Tax Planning Packages

Tax planning is a process that helps you reduce the amount of taxes you’ll owe at the end of each year. Tax planning is necessary because it allows you to plan for the future.

The reason is simple; it saves money and helps to avoid overpayment of taxes. Besides that, tax planning will help you better understand what you are spending money on and how you can get rewarded for planning for retirement or advancing your education.

  • Reducing your overall income
  • Increasing your number of tax deductions throughout the year
  • Taking advantage of certain tax credits

The first step in your tax planning strategy is to understand which tax bracket you fall in. With the 2018 amendments, your bracket may have changed. You can find information on the 2024 Tax bracket, and don’t hesitate to contact us for help. Reducing Your Income Adjusted Gross Income (AGI) is arguable the most important aspect regarding taxes. This is a great place to start with tax planning and understand what is AGI and what are adjustments that reduce gross income to arrive at the AGI. There is a list of adjustments that can be used on the 1040 form. You can sit down with us to discuss your specific details.

If you do not plan, you won’t be able to utilize many tax credits throughout the year. Tax credits work like incentives, and they help you lower the amount of money you owe in taxes. They won’t reduce your taxable income. Instead, it can be deducted from your final amount owed and helps to lower your tax debt substantially. Call Focus Tax Resolutions for more information. Our family-owned business offers a FREE one-hour initial consultation.

Tax Preparation Packages

We offer a tax preparation service that you can trust. When it comes to paying your taxes, the last thing you need are surprises and confusion. We understands your unique needs so we are here to help our clients save money and solve their problems everyday. We prepare tax return as follow:

Individuals 1040 / C Corporations 1120 / S Corporation 1120S / Partnerships 1065 / Fiduciary 1041

Tax Resolution Remedies

Tax problems can plague anyone, whether the taxes are owed or not. Federal and state tax liens can create credit problems, and levies can contribute to economic hardship. Dealing with the IRS can be a burden. That is why people with tax problems need a tax resolution specialist. A tax resolution specialist has unique insight into IRS regulations and solutions so they can craft dedicated strategies for any tax situation. Enrolled Agents are qualified specialist to be certified as a tax resolution specialist. With over ten years in business, Lucy’s Tax Consulting can help you find tax resolutions.

Business Consulting Services

As a true business partner, we are available to help you deal with any business problem or opportunity. We stand ready to engage in business consulting projects to help you make the right decisions for the future of your business. Whether you face questions related to expanding, selling, or restructuring your business, we have the necessary business acumen and analytical capabilities to help you make the right decisions.

The business entity – LLP, LLC, sole proprietorship, partnership, corporation, etc. – that you select for your business has enormous financial and tax implications. You must make the right decision. We can explain each choice and its implications. As your business grows and changes, the type of business entity you choose may need to change also.

Few business decisions are more important, complex, and potentially business altering than a buy or sell decision. When you are ready to sell your business, we can provide support at every step, including valuing the business, vetting potential buyers, and supporting due diligence. If a buying opportunity presents itself, we can help by providing valuation services, developing negotiation and financing strategies, and managing the due diligence process. Call Focus Tax Resolutions for a FREE one-hour initial consultation.

Accounting and Bookkeeping

If your business does not currently have accounting staff or if your business is outgrowing its current bookkeeping system, we can provide comprehensive bookkeeping and write-up services to ensure the smooth operation of the financial side of your business. As your business needs grow and change, we can provide input and planning assistance to make sure your accounting and financial systems keep pace with your business needs.

Financial Analysis When a business can undertake strong financial analysis, it opens up new opportunities to improve management, planning, and decision making. Financial analysis provides the numbers to support, reject or contemplate a course of action. Prospective analysis can show how situations may evolve under various scenarios, providing a new dimension to decision-making.

We are ready to provide this type of financial analysis to support the continued prosperity of your business. Financial Statements Financial statements are an important tool for management decision-making. Financial statements also represent your business to lenders, partners, potential buyers, and other interested parties.

We will work closely with your key personnel to develop and finalize accurate and timely financial statements. Call Focus Tax Resolutions for a FREE one-hour initial consultation.

Estate, Trust, and Gift Accounting

The purpose of filing a gift tax return is to keep a running total of gifts you have made during your lifetime so that the IRS knows if or when you exceed your lifetime exclusion. What is the relationship between estate tax and gift tax?

The federal estate tax applies to the transfer of property at death. The gift tax applies to transfers made while a person is living. The generation-skipping transfer tax is an additional tax on a transfer of property that skips a generation.

With over nine years in business, our locally operated business offers a FREE one-hour initial consultation. Call Focus Tax Resolutions for a FREE one-hour initial consultation for details.

A gift in trust is a special legal fiduciary arrangement that allows for an indirect bequest of assets to a beneficiary. The purpose of a gift in trust is to avoid the tax on gifs that exceed the annual gift tax exclusion limit.

The gift passes directly to the intended recipient and is theirs to do with as they wish. By contrast, a gift in trust means that the gift is held by your trustees and is in their control. A trust is a way of separating the ownership of an asset from the right to benefit from it.

CAA Application Services

A Certifying Acceptance Agent is a person or an entity (business or organization) who, pursuant to a written agreement with the IRS, is authorized to assist individuals and other foreign persons who do not qualify for a Social Security Number but who still need a Taxpayer Identification Number (TIN) to file a Form 1040. Who should renew an ITIN Only ITIN holders who need to file a tax return need to renew their ITINs.

Taxpayers will need to have a current ITIN to file a federal return. Others do not need to take any action. Taxpayers with ITINs that haven’t been used on a federal income tax return in the last three years won’t be able to file a return unless their ITINs are renewed. Call Focus Tax Resolutions for a FREE one-hour initial consultation for details.

Payroll Services

Constantly changing federal, state, and local laws and tax regulations make payroll management an ongoing challenge for business owners. Our payroll services professionals are well versed in these laws and regulations.

We can proactively alert you to material changes that will affect your business and your employees while also keeping payroll running smoothly no matter how large your business and your employee population become.

State Tax Agencies State and local tax authorities are looking to maximize sales tax collections. We can help you understand and manage your sales tax obligations and prepare sales tax returns in an efficient and timely manner. At Lucy’s Tax Consulting, we offer a FREE one-hour initial consultation. Call Focus Tax Resolutions for details.