While it’s true that taxes are one of the few certainties in life there is no certainty about 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 complex, many taxpayers have moved beyond their local storefront preparer and seek professional assistance. On average, almost 85 million individual taxpayers pay a credentialed professional to complete and submit their tax returns each year according to the Internal Revenue Service. This number is before business tax returns are considered. Generally, with sound advice and strategy, tax uncertainty often becomes an opportunity. Abacus provides tax preparation, planning and resolution as needed.
About Our "On Call" Tax Service..We offer year round remote tax assistance to individuals and business who have registered for our service. Individual tax preparation is provided by Enrolled Agents, federally licensed with the Internal Revenue Service. Business tax preparation is provided by Certified Public Accountants. 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 includes complimentary tax planning reviews identifying issues that may impact future tax filings or minimize liabilities. Individual tax plan reviews are routinely updated at the end of each tax season, while business tax planning is reviewed as conditions evolve and usually well ahead of their filing deadline.
Our A-La-Carte Tax Pricing....Abacus offers a competitive pricing model for a professionally prepared return. Receive individual tax preparation starting at $99.00 which includes your Federal, Resident State and Local as applicable when utilizing the standard deduction....
*Additional states will incur a $40.00 fee per state.*Additional "Credit or Deduction" requests beyond the "Standard Deduction" affects price*Individuals with K-1 income will incur a $40 fee for each K-1 included*Trading activity (Stock or Crypto) averaging more than four transactions per month affects price*Individuals requiring FBAR reporting will incur a $148.00 filing fee*Standard Estate Filings Form 1041 are $498.00 or Comprehensive Estate Filings (Greater than the Exemption Amount) Form 706 $999.00*When quoting, we identify, disclose and discuss issues during our review before preparation begins*Consults with your assigned Enrolled Agent are available without charge
Need ITIN Assistance....IRS Taxpayer Assistance Centers (TACs) can review original documents or certified copies from the issuing agencies required to apply or renew a Individual Taxpayer Identification Number (ITIN). Primary and secondary applicants and their dependents may have their documents reviewed and verified. Your documents will be returned to you at the end of your appointment.
Professional foreign language interpretation is available in every office in many languages through an over-the-phone translation service. Deaf or hard of hearing individuals needing sign language interpreter services, can call TTY/TDD 800-829-4059 to make an appointment.
IRS Taxpayer Assistance Centers operate by appointment only. To schedule an ITIN appointment, call 844-545-5640... no TAC office close to you. Then give us a call for further assistance.
Are you an Abacus bookkeeping client…? If so, your tax preparation costs have been anticipated, prorated and included in your monthly bookkeeping fee, see “Accounting Services” page for more details….
If not affiliated, we offer the following price structure which includes your Federal, Registered State and Local return…. Sole Proprietors and Single-Member LLC's using Schedule "C" Form 1040 start at $299.00, Multi-Member LLC's start at $499.00, Partnership filers Form 1065, Tax Exempt filers Form 990, "S" Corp. filers Form 1120s or "C" Corporation filers Form 1120 all start at $989.00 plus the following add-ons when applicable.....
*Additional states will incur a $99.00 fee for each state*Supplemental filings supporting your base return may also affect price*Businesses requiring FBAR reporting will incur a $198.00 fee per request*Trading activity (Stock or Crypto) averaging more than four transactions per month affects price*Ongoing tax planning support varies based on complexity of situation*When quoting, we identify, disclose and discuss potential issues during our review before preparation begins*Consults with your assigned CPA are available without charge
Tax Planning Defined?
Tax planning is longer term and, for individuals, it evaluates the impact of life events on your tax situation. It’s a year-round activity and requires a higher level of engagement between the taxpayer and the 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, individuals should make tax planning a part of their personal tax process as well. Tax preparation gets the filing done while tax planning enhances tax efficiencies which create a better tomorrow. For individuals, 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
Tax Resolution Defined?
Many people only think about the IRS during the 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.
These special situations include but are not limited to past due filings, installment agreements, abatements, requests for innocent spouse relief or offers in compromise to name a few. The 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, 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 CPA, Enrolled Agent or Tax Attorney involved will be aware of all discussions and available upon request, without charge.
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...
**Circular 230 Service Disclosure**Pursuant to requirements imposed by the Internal Revenue Service, any tax advice contained on this page is not intended to be used, and cannot be used, for purposes of avoiding penalties imposed under the United States Internal Revenue Code. Nothing will be added or deleted during the preparation of a return that would understate your tax liability.