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Maximize Your Tax Savings with Certified Tax Experts Inc

Certified Tax Experts Inc is a dynamic and forward-thinking accounting firm specializing in providing comprehensive tax consulting and financial advisory services to individuals, businesses, and organizations across the United States of America. Established with a commitment to excellence and a dedication to helping clients navigate the complexities of the ever-evolving tax landscape, Certified Tax Experts Inc has earned a reputation as a trusted and reliable partner in the realm of financial management.

Certified Tax Experts Menu of Services

Comprehensive Tax Services

* Certified Tax Experts Inc offers a wide range of services, including individual tax planning and preparation, business tax consulting, Corporate structure, tax resolution, tax compliance, and estate planning. Their services are tailored to meet the unique needs of each client.

Client-Centric Approach

The company's approach is built on strong client relationships. They take the time to understand each client's specific financial goals and concerns, providing personalized tax strategies that maximize savings and minimize liabilities

Cutting Edge Technology and Security

Certified Tax Experts Inc leverages cutting-edge tax software and financial tools to ensure efficient and accurate tax preparation and filing. This technology-driven approach allows them to streamline processes and offer cost-effective solutions. Security is top priority with this firm that implements a server-based portal on its own virtual private network for clients to upload their tax documents and private information while knowing that it will be safe guarded by our Founder.

Payroll

Our payroll services are designed to save you time and ensure that your employees are paid accurately and on time, allowing you to focus on growing your business.

Commitment to Compliance

In a landscape marked by constantly changing tax laws and regulations, Certified Tax Experts Inc is committed to staying fully compliant. They ensure that clients' tax filings are accurate and in accordance with all applicable laws and regulations.

Audit Representation

If you're facing an audit, our team of experienced tax professionals can represent you and help you navigate the complex audit process, ensuring the best possible outcome.

Beyond Professional Services

** Beyond their professional services, Certified Tax Experts Inc is deeply committed to giving back to the community. Whereas the owners also have a 501 (c) (3) organization called Love 4 Four Legs Inc. Our founders are often seen at your local back to school shopping stores where they love giving a surprise of “I will pay for that” statement for those at the checkout lines or handing our gift cards. For over 20 years Certified Tax Experts have purchased thousands of school supplies for our future leaders to ensure every student matters and everyone is entitled to the best education they can get.

Tax Planning Corporate Strategy

We offer comprehensive tax planning services to help you minimize your tax liability and maximize your deductions, allowing you to keep more of your hard-earned money. with over 30 years of experience we know the law and the "what you can do and what you cant do"

FREQUENT ASKED QUESTIONS

Notice on BOI Injunction

Nationwide Injunction of the Corporate Transparency Act

On Tuesday, December 3, 2024, a federal district court in the Eastern District of Texas, Sherman Division, issued a significant order in Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478. The court granted a nationwide preliminary injunction that halts enforcement of the Corporate Transparency Act (CTA) and its regulations requiring the reporting of beneficial ownership information (BOI). This injunction also stays all deadlines for compliance with these reporting requirements.

What This Means for You

FinCEN has issued a notice stating that reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

What information do you need to process my taxes?

Each client has differrent tax needs, therefore various forms can be found at the bottom of our website for individuals and businesses. You can also refer to the list as shown for new clients (personal/business) below for that information.

How do I access the tax portal?

iFirm (cchifirm.us)

You must have already been invited by our team to use the portal. If you are trying to reset your password, please check your spam email folder for this information.

What changes does the new secure ACT 2.0 cover?

The SECURE 2.0 Act makes major changes to 401(k), IRA, Roth, and other retirement savings plans. Here's what you need to know.

The SECURE 2.0 Act is a recently enacted significant piece of legislation that has brought about substantial changes to the retirement account rules in the United States. These changes which go into effect at different times (some for 2023 and others in 2024 or later years) affect retirement savings plans such as 401(k), 403(b), IRA, Roth accounts, and related tax breaks.

The primary objective of this new law is to encourage more workers to save for their retirement. However, some of the complex changes have confused some taxpayers and plan sponsors. Therefore, it is important to understand the key points of the law. More than 90 provisions in SECURE 2.0 cover all types of retirement savings plans. Some requirements are in place now, as of 2023. Other provisions will become effective in the new year, 2024, or in later years, i.e., 2025, 2026, or 2027.

Some changes in SECURE 2.0 involve:

RMD Age Rules and Penalties
Higher 401(k) Catch-up Contributions
Automatic Enrollment Changes
Emergency Withdrawal Flexibility
529 Plan Roth Rollovers
A Student Loan Payment 401(k) Match

Below is a link you can read about the changes from the US Chamber of Commerce.

052319_final_secure_act_summary.pdf (uschamber.com)

When do I need to file my taxes or request for you to file my extension of time?

JANUARY 31ST

Employer - Form W2
Payors - Form 1099 NEC

FEBRUARY 28TH

Payors - Form 1099

MARCH 1ST

Date to submit to us the S Corp and Partnership tax paperwork to be filed by March 15th

MARCH 5TH

Request for us to file your S Corp and Partnership extension of time

MARCH 15TH

Tax Returns for S Corps (Form 1120S)
Tax Returns for Partnerships (Form 1065)

APRIL 1ST

Date to submit to us tax papers for personal taxes, single member LLC and C Corps to be filed by April 15th

APRIL 5TH

Request for us to file your extension of time for personal taxes, single member LLC and C Corps

APRIL 15TH

Individuals and single member LLC - Form 1040
C Corps - Form 1120
Estates and Trust - Form 1041

What is this new FINcen reporting every company must do (also known as Beneficial Owners Information)?

In accordance with the Corporate Transparency Act we are here to help you file your reports after January 24th 2024.

Here is a link to help you read about this new provision when you are a business owner. We are filing these forms for new corporations and ones that need it done by January 1st 2025. $99.00 for the initial report. After October 5th the fee will rise to $159.99 until December 31st 2024. For an Change of Address or any updated/Corrected BOI reports are $49.99.

Beneficial Ownership Information Reporting | FinCEN.gov

If you choose to use us for the compliant reporting please send all docs to boireportguy@gmail.com

How Can I not owe so much in taxes next year?

This question has been asked a lot this year so I figure I would take the time to address it. The issue has become such a problem for so many a few years back the IRS came up with a withholding calculator. So get out your latest pay check stub from this year and head to this website.

https://www.irs.gov/individuals/tax-withholding-estimator

Where can I find the forms to file for an Extension of time for FREE!!

Filing an extension of time for your business with form 7004 and file with the State it is incorporated in. It's important to know that some states do not have an individual state tax return but do require a state tax return to be filed. For personal extensions please file form 4868. These extensions give you time (6 months from the deadline due dates) to file a complete and accurate tax return. It does not allow for the extension to pay. If you owe monies the IRS can charge a penalty of failure to pay and can charge interest on the amount that you owe from the original due date of the tax returns. You can FIND these forms in our section below under PDF forms available!!!!

What If I incorrectly filed for the ERTC Monies

Adhttps://www.irs.gov/newsroom/irs-new-voluntary-disclosure-program-lets-employers-who-received-questionable-employee-retention-credits-pay-them-back-at-discounted-rate-interested-taxpayers-must-apply-by-march-22d an answer to this item.

What are the tax brackets for 2024?

https://taxfoundation.org/data/all/federal/2024-tax-brackets/

1099-K Ruling for 2023

So there is a lot to read about this. I attached a link so you can see if your business would be receiving one of these in 2024.

IRS announces 2023 Form 1099-K reporting threshold delay for third party platform payments; plans for a $5,000 threshold in 2024 to phase in implementation | Internal Revenue Service

Where is my refund?

irs.gov)refunds | Internal Revenue Service (irs.gov link will provide you the answers you need to find out the status of your refund. The IRS is very far behind in issuing refunds right now. Some of you still may not have received your refund for the 2020 tax year. You can call IRS at 1-800-829-1040.

Who Should File a tax return

Below is a link to IRS's site that you can determine through income, filing status and retirement income if you should file a tax return this year.

Who Should File a Tax Return | Internal Revenue Service (irs.gov)

Tax Information and Resources for Businesses

I have added a link to IRS in this one. So many people set up their own businesses without consult. This will help those who are looking to file for themselves which forms based on the type of entity they created.

Businesses | Internal Revenue Service (irs.gov)

What happens if I gave you the wrong Routing number and or account number for direct deposit?

The Internal Revenue will then send a check to the address that is on the tax return for that year.

I forgot some information when we prepared the tax return. How can we change that?

For both Individuals and Corporations, we can amend tax returns that we have previously submitted. We would file forms 1040X, 1120-X 941-C or amendments for S Corps and Partnerships to address what was left out of the original return. It is quite common for this to happen so don't worry we can address it and correct it.

How much do you charge to prepare my tax return?

Your fee for the tax preparation is based on which forms you file. I like to be as accurate as possible so if you want a quote for your personal tax preparation fee please send us a copy of your prior year tax return and if you are to file the same forms we can accurately give you a price.

Whats an IPIN?

If you have had identity theft in the past or have opted to receive a pin number each year in order to file your 1040 tax return electronically, we need this form to file. Each year you are provided a new IPIN and it is mailed to you normally in January from the Internal Revenue Service.

If you did not receive this letter from IRS please contact them online or at 1-800-829-1040. WWW.irs.gov

Does your firm prepare tax returns for all States?

Yes. We do prepare taxes in all States in the US. So, if you need a part year or full year or even a non-resident tax return prepared, we can do that at the time we prepare your federal tax return. If you are new and we have not prepared your taxes in the past and would like just a state tax return prepared, we can do that. However, keep in mind we must input all of your federal tax information from form 1040 in that year to prepare that state tax return. So, the preparation fee will be charged for both the Federal and State Tax return for each year.

How Much can I Contribute to My IRA's?

See forms for individuals at the bottom for up to date information

Can I deduct medical expenses on my taxes?

The deduction value for medical expenses varies because the amount changes based on your income. In 2024, the IRS allows all taxpayers to deduct their total qualified unreimbursed medical care expenses that exceed 7.5% of their adjusted gross income if the taxpayer uses Schedule A to itemize their deductions. Your adjusted gross income (AGI) is your taxable income minus any adjustments to income, such as contributions to a traditional IRA and deductible student loan interest.

For example, if you have an AGI of $45,000 and $5,475 of medical expenses, you would multiply $45,000 by 0.075 (7.5%) to find that only expenses exceeding $3,375 can be included as an itemized deduction. This leaves you with a medical expense deduction of $2,100 ($5,475 minus $3,375) answer to this item.

I received a penalty from IRS what can I do about it?

What Is the S Corp Late Filing Penalty Abatement? The S Corp Late Filing Penalty Abatement is a waiver that a company can apply for to ask the IRS to reduce or eliminate assessed penalties. These costly penalties are charged to companies who don't file, don't pay, or don't deposit money due to the IRS in a timely manner. This process is not used for relief of penalties associated with the accuracy of returns. Acknowledging that everyone makes mistakes, the IRS offers this as a reward for companies who are normally compliant with the deadlines. What Is the Purpose of Late Filing Penalties? Taxes and penalties can be infuriating. They must be paid according to strict deadlines and sometimes they seem arbitrary and unfair. But the IRS emphasizes that the purpose of penalties is to encourage compliance, not generate more money. How Does Penalty Abatement Work? The IRS set up the first-time penalty abatement administrative waiver (FTA) more than 10 years ago. This process allows companies with a history of compliance to ask the IRS to reduce or remove penalties. It's only available the first time a company makes such an error. Often that amounts to many dollars saved for the company. Even though the FTA has been available for several years, very few taxpayers take advantage of it. In 2012, a report from the Treasury Inspector General for Tax Administration (TIGTA) stated that most companies just don't know it exists. The report also points out that the IRS has an automated tool for penalty determinations, and it often incorrectly denies FTAs. Benefits of the FTA Process • The FTA is easy for the IRS to process. • The FTA cites specific language from the Internal Revenue Manual to support the decision. • The FTA process lets tax professionals work efficiently and maximize their time. How to Apply for an FTA Taxpayers can apply for an FTA in multiple ways in certain circumstances. • The first way is to apply before the penalty is ever assessed. The taxpayer files a penalty non-assertion request along with their official return asking the Internal Revenue Service not to levy a penalty.

• The second method is later in the process when the IRS has already levied the penalty. The company writes a penalty abatement letter. The taxpayer can also call the IRS or reach them via e-services. • The last method takes place after the penalty has already been paid. Form 843, Claim for Refund and Request for Abatement, lets the taxpayer ask for a refund. It must be filed within 36 months of when the return was due or within 24 months of the penalty payment. Categories of Relief Four categories of abatement from penalties are available. • Reasonable cause • Statutory exceptions • Correction of IRS error • Administrative waivers: This involves the IRS formally stating or clarifying a provision that gives abatement from a penalty. The statement can take the form of a policy publication, press release, or another form of official communication. The FTA is the most common form of an administrative waiver. Who Qualifies for Penalty Abatement? To get an FTA waiver, a taxpayer must: • Have filed all the required returns or at least have filed a valid extension. • Not have an open request for a return from the IRS. • Have paid or entered an installment plan to pay all taxes due. If a payment plan is in place, the installments must be current. • Have no prior penalties in the last three years except for an estimated tax penalty. Receiving reasonable cause relief in the past does not disqualify the business from receiving an FTA. What Kind of Penalties Can Be Abated? The FTA can only apply to some types of penalties and returns. Sometimes determining eligibility is the hardest part of the process. • Individuals can ask for an FTA for failure to file or failure to pay penalties. Estate and gift tax returns are ineligible. • Business taxpayers, including those who remit payroll taxes, can apply for an FTA for failure to file, failure to pay, and failure to deposit penalties. Though it is not spelled out specifically in the Internal Revenue Manual, the IRS practice has been to allow FTAs for S corps and partnerships.

How do I convert My LLC to an S Corporation

Take a look down under my business forms to download. I have made a little flow chart to help ya do this asap

What form do I provide dependent & child care expenses on?

Scroll down to pdf forms for individuals to find the form that needs to be completed

When is my business ready to hire an accountant

Getting Started

Business Growth or Resructuring

Starting a business

Consulting with an accountant is a prudent move for individuals and businesses at various stages and under different circumstances. Here are some key situations in which you should consider speaking to an accountant:

Starting a business

Business Growth or Resructuring

Starting a business

If you're launching a new business, an accountant can help you choose the right business structure (e.g., S Corp or Single Member LLC, corporation or partnership) that aligns with your financial and tax goals. They can also assist with setting up financial systems and ensuring compliance with tax regulations from the beginning.

Business Growth or Resructuring

As your business evolves, you may need to restructure or expand. Accountants can help you make informed decisions, such as mergers, acquisitions, or changing your business structure, to optimize financial outcomes.

Loan Applications

When seeking financing, whether for business expansion, real estate purchases, or personal loans, accountants can prepare the necessary financial statements and documents to present a strong case to lenders.

Tax Resolution

If you're facing tax problems, our team of tax resolution specialists can help you resolve your issues and get back on track, so you can focus on running your business.

Audit Representation & IRS Issues

If you're facing an audit by the IRS or have concerns about back taxes or tax debt, it's crucial to consult an accountant. They can represent you in dealings with tax authorities and help you navigate complex tax issues.

Retirement Planning

Accountants can assist with retirement planning, helping you understand your retirement savings options, estimate retirement income, and ensure you're taking full advantage of tax-advantaged retirement accounts.

Risk Management

Retirement Planning

**Risk Management: ** Accountants can help identify financial risks and develop strategies to mitigate them. They can also advise on insurance coverage and strategies to protect your financial interests.

To Sum It all Up

Retirement Planning

To Sum It all Up

Consulting with an accountant is beneficial in a wide range of scenarios. Their expertise in financial matters, taxation, and compliance can save you money, reduce stress, and help you make informed decisions. Regular communication with an accountant can also provide ongoing financial insight and ensure that you're well-prepared for various financial milestones and challenges.

Why and When Should I Hire a bookeeper?

Accurate Financial Records

One of the primary functions of a bookkeeper is to maintain accurate and up-to-date financial records. This includes recording all financial transactions, such as sales, expenses, and payroll. These records serve as the foundation for financial statements, which are crucial for understanding the financial health of the business.

Compliance and Taxation

A bookkeeper ensures that a business remains compliant with relevant tax laws and regulations. Tax codes can be complex and subject to change, and non-compliance can lead to costly penalties. By staying current on tax requirements and deadlines, a bookkeeper can help the business avoid legal troubles and optimize its tax liabilities.

Time and Resource Efficiency

Delegating bookkeeping tasks to a professional allows business owners and employees to focus on core operations. It saves time and resources that can be redirected toward growing the business, improving customer service, or developing new products and services.

Financial Analysis

Beyond data entry, bookkeepers offer invaluable insights through financial analysis. They can generate financial reports and statements that provide a clear picture of the business's financial performance. These reports help business owners make informed decisions, identify areas for improvement, and plan for the future.

Cost Control

Bookkeepers can analyze financial data to identify areas of overspending or inefficiency. They help in managing cash flow, controlling costs, and ultimately improving profitability. Their expertise in financial management can make a substantial difference in the bottom line.

Financial Planning and Forecasting

Businesses looking to secure funding, expand, or set long-term goals need accurate financial documentation. A bookkeeper can provide the financial statements and forecasts that are essential for loan applications, investor presentations, or planning for future growth

Business Continuity

In the event of unexpected circumstances, such as natural disasters, economic downturns, or management changes, well-maintained financial records are a lifeline. Having a bookkeeper ensures that the business's financial history is readily accessible and comprehensible, helping in the swift recovery and adaptation.

Audit Preparedness

Should a business face an audit, whether by the IRS or other entities, a bookkeeper can be instrumental in facilitating the process. They maintain organized financial records and can provide the necessary documentation and support during an audit, reducing stress and the risk of adverse outcomes.

In Conclusion

A bookkeeper is indispensable for a business's financial stability and growth. Their role extends beyond mere data entry; they offer financial expertise, ensure compliance, and provide insights that guide decision-making. By maintaining accurate financial records, assisting with tax compliance, and helping control costs, bookkeepers contribute to the overall success of a business. In today's complex business landscape, where financial management is a critical factor in survival and prosperity, having a bookkeeper is not just an option but a strategic necessity.

Accounting You Can Count On

Accounting You Can Count On

About Certified Tax Experts Inc

Commitment

Maximize Your Tax Savings with Certified Tax Experts Inc

Certified Tax Experts Menu of Services

Comprehensive Tax Services

Client-Centric Approach

Cutting Edge Technology and Security

Payroll

Commitment to Compliance

Audit Representation

Beyond Professional Services

Tax Planning Corporate Strategy

FREQUENT ASKED QUESTIONS

Nationwide Injunction of the Corporate Transparency Act

When is my business ready to hire an accountant

Getting Started

Business Growth or Resructuring

Starting a business

Starting a business

Business Growth or Resructuring

Starting a business

Business Growth or Resructuring

Business Growth or Resructuring

Loan Applications

Tax Resolution

Audit Representation & IRS Issues

Retirement Planning

Retirement Planning

Retirement Planning

Risk Management

Retirement Planning

Retirement Planning

To Sum It all Up

Retirement Planning

To Sum It all Up

Why and When Should I Hire a bookeeper?

Accurate Financial Records

Compliance and Taxation

Time and Resource Efficiency

Financial Analysis

Cost Control

Financial Planning and Forecasting

Business Continuity

Audit Preparedness

In Conclusion

PDF Forms For Businesses

FORMS FOR INDIVIDUALS

Health Care Marketplace Insurance

Form 1095-A

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