By the time a return is prepared, most of the year’s tax decisions have already been made. Our tax planning services look ahead: how your business is structured, how you pay yourself, how you save for retirement, and how you handle income across Virginia, Maryland and DC.
Good planning starts with your goals and your numbers. We project your tax under the current approach, then model realistic alternatives. You see the estimated effect of each option, the costs and paperwork involved, and the risks, before you decide.
Many owners elect S corporation status to reduce self-employment tax. The election only helps if the owner takes reasonable compensation through payroll, and it adds cost and administration. We look at your profit, your role and comparable pay to see whether it fits.
Retirement plans are one of the most effective planning tools for owners. A Solo 401(k) and a SEP-IRA have different contribution formulas, deadlines and rules about employees. We compare them using your numbers. We also review how the QBI deduction applies to your business, since wages, business type and income level can all affect it.
Underpaying estimated tax leads to penalties, while overpaying ties up cash. We set quarterly amounts based on projections and safe-harbor rules. For clients who live in one jurisdiction and work or earn in another across Virginia, Maryland and DC, we review filing obligations, credits and local taxes such as DC’s unincorporated business franchise tax.
Prior returns, year-to-date results and your goals.
We estimate this year’s tax under your current approach.
We compare realistic alternatives with their costs and risks.
You choose, and we list the steps and deadlines to put it in place.
Mid-year and year-end check-ins to adjust as results change.
Our planning is based on your actual numbers, not general tips. We explain the trade-offs clearly, including when a popular strategy does not suit your situation. Tax law changes, so recommendations are reviewed against the rules in effect when you act.
If a planning issue turns into a notice or a balance due, we also provide IRS representation and tax resolution.
Before the year ends, while there is still time to act. Many strategies, such as retirement plan contributions, the timing of income and expenses, or owner pay, only work if done during the year. Some decisions, like an S corporation election or setting up a Solo 401(k), have their own deadlines. A mid-year check-in and a fall review cover most businesses well.
It can save self-employment tax, but only if the business earns enough to justify paying the owner a reasonable salary through payroll, plus the extra cost of payroll filings and a separate return. We run the numbers using your profit, reasonable pay for your role, state taxes and administrative costs, and show you the net effect before recommending anything.
Both let self-employed owners save on a tax-advantaged basis, but they work differently. A Solo 401(k) allows employee deferrals and employer contributions, which can mean larger contributions at moderate income levels. A SEP-IRA is simpler but based only on a percentage of pay, and generally must also cover eligible employees. We compare both using your actual income and staff.
It depends on your residency and the type of income. Under reciprocal rules, wages a Virginia resident earns in DC are generally taxed by Virginia rather than DC, but business income, rental income and part-year residency can change the picture. We review your facts and confirm exactly where you need to file.
The qualified business income deduction lets many owners of pass-through businesses deduct part of their business income. Whether you qualify, and how much, depends on your income level, the type of business, the wages it pays and the property it holds. Some professional service businesses face limits at higher incomes. We calculate it as part of your planning, so it shapes decisions about pay and structure.
Book a 30-minute consultation to review your situation and see where tax planning could make a difference.
Plan ahead, answer the IRS with confidence and resolve what you owe. Advanced tax planning, IRS and state representation, tax debt resolution, and international reporting for people and businesses with ties abroad.
Read moreForeign accounts, overseas income or a foreign-owned US company can trigger forms with steep penalties. We map what you need to file and help you catch up if years were missed.
Read moreA notice or audit letter has a deadline, and your answer matters. We take over the conversation with the IRS or state, organize your records and respond on time.
Read more