Tax Accounting & Preparation
Tax Accounting refers to accounting for tax purposes in the United States. Unlike most countries, the U.S. has a comprehensive set of accounting principles for tax purposes, prescribed by tax law, which are separate and distinct from Generally Accepted Accounting Principles.
The difference between the LTC license and the EA license is that EA is a national license and the LTC is a state designation.
LTC - Licensed Tax Consultant:
An LTC can only represent tax returns they prepared and originally signed.
EA - Enrolled Agent with IRS:
An EA can represent a taxpayer in any interaction with the IRS, without the taxpayer being present, regardless of whether or not the EA prepared the original tax return.
CPA - Certified Public Accounting:
A CPA is licensed by each individual state and can perform many of the same functions as an LTC and EA. In addition, a CPA is allowed to audit corporation’s books.
Tax Preparation for individuals and business.
- IRS 1040 & OR 40: Individual tax returns
- IRS 1065 & OR 65: Partnership tax returns
- IRS 1120S & OR 20S: S-Corporation tax returns
Tax Planning for Income Tax
You don't want to pay more in federal income tax or state income tax than is your responsibility. We can help identify personal deductions, as well as business deductions. Are if you bought/sold bitcoin or other cryptocurrency we can determine your capital gain tax, if any.
For example, on the personal income tax return, you'll have to decide whether to itemize deductions or take the standard deduction.
On a business tax return or a schedule C you’ll need to decide whether to use actual vehicle expenses or use business mileage.