Michael Weissman Accounting Services incorporates tax planning into his clients‚ existing financial strategies to ensure that they maximize the potential of their tax returns. There are a variety of tax shelters and credits available to taxpayers; with Michael Weissman's, taking advantage of these benefits to reduce his clients‚ tax liability is his top priority. Michael keeps up with all of the latest developments and changes in tax law to best serve the interests of his clients.
Michael Weissman is a qualified tax preparer. Who takes an individualized approach to each and every client. Whether you are a small business owner or an independent professional, he does a comprehensive evaluation of your finances in order to determine the most effective tax strategy for you and your business. This thorough approach enables us to pinpoint which deductions, credits, and loopholes can be utilized to minimize your liability and maximize returns.
Who can we help?
There is a common misconception that tax planning is reserved solely for businesses. Incorrect. Tax planning is a viable and sensible option for both business entities and individuals. We extend our services to individuals, independent professionals, and businesses, including corporations, partnerships, trusts, LLCs, and non-profit organizations. Our services include:
- Preparation of annual and quarterly federal and state tax returns.
- Calculated, year-round income tax planning to minimize tax liability.
- Strategic tax planning for various types of investments and transactions, including, but not limited to: securities, real estate, stock options, and sales of significant assets (such as businesses).
- Minimizing effective tax rates on investments and maximizing the benefits of deductions.
- Consult on retirement plan options and assets.
"Mike Weissman is the best accountant we ever worked with! He take's the extra time to help their clients understand the tax process so that they can make the best decisions. Thanks Mike!"
--Bobby & Shannon Bruno, Heavy Artillery Recording
ESTATE PLANNING
Proper estate planning is essential; you owe it to yourself‚ and your loved ones to protect all that you have worked for. Effective estate planning facilitates the orderly transfer of assets to your beneficiaries. For business owners, estate planning ensures the continuity of your business and protects the succession of ownership. If you want to avoid being taxed on the transfer of your assets (or business), it is imperative that you have an estate plan. Michael Weissman Accounting Services assists in the structuring of:
- Wills‚ the last testament listing inheritors of a decedent's property.
- a relationship whereby property, tangible or otherwise, is managed by one person or persons for the benefit of others.
- Power of Attorney‚ a written document that gives a specific person the authority to act on someone else's behalf regarding certain business, legal, and/or personal matters.
- Asset Protection protects assets from the claims of creditors, as well as unnecessary taxation (federal, gift and/or estate taxes).
- Probate Litigation, We assist with the proceedings leading up to the distribution of assets from a decedent to his/her specified inheritors.
In order to construct an estate plan best suited to your needs, the qualified tax professional, Michael Weissman makes an earnest effort to get to know you both financially and personally. Our Estate Planning Service includes comprehensive analyses of the following tax matters:
- Lifetime gift tax returns
- Charitable organization tax returns
- Preparation of a decedent's final individual income tax return
- Estate tax returns
- Fiduciary income tax returns for both estates and trusts.
IRS PROBLEM RESOLUTION
If the IRS has sent you certified correspondence indicating that you owe back-taxes, it is imperative that you address the matter and respond in a timely fashion. Due to the presence of various penalty fees and accruing interest, the situation is only bound to get worse if left unattended. As such, Michael Weissman will correspond with the IRS and negotiate on your behalf, which helps to:
- Reduce and perhaps nullify any outstanding IRS penalty fees.
- Release any liens, levies, or wage garnishments placed upon your personal finances.
- Assist you with your defense against an IRS audit.
- Settle payroll taxes.
- Settle your back taxes and achieve tax compliance.
If you run into a problem with the IRS, Michael Weissman will guide you through every step of the resolution process from filling out the necessary forms to choosing the resolution program that best suits your interests. We will do everything in our power to help you secure good standing with the IRS.
DELINQUENT TAX RETURNS
When a taxpayer fails to file his or her tax return on time, or doesn't file one at all, the IRS notifies the Automated Collection Service (ACS) of your delinquent status. The IRS also proceeds to file a Substitute for Return (SFR), based upon old financial records, on your behalf. Such returns do not reflect any deductions or tax credits, and thus make your tax liability unreasonably high. Michael Weissman can help you file delinquent tax returns that reflect the tax benefits you are eligible for, thereby rendering you tax compliant and qualifying you for a resolution program that is designed to help you settle back-tax debt. When the IRS comes knocking at your door, it is not the end of the world. Weissman Accounting Services can help you get back on track and on the road to recovery.
FINANCIAL PLANNING
Michael Weissman helps his clients reach their financial goals while keeping the future in mind. In regards to life insurance options, we can determine which policy best suits your long and short-term goals. Furthermore, we can structure a trust that encompasses your insurance policy, thereby sheltering it from various taxes. We can also help you choose a retirement plan that enables you to maximize the benefits of your estate.
Whether you opt for a Traditional IRA, ROTH IRA or SEP IRA, we want our clients to be able to retire with confidence and a sense of security. If you have a preexisting 401K or 403B plan, we can help facilitate a favorable transition that reduces your tax liability. There is a wide range of options available to you more than you might have anticipated. As such, Michael Weissman will help you sort through these options until you find the one that right for you.
