Tax Services for Businesses and Individuals
At Elite Accounting Services, we understand the tax landscape of the IRS tax laws and are always up-to-date with any changes. Our accountants provide tax preparation and planning for businesses, individuals, and nonprofit organizations. We understand how overwhelming tax preparation can be and make it our mission to relieve you of this burden each step of the way.
Our talented CPAs couples expertise with attention to detail to provide you with the accurate accounting services you deserve. We make sure your tax filing is precise and compliant to avoid any mistakes or omissions that might result in hefty fines.
If you reside in or near Athens, GA, we are your accounting firm of choice. Whether you're seeking tax preparation, planning, or tax resolution, contact us today for a free consultation!
Individual Tax Planning and Preparation
At Elite Accounting Services, we are the tax consultants known for our honesty and ethical commitment. We offer comprehensive tax services, including reviewing your existing tax returns and resolving any issues that may arise from previous returns. We deliver accurate and timely tax filing.
Every financial decision or life event can have possible tax implications, such as inheritance, investments, buying a house, and any other events. With proper tax strategies, we can help you reduce your tax bill and plan for a brighter financial future.
Top 5 Benefits of Individual Tax Planning
Tax planning strategies can help:
- Defer expenses and income to future years
- Reduce tax liability on your estate
- Reduce tax liability on your retirement income
- Defer liability through gifts
- Maximize tax deductions and write-offs
Tax Preparation for Athens, GA, Businesses
Regardless of entity type, all businesses must pay taxes to the federal, state, and local governments. Tax returns are due by the end of each year. However, most companies are required to pay estimated taxes quarterly. With continuous changes in tax laws and regulations, businesses often have trouble keeping up with new requirements. We are always up-to-date and ready to serve you.
Depending on the structure of your business, you will know whether to declare your taxes quarterly or annually. Corporations, partnerships, and LLCs are required to file taxes yearly. Sole proprietors and contractors, whose incomes are not subject to withholding tax, are required to declare and pay their taxes quarterly. No matter how often you need to file, we are here to help.
Tax Planning for Athens, GA, Businesses
Elite Accounting Services offers comprehensive tax planning services for your company. We offer smart strategies that can legally maximize your deductions and minimize your liabilities. In addition to assisting you with tax compliance, our tax accountants can guide you to your long-term financial goals.
Tax planning is about improving your business profitability while reducing tax liabilities. When your tax plan is aligned with your company's financial objectives, your firm can benefit from opportunities for saving money and improving results.
Tax Services for Nonprofits
While nonprofits have the benefit of federal tax exemption, you still need to file paperwork. Getting help with Form 990 reporting can help you save time and stay compliant with the everchanging tax laws and regulations.
Our CPAs have the required knowledge to help your nonprofit with all its financial needs. We can build your accounting process and set internal controls from scratch or just assist with your bookkeeping to ensure its accuracy.
Tax Resolution Services
If you owe taxes to the IRS, we are here to help you get back on track and clear your tax debt. Elite Accounting Services is your reliable tax partner, ready to represent you before the IRS and assist you in resolving tax issues. We are also experts in credit repair.
Some of the different avenues for tax resolution available for individuals include penalty abatement, IRS installment agreements, innocent spouse programs, and the offer in compromise.
Offer in Compromise
We can help qualified individuals and businesses negotiate a deal with the IRS that may settle the tax debt with a fraction of the owed amount. We will evaluate your situation and determine if you qualify. In case you are eligible, we will assist you in making a realistic offer to the IRS and help you settle your debt.
Can You Help Me Get A Levy Released?
We can work closely with you and support you in requesting a levy release. We can also help you understand your appeal rights in case your levy release request was denied. The release of a levy does not exempt you from paying the balance due. You will still need to arrange with the IRS to resolve your tax debt, or a levy may be reissued.
The IRS may immediately release a levy under one of these conditions:
- The amount you owe was paid in full.
- The levy was issued after the collection period ended.
- Releasing the levy will allow you to pay your taxes.
- You are in an installment agreement, and the terms of the contract don't allow for the levy to continue.
- The property value is more than the amount owed, and releasing the levy will not hinder the IRS ability to collect the amount owed.
- The IRS has found that the levy prevents you from meeting reasonable living expenses, creating economic hardship.
Resolving IRS Tax Liens
A release involves resolving a tax lien to the point of completion. After the release, the government withdraws its rights to your property. You are free to sell the asset or use it to secure a loan. However, the lien remains as a permanent record in your credit report. There are three ways to release your tax liens:
- Direct Debit Installment Agreement: These are a series of payment plans. They include automatic withdrawals of money from your bank (monthly garnishments).
- Malpractice on the Side of the IRS: If you can prove malpractice on the side of the IRS, the tax body will have to release your tax lien.
- Expiration of the Statute of Limitation: If the IRS fails to resolve your tax debt within the deadline, the lien expires.
Receiving an IRS audit letter can set you off on an almost immediate panic. The first thought that comes to mind is often, "What was wrong with my filing? Will I need to pay a fine?" We know how overwhelming this can be and do not recommend you go into this on your own. An audit is a complex process that takes expertise, knowledge, and time to deal with it properly.
At Elite Accounting Services, our clients have found it most effective when they asked for our support. We have experience representing clients during IRS audits. Our experts will manage the process, address requests for documentation, carefully review IRS questions, and formulate responses to the IRS.
Comprehensive Tax Services in Athens, GA
At Elite Accounting Services, we offer a variety of tax services. These services include tax preparation, tax planning, and tax resolution. Our friendly team is passionate about helping you improve your financial future. Call us today and schedule your consultation.