Tax Preparation

Tax preparation is not that easy, and it involves lots of aspects. It can often, at times, be stressful for people who have other things to worry about in their offices or workplaces. However, it is a must that one will prepare for his or her taxes. To avoid being overcharged and avoid all the complexities involved in the Federal and State returns, you will need a tax preparer, and ANB can provide you with just the services you need. ANB is made up of experienced professionals that are qualified to file your taxes timely and accurately. We offer a wide range of tax preparation for individuals and businesses. We are structured to prepare, review, and e-file your Federal and State tax returns, ensuring that nothing is left behind. Our professionals are always aware of the current and pending legislation and will always provide solid advice for your future taxes. Our expertise also enables us to ensure that our clients pay the right and least amount of taxes legally possible.

Individual income tax preparation

Our individual income tax preparation is made in such a way that our tax clients will also obtain advanced tax planning, which will help minimize future taxes. It will also provide them advice on the tax effects of proposed transactions. Our tax clients are therefore guaranteed the least amount of income tax legally possibly. We like to develop a good working relationship with our clients to enable us to understand what they want and how we can help them achieve their individual and family goals. We also keep all our individual client’s income tax prep confidential.

Business tax preparation

Our business tax prep encompasses both the LLC and the S Corp businesses. The S Corp businesses are businesses that are taxed under the subchapter S, and the business structure gets its name from the part of the Internal Revenue Code that it is taxed under. The S corporation is any corporation that has elected a special tax status with the IRS, and they normally have some tax advantages such as; they do not pay corporate-level income tax, the shareholders have a deduction up to about 20% of net qualified business income, and many other advantages. Another business structure is the C Corp. They are the standard (default) corporation under the IRS rules and are taxed under the subchapter C. They, however, have certain advantages and disadvantages as regards to the S Corp.

However, there is a limited liability company (LLC), which is a business structure that offers a sort of protection to your assets. It ensures that your assets like your home, automobiles, lands, or other accrued assets cannot be used to settle any debts or obligations relating to the business. The fact that your personal property cannot be used to pay back debts or pay for bankruptcy makes this by far one of the most important advantages in this business structure. Therefore, because this business structure is different from that of the S and C Corps, their taxing method is also different. Taxes here are deducted from the owners of the business. This means that any loss or cost of production is deducted from the owner’s tax returns. The rate at which LLD is taxed depends on how much the total income of the owner is, just like a sole proprietor. However, some owners of LLCs are required to pay what is called the self-employment tax, and some states also require them to pay a franchise tax. This franchise taxes vary from state to state and are paid annually. It is a tax to the state government for allowing them to carry out business in their state.

The complexities involved in tax prep for these corporations and business makes it essential that professionals handle their tax prep. At ANB, we ensure that the right taxes are paid and that tax opportunities that are entitled to each structure of a business, uniquely the LLC and S corps are fully exploited. We also make sure that our business clients are protected, and every one of our dealings is kept confidential. We are always able to provide tax preps that will suit any structure of the business you have.