Tax Services

While it’s true that taxes are one of the few certainties in life, there is no certainty in how much or how little tax an individual or business will face in a given year... 

*Virtually every financial decision has tax implications 
*Tax law is as fickle as the politicians who create it 

Because tax laws are considered to be complicated many taxpayers seek outside assistance. On average, almost 85 million individual taxpayers pay professionals to complete and submit their tax returns each year according to the Internal Revenue Service (IRS). When armed with sound advice and strategy, tax uncertainty can become an opportunity. We offer a comprehensive service which includes tax prep, planning and resolution as needed.

What is Tax Preparation?
Tax Preparing is basically the process of compiling, preparing and filing tax forms. This requires individuals to meet with their tax accountant during the tax season. Tax preparation deals with past income and numbers which must be reported on the income tax return. The client provides the required information and the preparer records and tallies up those numbers to determine whether or not you owe or receive a refund.

What is Tax Planning?
Tax planning is more long term and for individuals evaluates the impact of life events on your tax situation as opposed to tax-related business considerations. It’s a year-round activity and requires a higher level of engagement between the taxpayer and tax team. Effective tax planning can help you minimize future tax liabilities especially going into retirement. The earlier you start the better when it comes to tax planning.

Business owners understand the impact of tax issues, however, you should also make tax planning a part of your personal tax process as well. Tax preparation gets the filing done while tax planning enhances tax efficiencies which create a better tomorrow. Here are the most common life events triggering a tax plan review. Keep in mind though, that many other events big and small have the potential of impacting your tax basis over the long-term…

* New Pension or IRA distributions
* Significant Changes in Income or Deductions
* Job Changes
* Marriage, Divorce or Separation
* Attaining Age 59 1/2 or 72 (RMDs)
* Sale or Purchase of a Business
* Sale or Purchase of Any Real Estate
* Retirement
* Notices from IRS or State Revenue Departments
* Self-Employment
* Charitable Contributions of Property over $5,000

What is Tax Resolution?
Many people only think about the IRS during tax season. There are times though when the IRS makes its presence known during other periods of the year. If the agency believes an individual or business hasn’t reported enough income, has underpaid or didn’t file a return when they should have, it can take action. When that happens, a person or company might need help resolving the inquiry or issue. Tax resolution involves working with the IRS to find a solution for a tax problem. 

About Our "On Call" Tax Service...
We offer year round remote tax assistance to individuals and business who have registered for our service. Your tax team is led by an Enrolled Agent with the Internal Revenue Service. Every situation is reviewed with the taxpayer prior to submission. Clients may interact with the tax team at any time during the year. Records are securely maintained. Our price also includes a complimentary tax planning assessment as part of the Enrolled Agent review, offering suggestions that could impact future tax filings or possibly minimize liabilities. Our initial planning review is routinely updated after a life event (shown above) has occurred, free of charge and always accessible.

A-La-Carte Tax Pricing....
Abacus offers a competitive pricing model for a professionally prepared return.
Receive individual tax preparation for just $99.00 which includes...your Federal, Resident State and Local where applicable...

*Additional states will incur a $40.00 fee per state.
*Certain supplemental filings accompanying your base return may also affect price
*We identify, disclose and discuss potential issues during our review before preparation begins
*Individuals requiring ITIN processing or FBAR reporting will incur a $148.00 fee per request

For business filers not associated with our bookkeeping or accounting service, we offer the following price structure which includes the Federal, Registered State and Local where applicable... for Sole Proprietors and Single-Member LLC's using Schedule "C" Form 1040 your cost is $299.00, Partnership filers Form 1065 $599.00, Tax Exempt filers Form 990 $699.00, "S" Corporation filers Form 1120S & "C" Corporation filers Form 1120 $799.00 and Estate Filings Form 706 $999.00 .....

*Additional state and quarterly tax filings will incur a $99.00 fee each
*Payroll related filings are also available, but quoted separately
*Certain supplemental filings accompanying your base return may also affect price
*Any business filer may request a consult with their assigned Enrolled Agent as needed

Abacus provides tax resolution services to individuals and business as well. These special situations include past due filers, installment agreements or offers in compromise. Price is based on the complexity of the situation. The first step is the assessment to fully understand the larger picture and provided free of charge. Once the assessment is complete a plan and retainer will be determined. Approval of the plan and payment of the retainer are necessary before moving forward. The retainer agreement will also disclose how remaining payments are scheduled. Generally, once retainer has been satisfied future payments will be due as each task is completed making them manageable for the taxpayer. Fees charged may be hourly or at a fixed price. Each resolution case is assigned to an Abacus internal account manager, however, the Enrolled Agent or Tax Attorney involved will be aware of all discussions and available upon request.

We proactively manage your tax issues including how upcoming events may impact your tax status and vice versa. Not all tax related issues are readily apparent. We understand the latest federal, state and local tax legislation and how new developments may affect you going forward.