INCOME TAX:
SM & Associates’ dedicated tax professionals help clients comply with complex federal, multistate and multinational filing and reporting requirements – and identify and maximize tax-saving opportunities across these jurisdictions. Our tax professionals draw on deep experience and industry-specific knowledge to deliver clients the insights and innovation they need to maintain compliance and drive value.
We make a point to stay on top of the latest regulations and laws that can cost people money (and trust us, they never stop coming!).
AREAS OF SPECIALIZATION INCLUDE
- Personal Income Taxes (Federal, all States, and Local)
- Self-employed and Farm Income Taxes
- Partnership Income Taxes (Federal and all States)
- Corporate Income Taxes (Federal and all States)
- Non-Profit Income Taxes (Federal and all States)
- Fiduciary Income Taxes
- Preparation of Business Local Jurisdiction Income Tax Filing Requirements
- Preparation of Fixed Asset Schedules and Depreciation
- Business and Personal Tax Planning Strategies
- Quarterly Estimated Income Tax Projection Services
- Representation with Agencies Regarding Tax Matters
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Whether you’re required to file a tax return will depend on several factors, including your gross income, filing status, age, and whether you’re a dependent on someone else’s federal income tax return. And you may have to file even if you don’t owe any tax.
The U.S. has a progressive tax system, so not all your income is necessarily taxed at the same rate.
Tax brackets refer to the range of incomes taxed at specific rates, while your marginal tax rate is the highest tax bracket applicable to your income.
We mostly use QuickBooks Online, Quickbooks Desktop, Wave and Xero accounting software in most of our client engagements. We can also support other softwares in some instances.
There are a variety of deductions which may be withheld from your paycheck. Some deductions are mandatory – State and Federal income taxes, social security taxes, Medicare, agency shop fees (a fee equal to union dues assessed to employees appointed to titles in a negotiating unit who do not choose to join the union for services provided), and *retirement contributions. Other deductions are voluntary depending upon your enrollment and benefits programs and other choices. As examples, they may include *health insurance premiums, savings bond or credit union deductions, United Way (SEFA) contribution, among others.
- Our Strategy
STEP
01
The first meeting
Understanding the Problem
We initially discuss with client about their work need to be done - if business then nature of business and ask relevant details to do that work.
STEP
02
The second meeting
Draft ready to be sent
After first meeting we initiate work and finalize all and provide the first draft so that client can review all work and if required any changes so we can do.
STEP
03
The final meeting
Problem Solved
If draft copy approved then we finalized and send final copies of work to the client and close down all things for the client.