Tax Preparation & Planning Across The Woodlands, TX
Once a year, the US International Revenue Service requires that taxpayers earning an income file a report. This greatly affects the way an individual or business operates throughout the fiscal year. Incorrect documentations or inconsistencies with tax filings can warrant undesirable, avoidable repercussions. Staying proactive with tax services from McMahan & McMahan sets you up for success. We help business owners, and individual professionals remain compliant with the IRS while minimizing tax liabilities and securing profits.
McMahan & McMahan has years of experience helping business owners and individual clients file their tax documents accurately and in a timely fashion. We provide our services to industries such as technology, oil and gas, real estate, and non-profits, among others. We offer free unlimited consultations and never charge for phone calls or emails. Call us today!
Tax Planning for Individuals and Businesses
Professional assistance with tax planning helps verify that all areas of your income are well documented and compliant with the IRS. While filling standard forms can be easy, complications arise when individuals and business owners own multiple sources of revenue or are responsible for tax compliance for employees.
For individuals, we can apply effective tax planning strategies to help you reduce your tax liability and save a considerable amount of money for other goals, such as your children's education or retirement. Tax planning for business involves formulating and implementing strategies that reduce the amount of taxes paid to the IRS for a given period. Minimizing tax liability for your business will provide more money for growth, investment, and expenses.
Selecting the Right Entity for Success
Of all the decisions you make before starting your business, the entity you select is one of the most important. This decision determines the amount of paperwork your business handles and the taxes you pay to the IRS. The most common business entities include sole proprietorship, C corporation, S corporation, and partnership.
A sole proprietorship is a simple entity that allows you to have total control of your business. It is not considered as a separate business entity. This implies that your business liabilities and assets are not distinct from your personal ones. Do you have a business idea that you want to test? If so, the sole proprietorship entity maybe your best option.
A partnership is a legal entity for two or more individuals that want to start a business together. Partnerships can either be a limited liability partnership or limited partnership. Under a limited partnership, one partner has unlimited liability, while the other partners have limited liability. Every partner has limited liability under limited liability partnerships.
Corporations are entities that bear the responsibility of profits and losses, instead of any one person. Forming a corporation is a bit more expensive than other business entities. A corporation has an independent life and can run smoothly even after one or two members sell their shares or leaves the company.
When to Pay Your Taxes Quarterly
Understanding your quarterly taxes is vital in running your small business successfully. Making quarterly tax payments allows you to spread your tax liability over 12 months and avoid high debts during tax time. Every self-employed individual must pay quarterly taxes. Self-employed individuals include an independent contractor, a member of a partnership that runs a business, or a sole proprietor.
Payroll Services and Taxes
If your business has employees, the IRS expects you to withhold payroll taxes from their salaries and make payments on their behalf. Payroll taxes include social security, Medicare, and federal tax. Many business owners need assistance understanding how payroll works and what happens if you don't pay. Our tax professionals will help you run your payroll and manage your business better. Payroll tax fines are incredibly high, and the consequences are damaging. To protect your employees and the future of your business, you can trust our dedicated team to keep up with all the latest changes and help you maintain payroll tax compliance.
Individual Tax Preparation
Tax preparation involves preparing, documenting, and filing your tax returns. The procedure includes signing your tax returns forms and checking whether you owe the IRS or deserve a tax refund. We will help you prepare and file your taxes accurately and on time.
Most tax returns are complex due to changing laws and regulations. Our team stays continuously updated, and we can help identify the credits or deductions that will be most beneficial to you. We review everything to confirm that your tax return is free from errors before you sign.
Business Tax Preparation
Your business structure and location are important factors when determining your tax status. For example, if you have hired several individuals, tax laws dictate that you pay employees and withhold taxes. Whether you have many employees or only a few, we can help you file quarterly returns to maintain compliance and diminish the financial burden. If you file annual tax returns, we can assist with compiling accurate records of your company's annual losses and profits and find all available deductions. Both yearly and quarterly tax obligations are unique in every state, and our research and experience enable us to handle your business tax preparation needs accurately and on time.
Tax Resolution Services
It is relatively common to encounter IRS problems when you run a business. Some challenges include not filing taxes within the period given, paying more tax than you owe, errors in your tax returns forms, and so on. If the IRS contacts you, it is crucial to respond as soon as possible. Our team will communicate with the IRS on your behalf. We have handled numerous tax problems under many different circumstances, and we can help you choose the right tax resolution strategy for your unique circumstances.
Tax resolution involves developing and implementing a plan that works for all parties involved. Optimal tax resolutions will not only eliminate the problem permanently but also reduce the tax liability to the minimum amount allowed by tax law. If you are struggling with back taxes, penalties and interests don't panic. We offer many tax resolution services, and we will walk you through the process from beginning to end.
Small Business Tax Resolution
It's normal to worry after receiving a notice from the IRS. With our support, you can reduce or even eliminate interests or penalties legally and responsibly. We will assess your problem and decide on the best action to take. Some tax resolution strategies include:
- Offer in Compromise
- Payment plans
- Partial Payment Installments
- Other Installment Agreements
In the United States, taxes are imposed by state, federal, and local governments. State and federal income tax are alike since they apply a specific percentage rate to taxable income. The rates, type of taxable income, tax credits, and deductions allowed vary, and the laws are different across jurisdictions. Our team will help you interpret and handle your state and federal tax obligations.
How McMahan & McMahan Can Help
If you have unpaid taxes, we will help you create a budget and negotiate a payment plan with the IRS. We will also advise you on restructuring, investments, mergers, inventory, or sales to maximize deductions and help you save money. Our tax professionals can easily detect a red flag that may prompt an audit and intervene whenever possible.
Tax planning and preparation are essential if you want to avoid tax liability and secure your financial future. From significant life changes to new investments, we can help you with all your personal or business tax and accounting needs. Call our The Woodlands, TX, office today for more information and FREE unlimited consultations!