Of course, TaxMaster™ is not for everyone. We tend to really shine for those with complicated situations, such as business owners/professionals, stock and real estate investors, executives, and high net worth individuals and families. We are best for those that value high impact results and appreciate the depth of professional time required to achieve them. We’re NOT for those looking for cheap, low quality, fast-bang-out, tax-mill work. While we are extremely competitive, we are not a discount vendor. Our value proposition is to drive significant tax savings and net value to clients, so they have very hefty net gains after paying our fees. Typically, we more (often much, much more) than double the return on our fees in cash-in-hand tax savings. Done right, tax savings represent the highest returns on investment ever possible for most investors
Who we’re for:
· Business owners & professionals
· Owners or executives selling business or company stock
· Real estate investors
· Securities investors
· Those with complicated business, tax, or trusts situations – complexity breeds opportunity!
· High net worth families
· Medical & Dental Professionals
· Those who suspect that others with better advice pay less tax
Who are looking to:
· Reduce or eliminate capital gains taxes on investments, real estate, or business liquidity events
· Reduce or completely avoid estate and gift taxes for generations
· Avoid depreciation recapture on asset sales
· Unlock lost deductions on investment real estate
· Dramatically reduce income tax for real estate investors and business owners/partners/execs
· Want innovative, legal strategies that thwart tax and drive personal and family wealth
Frequently Asked Questions
Business entities are organizations formed to conduct business or engage in a trade. There are multiple business entity types, including corporations (C-Corporations and S-Corporations), limited liability companies (LLCs), partnerships (general partnerships, limited liability limited partnerships, and limited partnerships), and sole proprietorships.
Medical bills are tax-deductible if the taxpayer itemizes and does not elect to take the standard the deduction. In 2019, the IRS allowed all taxpayers to deduct the total qualified unreimbursed medical care expenses for the year that exceeds 7.5% of their adjusted gross income. Beginning in 2020, the threshold amount increases to 10% of Adjusted Gross Income (AGI).
Accountants assist clients in the process of setting up the payroll with the respective states. Once completed, there are specific quarterly and yearly forms that need to be filed in order to stay compliant. The accountant will assess the client of any changes and timely file all required forms on a timely basis.
The need to make estimated tax payments is solely based on the taxpayer facts and circumstances. If your income is entirely comprised of wages, there will be withholding taxes taken out on your wages, so there should be no need to make quarterly estimated tax payments.
If there is material income from other sources and no withholding taxes are taken out, then the need to make estimated tax payments has arisen. Tax projections can be prepared to determine the level of estimated taxes that are necessary for you to make.
The quarterly estimated tax payment dates are April 15th, June 15th, September 15th and January 15th of the succeeding calendar year.