Tax Consulting
Wealth Management Tax Center professionals are specialists in a variety of areas. We have the experience and knowledge necessary to provide expert tax consulting and planning services for couples, families, and individuals.
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Simplify your small business taxes.
We help thousands of business owners with self-employment and small business taxes each year. Work with your tax pro in person or virtually. We’ll ensure you get every credit and deduction available.
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Our CPAs will review your financial records and help you prepare for your audit, and we will represent you throughout the process.
We’d like to offer you a free, confidential consultation to assess your situation and discuss your options. Please give us a call on 562-427-8877 to set up an appointment. It’s the first step toward putting your IRS problems behind you.
Get a free consultation today!
Ready to File Taxes? What to Do Before the IRS Starts Accepting Returns
While the IRS won't start accepting returns until January 27th, you can take some steps now to prepare for a smooth tax filing process. Here are eight tips to get you started.
When can I start filing taxes?
The IRS announced that the official start date for the 2024 tax filing season is January 27, 2024.
This is when the IRS will begin accepting and processing 2023 tax returns.
In the meantime, Wealth Management Financial Tax Service will work with you to prepare your return and hold it until the IRS officially accepts returns.
Stress-Free Tax Season Starts Now
1. Organize Your Documents
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W-2 forms from employers
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1099 forms for freelance or contract work
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Investment income statements
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1095-A form from Health Insurance Marketplace Statement
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Receipts for deductible expenses.
Remember, some IRS reporting forms, like 1099-Ks, may not be available until late January or early February, so check your mailbox. Also, the IRS urges taxpayers to use identity protection PINs to help guard against identity theft in tax filings."An identity protection PIN (IP PIN) is a six-digit number that prevents someone else from filing a tax return using your Social Security number (SSN) or individual taxpayer identification number (ITIN). The IP PIN is known only to you and the IRS."
2. Consider life changes
Life transitions can affect your tax situation, sometimes in ways you might not immediately recognize.
So, take some time to document and understand how these changes might affect your tax filing.
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Marriage and divorce:
If you married in 2024, your filing status changes to "married filing jointly" or "married filing separately." Also, newlyweds might qualify for different tax credits and deductions.
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Recent divorce requires careful documentation of asset division and potential alimony considerations in addition to potential tax filing changes.
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Name changes with the Social Security Administration must be completed before filing.
Family additions:
New children bring potential tax credits (Child Tax Credit, dependent exemptions) and adoption expenses might qualify for the adoption tax credit.
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Childcare costs could make you eligible for a child and dependent care credit
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College students in the family might impact dependency status and education credits
Career and income shifts:
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Job changes or multiple jobs in one year affect withholding calculations
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Starting a side business requires tracking business income and expenses
Significant income increases or decreases can shift your federal income tax bracket and keep in mind that unemployment benefits are typically taxable and must be reported.
Property and investment changes:
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Home purchases can provide mortgage interest and property tax deductions
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Selling a home might trigger capital gains considerations
Investment property acquisitions or sales have complex tax implications, and it's important to document significant investment gains or losses carefully.
Health and personal circumstances:
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Major medical expenses might qualify for itemized deductions
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Disability status changes can affect tax filing
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Relocation for work might allow for moving expense considerations
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Significant charitable contributions can provide tax benefits
3. Maximize tax deductions
We are experienced in working with the IRS to negotiate several tax settlements options, including:
There's still time to make last-minute contributions to tax-advantaged accounts:
For example, you can contribute to your traditional IRA by April 15, 2025, and potentially lower your taxable income for 2024.
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If you're self-employed, consider setting up and funding a SEP IRA. The deadline is generally Tax Day, April 15, including any extensions.
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Also, you can generally contribute to your Health Savings Account (HSA) until April 15 of the following year.
4. Know key IRS tax changes
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Key amounts for various tax deductions and credits change from year to year. For 2024 taxes (filed in 2025), be aware of inflation adjustments to numerous provisions, including (but not limited to) federal tax brackets and the standard deduction.
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For example, the standard deduction for single filers increased for 2024 to $14,600, while married couples filing jointly can claim $29,200.
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Note: Most people claim the standard deduction, but whether you do or opt instead to itemize is generally based on your financial situation.
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The extra standard deduction for those 65 and older has also increased since last year.
5. Plan for a tax refund or to pay the IRS
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If you think you’ll receive a refund this year, consider how you'll use it.
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Or, if you think you might owe the IRS taxes, start setting aside funds now to avoid a financial crunch in April.
6. Simplify Tax Season with WMFA Tax Services.
Let our experienced team handle the complexities of your tax return. We'll ensure your taxes are filed accurately and on time, maximizing your deductions and minimizing your tax burden.
Business Tax Preparation
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Sole proprietorships
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S Corps
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C Corps
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General partnerships
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Limited Liability Corporations (LLC)
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Non-Profit Tax
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Expatriate Tax Preparation
While preparing your own tax return may sound like a good way to save money, it often ends up costing you in the long run. An amateur tax preparer can miss valuable credits and money-saving deductions that could reduce your annual tax bill or provide a significant return. While tax software offers some assistance, there’s no substitute for the real-world experience of a qualified professional when it comes to tax preparation.
United States citizens working across the border in Canada, Mexico, or overseas, need specialized tax preparation services. We’re experienced in international tax law and can prepare these types of tax returns and file them electronically.
At Wealth Management, we keep up with changes in the tax laws and are always looking for new ways to help our business clients keep more money in their hands, instead of sending it to the IRS. We have the skills to prepare your taxes in compliance with all Federal and State tax laws. We offer prompt, efficient preparation of all types of returns including corporate tax filings, multi-state taxes and individual income tax returns.
Tax Consultation or Beneficial Ownership Information Report (BOIR)
Ready to File Taxes? What to Do Before the IRS Starts Accepting Returns
While the IRS won't start accepting returns until January 27th, you can take some steps now to prepare for a smooth tax filing process.
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Our IRS Problem Resolution Services
Having delinquent taxes or other IRS problems is like a dark cloud hanging over your head, but there’s no need to face your situation alone. Wealth Management Financial Advisors can work with the IRS to resolve several troublesome issues.
Unfiled Returns and Back Taxes
After looking at your situation and identifying your options, we will complete your delinquent tax returns, file them for you, and do our best to minimize your debt and avoid penalties.
Tax Liens and Levies
Placing liens and levies are among the options tax authorities have for collecting back taxes. If this has happened to you, Wealth Management will work with the IRS to resolve the issue and keep them from seizing your property.
Wage Garnishment
If your paycheck has been garnished to collect a delinquent tax bill, we can contact the IRS on your behalf and work toward an arrangement that will settle the debt and make your paycheck whole again.
Tax Settlement Options
We are experienced in working with the IRS to negotiate several tax settlements options, including:
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Offer in Compromise: This is an agreement that enables you to settle your tax debt for an amount that is less than what you owe.
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Installment Agreement: This breaks your total tax debt into a number of installment payments.
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Currently-Not-Collectible Status: This means the IRS has removed your account from active collection efforts.
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Penalty and Interest Reduction: This is possible in some cases. Wealth Management will make every effort to help you reduce your obligations.
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IRS Audit Assistance.