Tax preparation and planning for individuals

 

Li & Zheng CPA delivers a high level of expertise to your individual tax return preparation. We understand the complexities of our clients’ situations and are experienced in handling all levels of tax filings, from basic returns to multi-state, foreign, or self-employed filings. We will provide guidance relating to withholding and tax estimates so no penalties are incurred and will reduce the likelihood of overpayment.

 

Li & Zheng CPA can prepare and file all of your required tax forms. We prepare federal, state, and local tax returns, including but not limited to the following forms and reports:

 

• Individual Income Tax Return (Form 1040)
• Estimated income taxes (Form 1040-ES)
• Amended Individual Income Tax Return (Form 1040X)
• US Gift and Generation-Skipping Transfer Tax Return (Form 709 and 706)

 

High Net Worth Individuals

We are experienced with the preparation of tax returns for high net worth individuals who may have significant partnership holdings, capital transactions, and foreign investments.

 

We can provide customized tax strategies to reduce your tax liability.

 

Self-Employed Individuals

When you run your own business, there are a number of additional tasks that must be done in order to prepare your taxes.

We can assist with all tax-related matters, including:

 

• Preparing your books
• Reconciling your bank accounts
• Preparing financial statements, including a profit and loss statement and a balance sheet
• Preparing a full schedule C
• Preparing your income tax return
• Providing general consultation related to your business’ tax and financial matters

 

International Exposure

We specialize in preparing tax returns for both foreign individuals living in the US and US citizens living or working abroad. We can provide guidance on international tax issues and obligations in addition to preparing your tax returns.

 

Some of our international-related preparations include:

 

• US tax returns for foreign individuals
• US tax returns for US citizens with international business entities
• US tax returns for US citizens working abroad
• Calculation of matrimonial tax implications
• Analysis of living and working abroad

 

Specialized Forms

We are well versed in many specialized circumstances that impact our clients’ taxes.

 

We prepare and file specialized forms, reports, and elections including:

 

• Statement of Specified Foreign Financial Assets (Form 8938)
• US Individuals Working Abroad (Form 2555)
• Foreign tax credits (Form 1116)
• Household employee reporting (Schedule H)

 

Tax Planning and Projections

Updates in the tax laws can lead to potential savings for both businesses and individuals,  we stay up to date on tax changes and know how to apply them in your case. At Li & Zheng CPA, we're always searching for new tax planning strategies to minimize tax obligations for our clients.

 

The best way to reduce your taxes is through effective planning. We can highlight the tax impact of transactions that you may engage in during the year; create tax projections and calculate of quarterly estimates to help plan for cash outlays and determine the impact different events may have on your taxes.

 

Our planning strategies include:

 

• Income tax projections
• Multi-state planning
• Estimated tax calculations
• Withholding adjustments for payroll
• Alternative minimum tax management

 

Business Tax Preparation

 

Li & Zheng CPA can prepare and file all of the business tax forms and returns required for your business so that you can continue to focus on your business’ success and growth.

 

Only experienced tax accountants like us can maximize deductions for your business because we understand how Federal and State tax regulations apply to businesses in your industry. We'll make sure you utilize all tax breaks you're entitled to so your business can realize higher profit margins.

 

 

We can prepare federal, state, and local returns, including amended returns for every type of entity, including:

 

• C-Corporations (Form 1120)
• S-Corporations (Form 1120-S)
• Partnerships (Form 1065)
• Limited Liability Companies (Form 1065)
• Sole proprietorships (Form 1040, Schedule C or Form 1040, Schedule E)
• Not-for-profits (Form 990)
• Foreign corporation with a presence in the US (Form 1120-F)

 

Multi-State Filing

We offer tax preparation services for all types of businesses whether you have one business location or operate in multiple states. We’ll work hard to save you money so your business can realize higher profits.

 

Many of our clients file tax returns in multiple states due to differing states of residence and work. We can assist with your multi-state exposure by:

 

• Determining your filing requirements
• Projecting your income taxes in each state
• Preparing tax estimates
• Preparing tax return

 

Specialized Forms

In addition to our standard business tax returns, we prepare specialized tax forms and returns, including:

 

• Report of Foreign Bank and Financial Accounts, or FBAR (FinCEN Report 114)
• Report of miscellaneous income (Form 1099-MISC)
• Withholding for foreign contractors and vendors (Form 1042, W-8BEN, W-8BEN-E)
• Informational returns for US subsidiaries of foreign parents (Form 5472)
• Report of foreign operations of US firms (Form 5471)
• Report of US Persons with Respect to Certain Foreign Partnerships (Form 8865)
• Disregarded Foreign Entities of US Owners (Form 8858)
• Tax elections, such as entity classification (Form 8832), election by small business corporation (Form 2553), and election of partnership level tax treatment (Form 8893)
• Change in accounting method (Form 3115). We can provide guidance on whether a change in accounting method is appropriate for your business, including estimating the cost savings of a method change
• Domestic Production Activities Deduction (Form 8903)

 

Sales and Use Tax

Given the increasing role the internet plays in commerce, companies often find they are shipping products all over the country. How do you determine whether you need to collect and remit sales tax in a given state? Li & Zheng CPA can help you navigate the intricacies of sales and use tax.

 

We can work with you through the entire process, assisting with:

 

• Determination of nexus and sales tax collection and remittance responsibilities
• Creation of compliance plan, including registration for sales tax and preparation of voluntary disclosure agreements
• Monthly, quarterly or annual reporting

 

Payroll Services

Stop struggling over payroll tax filings and calculations! We can take over your payroll processing, saving you time and offering you lower rates than the large national payroll providers.

 

Do you have employees that work in your state and live in another? Do you have employees working in multiple states? We will determine nexus and registration requirements for your business. We will ensure compliance throughout the entire process, from registering your company with each required state, preparing and filing all necessary forms, and filing appropriate documents if your company is no longer required to file in a particular state.