Tax planning is essential to helping you successfully and legally reduce the amount of your tax liabilities. However, preparing your own taxes can be a tedious task that may leave you with more questions and confusion than answers. Kim Clenney CPA is here to simplify the process and put your mind at ease, answering any question you may have along the way. Based in Montgomery, AL., we can help you prepare in person or virtually anywhere with our online tax preparation. Kim Clenney CPA works to provide you with a peace of mind knowing that your taxes are in good hands, even from the comfort of your own home (no matter where that may be). With the ability to email, call, or even facetime with a CPA, our virtual tax preparation allows for a personal approach to online taxes unlike any other virtual program.
Effectively managing your tax obligation is about proper planning throughout the entire year, not just during tax season. The goal of tax planning is to arrange your financial affairs so as to minimize your taxes.There are 4 basic ways to reduce your taxes, and each basic method might have several variations. You can reduce your income, increase your deductions, and take advantage of tax credits.
The 4 basic ways to reduce your taxes are:
1. Reducing your income - Adjusted Gross Income (AGI) is a key element in determining your taxes.
2. Increase Your Tax Deductions - Taxable income is another key element in your overall tax situation. Taxable income is what's left over after you have reduced your AGI by your deductions and exemptions.
3. Take Advantage of Tax Credits - Once we've tweaked our taxable income, we are ready to focus our attention on various tax credits. Tax credits reduce your tax. There are tax credits for college expenses, for saving for retirement, and for adopting children.
4. Increase Your Withholding - You can avoid owing at the end of the year by increasing your withholding. More money will be taken out of your paycheck throughout the year, but you will get a bigger refund when you file your taxes.
Give us a call today to see how we can help you with all of your tax planning. We can assist you with long-term, annual and mid-year tax planning. We can also help with tax forecasting for the next year.
Small businesses calculate their business profit or loss for income taxes, then include this information on their personal tax returns.
Whether your business is a C corporation, S corporation, multiple-owner LLC, partnership or a Sole Proprietorship our knowledgeable accountants can help. We have filed thousands of business returns over the years. We help make sense of your business finances and work to create a plan of action to increase profitability and maintain growth. We then help implement this tax plan to coincide with both your personal and business financial goals. If we prepare your financial statement for your business and you get audited by the IRS or State, we will represent you for free.
Since small businesses file their business tax returns with their personal returns, the due date is the same as the personal income tax return. The due date is April 15th.
Kim Clenney CPA continuously ensures that our clients get every deduction and tax credit that they are entitled to. One of our main goals and specialties is the preparation of tax returns for individual taxpayers. Over the years we have prepared and filed thousands of Federal and State returns. Part of what makes a good CPA is understanding that effective tax management is pivotal for managing your wealth. We can help discover your tax-saving opportunities and develop your personalized tax strategy in order to do so. Our number one goal is to make your tax strategy work with the many different components of both your personal and financial goals and evolving lifestyle. Some of the services provided to individuals include: tax planning, tax preparation, retirement planning, estate planning, and education planning.
Tax Resolution services are designed to help taxpayers work through any complications revolving around back tax problems. Oftentimes, taxpayers wait to seek help once they have already ignored their problems to the point of catching attention of the IRS. By then, the IRS can forcibly recover unpaid taxes in form of a tax lien on a piece of property or a bank levy. Using our tax resolution services allows us to assess the entirety of your tax problems and speak on the behalf of you or your business. The end goal of a good resolution representative such as Kim Clenney is to analyze financial information and determine what the best resolution you qualify for is in order to protect you and your business.