- IRS Audit Notification
- Non-Filing
- Back Taxes
- Liens
- Offers-in-Compromise
- IRS Seizures
- Innocent Spouse
The following are fees for IRS representation and resolution services. It is simply a starting point. If you need more from us, let’s chat about it!
Release of Levystarts at $875
Tax liens and levies can be debilitating. If you’ve received a notice from the IRS or a state revenue agency threatening you with lien filings, bank levies, or wage garnishment, we can quickly work with the revenue agency in question to minimize the risk of collection action being taken against you in the future.
If you’re already under a levy or wage garnishment we can work directly with the IRS to attempt to have the liens or levies removed, while negotiating a collection alternative that will afford you protection against such actions being taken again in the future.
Get StartedInnocent Spouse Representationstarts at $1,750
Pursuant to Internal Revenue Code Section 6013(d)(3), married taxpayers who file a joint tax return are jointly and severally liable for the taxes stemming from the joint return, meaning each spouse is individually responsible for paying the entire amount due. Due to this provision, a spouse could be held liable for taxes and penalties that relate to items on a joint tax return that he or she had no knowledge about. Pursuant to IRC Section 6015, however, an innocent spouse may have three options for relief. If the tax liability is relieved under Section 6015, the related penalties and interest are also relieved.
Get StartedAppeals RepresentationStarts at $275
Taxpayers can resolve disputes with the IRS without going to Tax Court through the IRS independent Office of Appeals, which offers an impartial forum wherein the Appeals Officer is precluded from siding with the auditor or collection agent in any dispute. We can help you navigate through this process to make sure you get the representation needed to resolve the issues with the IRS.
Get StartedPayment Plans -ROstarts at $500
Depending on your specific tax issues or the amount of taxes that you owe, the IRS may assign your file to a Revenue Officer. If your file is assigned to a Revenue Officer, you will work with this person directly to resolve your taxes and establish an installment agreement. A Revenue Officer will require you to send them your financial information along with all of your supporting information. They may also require you to liquidate some of your assets to apply towards your tax debt before they will establish your installment agreement. A Revenue Officer has the ability to issue levies and seize your assets. They may also require you to set-up an installment agreement as a direct debit or place an ongoing levy on your wages if you have defaulted payment plans in the past. If a Revenue Officer is assigned to your file, you should seek representation immediately.
Get StartedAudit representationStarts at $275
The IRS conducts over ten thousand audits a year. The audit process involves a review of the individual and/or business tax return(s) and supporting documents to confirm that information has been reported correctly and that the tax due is correct.
There are different kinds of audits. Some are in person (office and field audits) while others are done via mail (correspondence audits). If subject to a correspondence audit, the taxpayer will receive a letter in the mail asking for more information about certain items on the tax return such as income, expenses and itemized deductions.
We can help you get all documents needed and communicate with the IRS to make sure there is no overreach.
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Get StartedTrust Fund Recovery Representationstarts at $3,750
Trust Fund Recovery Penalty also known as TFRP, basically means you can be held personally liable for a penalty for not properly managing the employment taxes of a business. This is known as the “trust fund recovery penalty” (TFRP).
The TFRP is not a penalty in the traditional sense of being an amount added to a deficiency in tax due by an individual, corporation, or another taxpayer. Rather, the TFRP is a collection device that permits the IRS to impose liability on a “responsible person” who “willfully” failed to remit the employment taxes that were held in trust for the government.
TFRP cases rely heavily upon the fact pattern, and your success in defeating the penalty depends on the presentation of the evidence and knowledge of the IRS’s TFRP procedures.
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Get StartedPenalty Abatementstarts at $275
While the IRS will not abate interest on unpaid taxes, there are circumstances under which penalties can be abated. These include: i) First Time Penalty Abatement and ii) Reasonable Cause Penalty Abatement.
Get StartedPhone Consultation (Representation)starts at $350
2 Hours of remote (virtual) representation with the IRS
Get StartedPayment Plan ACSstarts at $500
If you are having trouble paying your taxes, it often helps to take a proactive approach and agree on a payment plan with the IRS. As we all know, tax problems do not resolve themselves and will not get better with time. The IRS recently expanded its payment plans to help taxpayers who owe taxes. In this article, we describe the new relief options available to help you address your tax troubles.
Get StartedPreparation of CIS 433Astarts at $975
The Collection Information Statement is the most critical piece of information submitted by a taxpayer to the IRS when negotiating a Collection Alternative. It provides the basis from which the IRS will work to determine how much they believe you can afford to repay, and over what time frame. Properly preparing the Collection Information Statement to reflect your finances in a way that optimizes your chance for a successful outcome, as well as being ready to defend the figures listed on the Collection Information Statement with detailed and organized supporting documents are two key components to successfully resolving your tax situation with the IRS. Hiring an experienced tax professional who can complete the Collection Information Statement, anticipate potential items of disagreement with the IRS, and predict likely outcomes before initiating contact with the IRS can give you the upper hand in negotiating with the IRS. At WFTFS, LLC, we have the experience and know-how to prepare the requisite CIS form on your behalf, advise you on likely outcomes based on the results of the financial analysis, and successfully argue on your behalf for the best resolution possible given your individual financial situation.
Get StartedPreparation of CIS 433Bstarts at $975
The Collection Information Statement is the most critical piece of information submitted by a taxpayer to the IRS when negotiating a Collection Alternative. It provides the basis from which the IRS will work to determine how much they believe you can afford to repay, and over what time frame. Properly preparing the Collection Information Statement to reflect your finances in a way that optimizes your chance for a successful outcome, as well as being ready to defend the figures listed on the Collection Information Statement with detailed and organized supporting documents are two key components to successfully resolving your tax situation with the IRS. Hiring an experienced tax professional who can complete the Collection Information Statement, anticipate potential items of disagreement with the IRS, and predict likely outcomes before initiating contact with the IRS can give you the upper hand in negotiating with the IRS. At WFTFS, LLC, we have the experience and know-how to prepare the requisite CIS form on your behalf, advise you on likely outcomes based on the results of the financial analysis, and successfully argue on your behalf for the best resolution possible given your individual financial situation.
Get StartedOffer in Compromisestarts at $5,000
An Offer in Compromise allows a taxpayer to settle their past-due back tax liabilities for less than the full amount owed. It is a great option for taxpayers suffering from financial hardship. The factors considered by the IRS include the following:
- The taxpayer’s ability to pay;
- The taxpayer’s income;
- The taxpayer’s expenses; and
- The taxpayer’s asset equity.
Generally, the IRS will approve an Offer in Compromise when the amount offered represents the most the government can expect to collect within a reasonable period of time (usually 5 years). The Offer in Compromise program is not for everyone and is greatly over-promoted by non-attorney tax firms. If a taxpayer seeks an Offer in Compromise, they should be sure to check that attorney’s qualifications.
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