Wallace CPA Southlake, TX
Tax planning means looking at your income, expenses and plans during the year, not only at filing time. Wallace CPA reviews your numbers, explains how choices may affect your taxes, and helps you prepare for payments that come due before your return is filed.
Tax planning is a regular review of how your income, expenses and plans fit the tax rules. The goal is to understand your choices before the year ends. Wallace CPA does this alongside tax preparation, so the planning work and the return use the same facts.
You may. The IRS says individuals, including sole proprietors, partners and S corporation shareholders, generally have to make estimated tax payments if they expect to owe $1,000 or more when their return is filed. Read more about estimated tax payments and the post on how to pay them. Dates for each tax year are on our tax due dates page.
If you earn wages, the IRS Tax Withholding Estimator helps you estimate the amount your employer should withhold. A CPA can walk through the result with you and compare it with other income. This is general information, so ask about your own case.
The way a business is set up decides which return it files and how its income is taxed. An S corporation passes income and losses to its owners, and owners who work in the business must consider reasonable compensation. Read our guide to S corps, LLCs and sole proprietors before you talk with a CPA.
Earlier is easier, because most choices need to happen before the year closes. A mid-year review and a fall review work well for many people. Our small business tax calendar shows what happens month by month.
General information, not advice for your situation. Talk with a CPA about your own facts before you act.
Ask anything else: call (877) 682-1171.
Read the guideS corporation, LLC or sole proprietor: how the choices differ in TexasNo. Preparation reports what already happened during the year. Planning looks at the year while it is still open, so you can think through choices ahead of time.
The IRS says individuals, including sole proprietors, partners and S corporation shareholders, generally need them if they expect to owe $1,000 or more when the return is filed. Corporations have a $500 rule.
We cannot promise a result. A planning review shows your options and the effect each may have, so you can decide with full information.
No. It is general information. Talk to a CPA about your own situation.
Call the Southlake office and say what you need: a return, an IRS letter, your books or a new business. Have the notice or last year's return nearby if you have one.
