Pays Less Taxes What to bring to the call, and a note to send first
Bring last year's return and a few facts about your business. We'll use them to find the ways you can pay less tax, and put a rough figure on each one.
Send a note first.The short list.
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Have these near you when we talk. If one is missing, bring the rest.
- Your Form 1040 from last year, plus the 1120-S or 1065 if the business files one.
- Your profit and loss for this year so far.
- How you pay yourself now: a salary through payroll, owner draws, or both.
- The IRS letter that accepted your S corp election, if you have one.
- Statements for any retirement plan or HSA.
- The kind of health plan you have, and who pays for it.
- Any big purchases you're planning before December 31.
- Family members who help in the business, and what they do.
Send a note before the call.
A few words is plenty. We read every note before we call.
You will be talking to the Steven Palmieri practice.
If you can't find a paper.
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If you can't find the S corp acceptance letter, your returns show the setup. A business that files Form 1120-S is taxed as an S corp. The IRS can also confirm the election if you ask.
If last year's return isn't handy, your tax software or your preparer can send a copy. You can also get a transcript from your IRS online account.
If your books are behind, bring your bank statements for the year. We can help you catch the books up, and that's often the first step anyway.
What we do with what you bring.
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We look for the moves you aren't using yet: the setup, the salary, a retirement plan, an HSA, the QBI deduction, timing, a home office, an accountable plan, family wages and credits.
For each one that fits, we give you a rough dollar figure and the next step. You leave knowing what to do this year and what can wait until next year.
Before you send a note: common questions.
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Do I need my full return? It helps the most. If you only have part of it, bring that, and we'll work from what you have.
What if I haven't filed last year yet? Bring the year's profit and loss and the last return you did file.
Is my information safe? Bring the papers to the video call and share your screen if you like. Keep full account numbers and Social Security numbers out of the note on this page.