Skip Turchen - CPA

Accounting And Tax Services for individuals & self employed

Helping individuals and self employed understand the complex tax laws and requirements while advising them on making the right decisions when it comes to tax planning issues that affect their taxable income.

• Tax Liabilities: Determining the appropriate tax liability self employed individuals need to submit on a periodic basis, to reduce tax liabilities at the end of the year as well as avoid penalties and interest on taxes owed.
• Tax savings options: Advising clients on tax savings options that can reduce their income tax liabilities.
• Retirement planning: Advising self employed individuals on retirement planning options that are tax deductable. Understanding taxable distribution from retirement plans, which are affected by specific taxation rules based on the type of plan.
• Investment income: Helping individuals understand capital gain issues and tax implications involving stock, bonds, securities, rental properties and other taxable investments.
• Itemized deductions: Reporting various available tax deductions, such as medical, taxes, interest(mortgage and other), contributions and other deductions that reduce your income tax liability.
• Supplemental income: Understanding supplemental income sources such as ‘s’ corporations, LLC’s and partnerships and various tax limitations such as losses limitation that result in these type of investments.

Preparing correct tax forms relevant to individuals and self employed.

• Schedule B: Preparing Schedule B form used to report interest on dividends income.
• Schedule C: Preparing Schedule C form used to determine income or lose for self employed individuals
• Schedule D: Preparing Schedule D form to report income from capital gain such as stocks, bonds, and other securities’ investments, gain from real estate or other investments.
• Schedule SE: Determining self employment taxes on income resulting from self employment.
• Schedule E: Preparation of supplemental income schedule which reflects income from rental property as well as income from ‘S’ corporations, LLC’s and partnerships.
• W2: Helping you understand W2 form elements that require special treatment.

Filing appropriate tax forms. Many self employed individuals are unaware of IRS requirements and tax rules, and often end up owing unexpected taxes and having to pay penalties as well as interest on taxes owed. Understanding the laws and their application will help you be better prepared and avoid having to scramble at the last minute, as well as filing late return and accumulating potential penalties and interest.

• Timely filing: Filing the appropriate tax forms (i.e. annual tax return) on time to meet federal, state, and local government requirements.
• Extension filing: Filing for an extension on your behalf to receive an extension from the IRS the will allow you to file your taxes after April 15.