Tax Planning

Innovative Tax Services in Aliso Viejo

businese people walking inside building hallwayStrategic tax services are an essential part of managing your finances. At Accounting Room, we support individuals and entrepreneurs with professional tax services to help you minimize your tax obligations and keep more of your hard-earned money.

Since 2005, we have been providing the residents of Aliso Viejo, Lake Forest, Irvine, and the surrounding communities with all of their tax planning and preparation needs. Even if you live outside these areas, our virtual services can provide professional and affordable guidance. Experience the benefits of professional tax planning and schedule a consultation today!

Call Us: (949) 855-6060 Get Your Consultation

Comprehensive Tax Planning for Individuals and Businesses

Whether you're a business owner, a private contractor, or a regular working individual, everybody can benefit from strategic tax planning. Our goal is to help you lower your tax liability and maximize any savings opportunities. Because tax codes are always changing, it's crucial to plan throughout the year. At Accounting Room, we apply our in-depth knowledge of tax regulations and planning to make your tax obligation as low as possible. Some of the services we offer include:

Benefits of Professional Tax Planning

businessman working with calculatorTax planning is the process of analyzing your financial situation, maximizing deductions, credits, and minimizing your tax liabilities. This is known as tax efficiency, and it allows you to get the most out of your income. What many don't realize is that planning for your taxes isn't something that should be done just once a year. By making it a year-round process and working with our expert team, you can avoid many financial problems and seize opportunities.

When you use our professional tax planning and preparation services, you reduce errors and make audits less likely, and save hundreds of hours compared to trying to do it yourself. A vital part of remaining in compliance and securing maximum profits is ensuring that you develop a personalized tax plan to account for future purchases and income.

Understanding Credits, Deductions, & Deferred Income

close up of calculator and pen on top of spreadsheetDeductions are claims that reduce your total taxable income on your tax return. There are two distinct types of deductions that you must choose between. The standard deductions is a set amount based on your filing status. When you choose the standard deduction, a fixed amount is deducted from your taxable income based on your filing status. Itemized deductions allow you to individually list the expenses you wish to deduct, from home office supplies to travel and other business-related costs. These can exceed the amount granted by a standard deduction but require proof such as receipts.

Tax credits and deductions are a reliable way to lower the taxes you owe to the IRS. There are many saving opportunities, depending on your situation and qualifications. Accounting Room can assess your tax situation and help you identify savings you qualify for. Some of the most common credits or deductions we can help with include:

  • Home office deduction
  • Business start-up deduction
  • 7500 EV credit
  • Retirement savings contribution credit

When you defer your income, it does not count toward your total taxable income for the year. Your income is taxed based on how much you earn throughout the year, with the burden increasing with every tax bracket you hit. One of the most common methods of income deferral is maximizing your investment in retirement plans, as the taxes on these are not paid until money is withdrawn.

Tax Resolution Services in Irvine

Even though we pay taxes every year, the rules and regulations surrounding them only seem to grow more complex. When the IRS or state tax agency informs you of problems, or when your tax filing was inaccurate, we are on your side. Accounting Room offers tax problem resolution to address simple or complex issues to save you money and protect assets.

Whether a tax agency has notified you of money owed, or there is a past filing in error, we can help resolve a variety of issues for business owners and individuals. Since the IRS is free to audit or obtain funds through various means, any improper returns can present a risk.

business people working with financial documentsThe IRS and state tax authorities may pursue funds for the following reasons:

  • Back Taxes
  • Delinquent Tax Returns
  • Failure to File a Tax Return

Finding out that you may be subjected to an IRS audit can be daunting for anyone. We can help guide you through the process of organizing the paperwork and documentation that are necessary to satisfy the IRS.

Tax Debt Resolution

accountants going over financial documentsIf it turns out that you do owe money to the IRS, you still have options. Our goal is to investigate all your circumstances and apply the correct process so that you do not pay more taxes than necessary under the IRS guidelines. You may be able to pay off the tax debt over time using an installment agreement. There are several different types of installment plans to choose from, and we can help you determine which will work best with your budget and your long-term goals.

One of the most beneficial tax resolution options is the Offer-in-Compromise. This is used when the outstanding debt is so substantial that it cannot reasonably be paid off, even by installments. When successfully implemented, those who qualify to settle their debt this way often pay less than 20% of their full obligation to achieve complete debt resolution.

Accounting Room can evaluate your financial situation to determine whether you would qualify for an Offer-in-Compromise, and work with you to determine the maximum sum you can offer the IRS. We then move forward to negotiate with the IRS on your behalf. Whether you owe personal tax debt, or your business does, we can find a solution to fit your needs. Once the offer is accepted and the agreed amount paid, you will be cleared of all debt, leaving you able to focus on growing your future financial success.

Payroll Taxes

In addition to auditing your business tax returns, the IRS can also audit your employment tax returns to make sure you are filing the mandatory payroll taxes. The IRS has policies for filing tax cases against owners and managers when income taxes are not withheld and promptly sent to the IRS.

Payroll audits can be intimidating, but it is possible to fulfill the requirements, stay compliant, and protect your business. Business owners spend a significant amount of time filling out payroll tax paperwork for the federal government. All records need to be accurate and current, or owners and managers may be held personally responsible.

Expert Tax Services in Irvine

business people shaking handsWhether your tax needs are simple or complex; a professional can make preparation and planning easy. Returns prepared by our dedicated team are much less likely to be scrutinized by regulatory bodies, giving you one less thing to worry about.

Accounting Room assists businesses and individuals in Irvine with all of their tax needs, including in-depth tax planning. Our skilled team has the experience and expertise you need to keep your tax bill as low as possible, ensuring you only pay what you actually owe. Contact our Irvine firm today to schedule a consultation with our knowledgeable CPA.

Call Us: (949) 855-6060 Get Your Consultation

Tax Planning

Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.

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