Comprehensive Tax Guidance
The preparation of a tax return should be just be the final step in a true proactive, year-round tax guidance that empowers individuals and small businesses to make informed decisions whenever life happens. A relationship oriented approach allows us to maintain tax plans for every client, allowing us to adapt to changes in real time, optimize tax outcomes throughout the year, and eliminate the last-minute scramble. Whether it’s adjusting estimated payments after a major life event or planning for a business purchase mid-year, we’re here to ensure taxes are never an afterthought.
Do you need a CPA? Follow the links to see if your situation might require a tax professional:
Individual Returns
In addition to a focus on business owners, we also serve individuals that have complex tax situations involving real estate professionals, RSU compensation, or significant investment income. However, if you’re not a business owner or you don’t have significant portfolio income, there is a limit to how much value we can provide to you. Please feel free to reach out though if you think we might be a good fit.
S Corporations
Making an S corporation election can be a powerful tax strategy for certain small business owners because it allows the business’s income, deductions, and credits to pass through to the shareholders’ personal returns, often reducing self-employment tax exposure compared to operating as a sole proprietor or partnership. However, the benefits depend heavily on structuring reasonable shareholder salaries, maintaining compliance with strict IRS rules, and navigating potential state-level differences. An experienced CPA not only ensures the S election is filed correctly and on time, but also helps optimize salary vs. distribution planning, maintain eligibility, and prepare accurate returns that minimize audit risk while maximizing the intended tax savings.
Partnerships
Thinking about starting a partnership? Or did you accidentally create one without realizing it? This is more common than you might think and the penalties for not filing can be steep. While some fees and penalties can be abated, it’s far easier (and often cheaper) to have a professional handle the filings from the start.
By default, a multi-member LLC is treated as a partnership by the IRS. We can help you determine whether your partnership qualifies for valuable tax benefits such as the Section 199A 20% QBI deduction, special allocations, and other powerful tools available to pass-through entities.
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Estates and Trusts
Estate and trust tax preparation is far more complex than an individual return, involving specialized forms like Form 1041 and Schedule K-1, unique distribution rules, and a web of federal and state regulations. A professional tax preparer, such as a CPA or Enrolled Agent, brings the expertise needed to ensure compliance with these rules, minimize errors, and avoid costly penalties. They stay current with changing laws, understand fiduciary duties, and know how to properly report income, deductions, and distributions.
Beyond compliance, a qualified preparer can identify opportunities to reduce tax liability through strategic planning, such as optimizing deductions, managing income distribution, and advising on beneficiary reporting. This not only helps preserve the estate or trust’s value but also provides peace of mind to trustees and executors, who can focus on their other responsibilities. In the event of an IRS inquiry or audit, a professional can also provide representation and advocacy. Engaging a tax preparer ultimately saves time, reduces risk, and ensures the best financial outcome for both the estate and its beneficiaries.
Waypoint CPA NW 