Tax Preparation Services

Navigating individual tax preparation can be complex. At Taylor, Polson & Company CPAs, PSC, our team ensures your tax return is accurate, optimized, and compliant. We offer tailored services for various financial situations, including:

Features:

• Form 1040: Accurate preparation and filing of individual income tax returns.
• Wage Earners: Efficient handling of W-2 forms and wage reporting.
• Self-Employed: Comprehensive support for 1099-MISC income and business expenses.
• Deductions and Credits: Maximize savings with expert assistance on itemized deductions.
• Investment Income: Detailed reporting of interest, dividends, and capital gains.
• Rental and Royalty Income: Accurate reporting for rental properties and royalties.
• Health Savings Accounts: Expert management of HSA contributions and distributions.

Businesses come in various structures, and our services cater to each distinct entity. Whether you're a sole proprietor, a partnership, or a corporation, our experts at Taylor, Polson & Company CPAs, PSC, specialize in accurate and efficient tax filings. We handle the complexities of tax returns for businesses of all sizes, allowing you to focus on your core operations.

  Features: 

• S Corporation Tax Returns (Form 1120-S): Detailed reporting of income, deductions, credits, and tax liability, ensuring compliance with IRS regulations.
• Partnership Tax Returns (Form 1065): Comprehensive reporting for partnerships, including income, deductions, gains, and losses.
• Schedule C: Accurate reporting for sole proprietors and single-member LLCs.
• Business Deductions and Credits: Optimizing deductions and credits to reduce tax liability.

Maximize your corporation’s financial potential with Taylor, Polson & Company CPAs. Our expert team ensures compliance with tax regulations and optimizes your financial outcomes, providing you with peace of mind and allowing you to focus on growing your business.

Features:

• Separate Legal Entity: Provides limited liability protection for shareholders, shielding personal assets from corporate debts and liabilities.
• Double Taxation: Expert navigation to minimize overall tax burdens, addressing the unique "double taxation" structure where the corporation and shareholders are taxed separately.
• Perpetual Existence: Ensures business continuity and stability regardless of ownership changes, benefiting long-term planning.
• Formal Governance: Organized decision-making processes with a structured governance system, including a board of directors and officers.
• Capital Raising: Support in leveraging stock sales to raise capital, maximizing financial opportunities while ensuring compliance.

Features:

• Pass-Through Taxation: Income flows through to shareholders, avoiding double taxation. Profits and losses are reported on individual tax returns through Form 1120-S.
• Limited Liability: Provides limited liability protection similar to C Corporations, protecting shareholders' personal assets.
• Form 1120-S Reporting: Detailed reporting of income, deductions, credits, and tax liability, ensuring accurate and thorough compliance with IRS regulations.

 Partner with Taylor, Polson & Company CPAs for reliable and efficient tax preparation services for partnerships and single-member LLCs, ensuring your business meets all tax obligations and maximizes financial efficiency. 

Features:

• Form 1065 Preparation: Comprehensive reporting of income, deductions, gains, and losses for partnerships.
• Schedule K-1 Preparation: Detailed preparation for each partner, outlining their share of income, deductions, and credits.
• Accurate and Timely Filing: Ensuring compliance with IRS deadlines and avoiding penalties.
• Thorough Financial Analysis: Detailed analysis to accurately report all relevant financial information.
• Compliance with Tax Regulations: Navigating complex tax laws to ensure compliance and maximize deductions.
• Comprehensive Tax Planning: Strategic tax planning to optimize your partnership's tax position.

Features:

• Schedule C Preparation: Accurate reporting of income, expenses, and profit or loss for single-member LLCs.
• Disregarded Entity Taxation: Expertise in handling the unique tax treatment of single-member LLCs.
• Personalized Consultation: Tailored advice to address your specific business needs and identify tax-saving opportunities.

At Taylor, Polson & Company CPAs, we understand the vital role nonprofits play in our communities. Form 990 is essential for tax-exempt organizations, providing a comprehensive snapshot of financial activities, governance, and mission accomplishments. Our expert team guides nonprofits through the complexities of Form 990, ensuring transparency, accountability, and compliance with IRS regulations.

Features:

• Form 990 Preparation: Detailed reporting of financial activities, governance, and program achievements.
• Expert Guidance: Navigating IRS regulations to meet all requirements.
• Financial Reporting: Showcasing your organization's financial transparency.
• Governance and Compensation: Reporting on governance structure and executive compensation.
• Mission Accomplishments: Highlighting your nonprofit's impact on the community

Our expert team specializes in guiding nonprofits through the complexities of Form 990, helping them showcase their impact while meeting regulatory requirements. Let us partner with you to simplify the tax preparation process, allowing you to focus on what truly matters – making a positive impact on the community you serve.

 Achieving tax-exempt status under section 501(c) of the Internal Revenue Code is a crucial milestone. Our experienced team excels in guiding nonprofits—such as charities, foundations, and social welfare organizations—through this complex application process.

Features:

• Expert Guidance: Personalized support to align your mission with IRS requirements.
• Documentation Help: Assistance with compiling organizational structure, financial data, and mission statements.
• Strategic Planning: Optimizing your application for higher approval chances.
• Timely Submission: Efficient processing for swift tax-exempt status.

Empower your nonprofit with our expertise and focus on your mission while we handle the complexities.

 Navigating estate, gift, and trust tax returns can be intricate and demanding. At Taylor, Polson & Company CPAs, we offer expert assistance to ensure precision and compliance in your tax filings. Our team is dedicated to providing comprehensive support and strategic planning to meet your unique needs.

Features:

• Estate Tax Returns (Form 706): Accurate asset valuation and maximized deductions to minimize tax liability, supporting executors and estate administrators.
• Gift Tax Returns (Form 709): Compliance with gift tax laws, strategic guidance on gift planning, and optimization of exemptions.
• Trust Tax Returns (Form 1041): Addressing income, deductions, and distributions to help trustees minimize tax exposure and maximize beneficiary benefits.
• Comprehensive Tax Planning: Expert guidance in developing strategies to preserve wealth, minimize tax burdens, and efficiently transfer assets to the next generation.