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Tax Services

Providing Comprehensive Financial and Tax Services
To Individuals and Business in McAlester, OK and Surrounding Areas Since 1995

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Greg Shores CPA

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Tax Services in McAlester, OK

laptop and financial documents on office deskFiling taxes is one of the obligations that all individuals and businesses must honor. Although most are willing to do so, the complex and ever-changing tax code makes it hard to comply fully. Tax services offered by Greg Shores CPA can help business owners and individuals make the most of their income. Greg Shores is an LPL Financial Professional, registered with the Securities and Exchange Commission (SEC) to provide investment advice and monitor your portfolio.

Since 1995 we have been proud to work with individual and small business owners throughout McAlester, OK, and surrounding Pittsburg, OK, counties. We are located on the west side of North Main Street just before you get to North Town. Greg Shores CPA has extensive experience working with medical professionals, attorneys, real estate agents, farmers, and ranch owners. Call today for your consultation!

Call Us: 918-302-0272 Book a Consultation

Business Tax Services

Our friendly and skilled team offers various services to examine and maintain your tax and financial records. We can file tax returns, assist with auditing requirements, and help you appeal with the IRS. Our services include:

What Are the Benefits of Hiring a Tax Professional?

Filing taxes can be a tedious process, and professional assistance is convenient and saves time. The hours or days you'd spend preparing your taxes can be put to better use making your business more efficient. We keep up with changes to the tax code so we can quickly identify deductions and exemptions that apply to your business. In the unlikely event of an audit, we'll help by examining your financial documents and tax returns for potential errors. We can also represent you before the IRS to help smooth things out.

How Cloud-Based Accounting Benefits Tax Planning

Tax planning is the process of managing your finances in a way that minimizes tax liability. It also improves your prospects by channeling tax savings into retirement funds and various investments. Cloud-based accounting software is a convenient and intuitive tax planning solution. Systems like QuickBooks® offer tax planning advantages to your efforts:

  • You can access your financial accounts and information from anywhere, anytime you want. The software encrypts the data for maximum security. All you need to do is log in from a supported device.
  • You'll save time and money. Once you enter your bank and other business transactions, the software creates the required documents. It also reduces the errors associated with manual accounting.
  • It reduces paperwork while making it easier to collaborate and share with your peers. This convenience means you can receive crucial financial advice faster.
  • You can run the entire organization in harmony because the same software is available to various departments. This situation reduces conflict, saves time, and increases productivity.

Business Tax Planning

professional Black woman in office with eyeglasses, folded arms and confident expressionBy reducing tax liability, your business will have extra funds for growth, investment, and to cover expenses. There are several aspects of business operations that are analyzed when crafting a tax planning strategy.

They include the type of accounting method you use, how family members share company income, and when you purchase equipment. Others are your preferred method of inventory valuation, as well as the pursuit of tax-efficient investments and benefit plans.

What to Expect from Tax Planning?

If you successfully implement a tax-saving strategy, you'll report lower taxable income when filing your returns. The tax rate will also reduce because you'll have a better understanding of when to pay taxes. Your business also gains from the various tax deductions offered by the IRS. Because the tax code keeps getting updated, we help you keep up with the trends to continue reaping benefits. Effective tax planning strategies also depend on the particular type of business you run.

Examples of Saving Opportunities

One way of saving taxes is by changing the type of business you own. If you are a sole trader, it will make more sense to turn it into a corporation if it results in lower taxes. In this example, you'll automatically become an employee of the corporation. You'll have to cover 50% of your FICA taxes personally. Before making this move, compare all the charges you'd pay as a sole trader to those of a corporation. Other ways to save include:

  • You can move a business to a different state to save on taxes. While it may have lower local and state taxes, other expenses such as insurance and permits may be higher.
  • Funding a retirement plan for employees is a proven tax-saving strategy. Ensure you start one that's qualified by the IRS if you want to enjoy maximum benefits.
  • The government also offers various tax credits to businesses for implementing specific requirements. They include hiring new employees, providing disability access, going green, investing in research, and offering health coverage to employees.
  • If you use the accrual method of accounting, you can deduct some bad debts from your tax returns. Timing your business income and expenses also determines how much tax you pay.
  • Moving your expenses to a year with higher taxes reduces your taxable income. You might also partly deduct the cost of giving gifts, awards, and bonuses to employees.

Payroll Taxes

close up of calculator on desk with financial documentsIf you have employees, you must withhold payroll taxes from their paychecks and remit them to the IRS. These taxes include FICA, federal income tax withholding, federal unemployment tax, state payroll taxes, and self-employment tax. The payroll process occurs in four distinct phases. You first calculate the amount to be withheld from the paychecks. You then account for these deductions through accounting, after which you send the amounts to the IRS. The final step is to report these deposits when filing returns.

So long as you draw a salary from the business or pay employees, you'll need to perform payroll accounting. It's the process of detailing employee compensation, including wages, salaries, overtime, and commissions. Other than income earned, it also records withheld taxes.

Apart from standard payroll taxes, other aspects of the accounting process involve wage garnishments, health plans, and retirement benefits. Form W-4 is an important starting point in payroll accounting because it details how much will be withheld from an employee's paycheck. You must also complete Form I-9 for each employee. It verifies that they're legally authorized to work in the U.S. If you pay them electronically, they must fill a direct deposit form.

Tax Resolution for Businesses

If the IRS audits your account and determines that you owe tax debt, you should act fast to rectify the situation. If you ignore the problem, the tax agency may resort to drastic measures to force payment. It may impose a levy, lien on the property, and penalties.

An IRS levy seizes your business assets to pay a tax debt. The agency usually takes this measure after sending you several collection notices in the mail. Your bank will immediately freeze your account if instructed by the IRS. It may further demand payment from your debtors, which will strain business relationships.

A lien refers to the federal government's legal and public claim against your company's assets. Since they're public records, liens are likely to affect your business because associates might avoid working with you. In case you sell any of these assets, the IRS will be first in line to claim the proceeds.

There are over 100 different punitive penalties and fines designed to discourage various tax offenses. They range from innocent filing mistakes to deliberate efforts to commit fraud or tax evasion.

What to Do After a Business Audit

The best course of action is to hire a tax resolution specialist, such as Greg Shores CPA. Before prescribing a solution, we'll meticulously go through your financial documents and past tax returns. Once we figure out the likely cause of your tax problems, we can initiate settlement methods such as:

Business Offer-in-Compromise: If you present a convincing argument, the IRS could agree to let you settle the debt for a lower amount than its actual value. Payroll, income, and unemployment tax debts are eligible for consideration. It has relatively stringent qualification requirements. Other than compliance, liable individuals must be able to pay the assessed Trust Fund Recovery Penalty (TFRP) in full. After filling Form 433-B (OIC) and Form 656, you must meet the IRS's Reasonable Collection Potential (RCP).

Installment Agreements for Businesses: These settlement methods allow your business to repay its debt in manageable monthly portions. They include Streamlined and In-Business Trust Fund Express installment agreements. Most of these settlement methods require months to conclude. You not only need a qualified CPA but one with a commitment to solving your particular problem. At Greg Shores, CPA, we ensure the expert assigned to you is best suited to assist.

Tax Services for Individuals

senior man and his coworker using laptopTax planning is the process of managing your finances to minimize your tax liability. A popular way of doing so is diverting part of your salary to a retirement plan. The two main types are the traditional IRA and 401(k). The latter also falls under two categories: Roth 401(k) and traditional 401(k).

401(k)s are attractive because your employer matches your contribution up to a specific limit. Both traditional IRAs and traditional 401(k)s allow you to contribute pre-tax dollars into the fund. Because you make Roth 401(k) contributions using after-tax dollars, you don't get taxed when you withdraw from the fund.

Estate planning is another method of reducing tax liability. It helps you draw a long-term blueprint for managing your wealth even after your death. Apart from writing a will, you can create trust accounts for your preferred beneficiaries. You can also appoint a guardian for the beneficiaries, an estate executor, and give an agent a power of attorney.

Individual Tax Resolution

As an individual, you may find the tax code and debt settlement methods to be too complicated. It's easy to be so intimidated as to avoid engaging the IRS altogether. A qualified CPA will not only make sense of your financial and tax predicament but also help you solve it. Apart from the offer in compromise and installment agreements, conventional individual tax resolution methods are:

Innocent spouse relief: It's applicable if the IRS demands money from you based on an error made by your spouse. If you share a tax account that's currently the subject of tax debt, you may proclaim your innocence to the agency.

Currently not collectible: It can only work if the taxpayer's expenses, as outlined in the national standards, are higher than their income. You'll receive a grace period to try to get back on your feet.

Penalty abatement: You may request the IRS to waive some of the penalties and fines imposed on your account. If successful, it reduces your overall tax liability while boosting your morale.

Accounting and Tax Solutions in McAlester, OK

Hiring a CPA is beneficial for various reasons. Other than being able to analyze your finances and reconcile your accounts, we also file tax returns. In the event you're summoned by the IRS over some tax misunderstanding, we have the license and skill to represent you.

At Greg Shores CPA, our excellent reputation precedes us. Both past and current clients have listed the attributes that attract them to our firm. They include attention to detail, passion, honesty, and high ethical standards. Other than accounting and bookkeeping, we also excel in offering tax services. Contact us today for more information!

Call Us: 918-302-0272 Book a Consultation

Tax Preparation
According to a study released by the US Government's General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Tax Planning
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.

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Get in touch with Greg Shores CPA

400 E Wyandotte, McAlester, OK 74501
Call Us: 918-302-0272 • Fax: 918-471-2737