Tax Preparation and Tax Advice
We prepare individual and business income tax returns and offer in-depth tax advice
Table of Contents
What Services Do We Offer?
We prepare the following income tax returns for our clients (either for the current compliance year or for any back year dating to 2012):
- Federal Forms:
- 1040, U.S. Individual Income Tax Return,
- 1065, U.S. Return of Partnership Income,
- 1120S, U.S. Income Tax Return for an S Corporation,
- 1120, U.S. Corporation Income Tax Return,
- 990, Return of Organization Exempt From Income Tax, and
- 1041, U.S. Income Tax Return for Estates and Trusts.
- All related Federal schedules and forms.
- All related state income tax and information filings.
- All Federal and state amended returns and extensions.
We assist our clients with making S corporation elections on the Federal Form 2553, Election by a Small Business Corporation, and make entity classification elections on the Federal Form 8832, Entity Classification Election.
Since most of our clients are small to medium-sized businesses, we stay in touch with them throughout the year and assist them with the calculation of their quarterly Federal and state income tax deposits.
We also believe that understanding one’s business and tax posture is crucially important, therefore, we offer our clients in-depth tax planning and analysis for important personal and business decisions such as:
- property purchases and sales, including primary residences, vacation homes, and investment properties,
- like-kind property exchanges,
- investments in Qualified Opportunity Funds, click here to read more,
- retirement planning, savings, withdrawals, and their taxation on both the Federal and state levels,
- assist businesses with opening solo 401(k), small employer 401(k), SEP IRA accounts, self-directed traditional and Roth IRA accounts, and several others,
- tax consequences of starting or dissolving a business, and admitting or retiring owners or partners,
- starting or discontinuing employee payroll or making independent contractor determinations, and
- many others.
What Does Our Final Product Look Like?
Glasgow Knight Financial is an authorized e-file provider registered with the Internal Revenue Service. As such, all of our returns are prepared and filed electronically with Drake Tax, a software enterprise that has achieved several highest ratings in the AICPA’s Journal of Accountancy and Tax Adviser’s Tax Software surveys multiple years in a row.
CPA ethics rules require us to deliver complete copies of our clients’ tax returns to them which we do, along with the e-filing confirmations and the proofs of timely filing. When requested, we also mail or deliver paper copies of the filed returns.
How Do Our Clients Use Our Work?
Most of our individual and business clients engage us to file their income tax and information returns because of the obvious statutory requirements. However, we assist a number of clients with their tax filings for the following reasons:
- to obtain business loans, mortgages for individual or business purposes, SBA loans, and business financing, or to admit or retire owners or partners,
- as required by government programs and government small business assistance, local government development agencies, zoning, and property tax credits,
- to close the statute of limitations for audit purposes when no returns are statutorily due,
- to report net operating or capital loss carryovers for purposes of their use in future years,
- as proof of certain partnership capital account balances of its partners, and adjusted basis in partnership assets as part of partner disputes or litigation (between partners, and sometimes between owners or owners and management), and
- in a response to a notice or letter received from tax authorities.
Advantages and Uniqueness of Our Service
- Glasgow Knight Financial PLLC is a professional accounting and tax firm. We are certified public accountants with decades of public accounting and private industry experience. Our owners hold Master’s of Science in Taxation degrees with extensive tax compliance and tax advisory experience.
- We offer our clients a wide variety of informational and educational materials, templates, and other tools to streamline their tax preparation process and to ensure they are running tax-efficient businesses. Take a look at our blog to see some of these materials. Read our Blog.
- We offer our clients in-depth research skills whereby we read and research tax law, regulations, and other tax authorities, and go beyond a mere reading of the tax form instructions.
- Many of our business clients come to us without having done any accounting work during the reporting year. Glasgow Knight Financial specializes in processing large numbers of bank and credit card transactions, preparing financial statements for small to medium-sized businesses, and issuing an Accountant’s Compilation Report (when it is requested). To learn more about our financial statement preparation and compilation services, see here.
- We employ a sophisticated calendaring / scheduling system: all tax and information filings, estimated payments, annual reports, book closings, extensions, and year-end reminders are fully automated and tracked in our state-of-the-art production system. Our system tracks, on average, about 7.3 tax filings or tax compliance events for each of our clients. Therefore, we work with our clients side-by-side throughout the year.
- No overseas outsourcing. All of the tax compliance and tax advice is rendered by staff located in the continental United States.
- Industry expertise: we have extensive knowledge of accounting needs of clients in the following industries: truck owner-operators, medical practitioners, and real estate professionals and partnerships.
- We are a fully virtual enterprise.
- It’s strange to add this to the “uniqueness” list, but unlike many accounting and tax professionals, we pick up the phone and respond to client emails either immediately or within 24 hours.
If you’d like to learn more about our tax preparation or tax advisory services, please call us at +1 (904) 377-0077 or contact us.
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