tax-services

Taxation Services:

We prefer to take a proactive vs a reactive approach to tax services.

By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities.  We provid our indvidual and business clients with the taxation expertise and knowledge that they deserve throughout the year.

Our tax services offered include but are not limited to:

Tax Return Preparation

Tax Services Businesses

In today's complex tax landscape, even the most sophisticated companies may not have all the answers. With the growing body of tax laws and regulations, and the understanding that no two businesses have exactly the same needs, it is important to have a trusted advisor you can turn to for the timely and knowledgeable expertise you need to supplement or outsource your tax compliance and consulting efforts. Cain and Firley offers the sound business tax services you need with seasoned technical resources and local tax specialists. We are equally adept with the countless rules impacting corporations, LLCs, partnerships, professional entities and sole proprietorships.

Tax Services Individuals

Tax planning for individuals is an important aspect of family wealth and retirement planning. At Cain and FIrley, we believe it is vital to understand where our clients are today and where they want to be in the future. By gaining this understanding of your goals and objectives, we can work with you to design tax planning strategies geared to help you achieve your short and long term goals. We stay apprised of the most current tax laws and know how to implement strategies to maximize the tax benefits available, while recognizing the impact of negative provisions. We pride ourselves on creating strong, lasting relationships with our clients so we can help you as your needs and/or circumstances change.

Taxes for Partnerships

If you operate your business as a partnership, the partnership must file Form 1065, U.S. Partnership Return of Income, on an annual basis, to report income and deductions. Each partner must receive a copy of Schedule K-1, Partner's Share of Income, Credits, Deductions, etc. (which is part of Form 1065), or a substitute K-1. For partnerships with a calendar year, the due date for the annual return and Schedule K-1 is April 15.

Taxes for LLCs or LLPs

For federal tax purposes, limited liability companies with more than one member are treated as partnerships, and LLC members are treated as partners.

Taxes for Estates

The Estate Tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death. The fair market value of these items is used, not necessarily what you paid for them or what their values were when you acquired them. The total of all of these items is your "Gross Estate." The includible property may consist of cash and securities, real estate, insurance, trusts, annuities, business interests and other assets.

Taxes for Trusts

Estates and nongrantor trusts must file income tax returns just as individuals do, but with some important differences. For one, their income is taxed at either the entity or beneficiary level depending on whether it is allocated to principal or allocated to distributable income, and whether it is distributed to the beneficiaries.

Gift Tax

The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not.

The gift tax applies to the transfer by gift of any property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift.

Taxes for Construction

We are experienced in that area of taxation for construction.  There are many questions to ask when determining the best tax structure for construction.  Use our experience to help in determining the best tax solution for your construction business.

The IRS has a list of questions and tips on their website here.

Copryright 2012 Cain & Firley P.A.