Tax Planning and Return Preparation
- Individuals – Your individual/personal income tax return is prepared on Form 1040 along with all of the required schedules, forms and statements and e-filed directly with IRS after your review and authorization. The goal is for you to pay the least and correct amount of tax required by law. We help you organize your documents and records if necessary. Every January, continuing clients receive a tax organizer which assists in this process. All of your documents and records are returned to you along with a signed copy of your income tax return.
- Businesses – Services include the preparation of business tax returns of all types including:
- S Corporations – Form 1120S
- Multi-Member LLCs and Partnerships – Form 1065
- Single-Member LLCs and Sole Proprietorships – Schedule C
- C Corporations – Form 1120
Accounting services are provided as needed to properly adjust your accounts for an accurate income tax return resulting in the least amount of tax. Most clients use Quickbooks™ for the business accounting or we can provide this as an additional service.
- Estates & Trusts – Estates and Trusts are required to file annual income tax returns on Form 1041. Assistance is provided in determining the filing requirements, identifying income to report, deductions to claim and the necessary reporting to heirs and beneficiaries.
- States – We prepare state income tax returns for any state required. Individuals require part-year resident returns when they move into or out of a state that has a personal income tax. A non-resident income tax return is required in any year you have source income in a state with an income tax. This occurs most often from your ownership of a business interest or rental property in a state with an income tax. The business interest can result from a partnership or other pass-through entity you acquired in an investment account through an investment advisor or brokerage firm.
- Tax Planning – The goal of tax planning is to estimate your current and future year taxes before the year is completed. You then have the opportunity to take action to minimize the current and future year taxes through planning.
IRS Representation: You need a CPA on your side when the IRS comes calling. Don’t fret about that IRS notice you received. We can handle it competently and professionally.
Bookkeeping: Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Business clients often need assistance with their business accounting. Most of our business clients use Quickbooks™ software for the accounting or we may recommend that they use Quickbooks™. For smaller businesses, we are able to provide the client with Quickbooks™ services that include entering the banking transactions for the year and reconciling the bank statements. This service can be provided on an annual or quarterly basis.
Cash Flow and Budgeting Analysis: A business can be profitable and still run into trouble due to cash flow issues. We can help you forecast and evaluate your company’s financial condition and track cash-flow sources and uses.
Controllership-by-the-Hour: Even the most qualified managers can benefit from competent, objective feedback. Controllership-by-the-Hour services can help your company’s management team develop long-term objectives and specific strategies to facilitate your business’ future growth and success.
Business Consulting (Profitability Analysis): We can help your business identify areas negatively affecting your profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business.
New business start-ups: Choosing the right entity for your business (i.e. S corporation, sole proprietor, limited liability company, etc) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company.
QuickBooks™: We can help you set up QuickBooks™, implement it to run smoothly and train your staff on day-to-day use.
Magill & Stochl CPAs LLC serves the greater Sarasota / Bradenton / Lakewood Ranch area with competent and professional CPA services. We are conveniently located in the Chase Bank building at 240 N. Washington in downtown Sarasota.