Smyle & Associates, LLC provides a wide range of services to both individuals with personal income tax issues as well as businesses in a variety of industries who need specialized tax expertise. We can help guide you through your complex tax planning decisions and provide you with effective strategies to minimize your tax liabilities. In addition to providing all federal, local and state tax preparation services, we go the extra mile to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
Whether yours is a small business or if you are an individual, preparing your own income tax return can leave you with more questions than answers. Smyle & Associates, LLC relieves the uncertainty created by today’s complicated tax laws. You’ll find peace of mind when you file a return that is accurate and complete. If you receive a notice from the IRS or a state taxing jurisdiction, we will review your notice and recommend the best strategy to proceed accordingly. We can also help you distinguish how to properly classify employees and independent contractors as well as prepare the proper forms to be delivered at year end.
Let Smyle & Associates, LLC handle your tax filing needs:
- Form 1040 (Individual)
- Forms 1120 (Corporation), 1120F (Foreign Corporation ), 1120S (S -Corporation), 1065 (Partnership and LLCs)
- Trusts (Form 1041), Estates (Form 706) and Gifts (Form 709)
- Tax-exempt entities (Forms 990) and Private Foundations (Form 990-PF)
- Various foreign information returns including Forms 926, 3520, 3520-A, 5471, and TD F 90-22.1
- Various forms for foreign persons U.S. source income including Forms 1040NR, 8804 and 8805
- Excise Tax Returns
- State and local tax returns
Tax Strategy & Compliance
Tax strategy encompasses different aspects including the timing of income, purchases and other expenditures, selection of investments and types of retirement plans. The goal of having an effective tax strategy is to arrange your financial affairs in order to minimize your tax obligations within the constraints of the laws that are currently in place. We constantly stay abreast on legislative changes which offer prospective planning opportunities as well.
Let us help you answer tax strategy & compliance questions such as these:Q. I’m opening an office in another state. What are the tax implications? Q. I’m an online retailer selling in multiple states, where should I be filing taxes? Q. I am retiring in ten years, what is the life style I will be able to afford?
No one wants to receive a letter from the IRS indicating that there may be a problem with a tax return that you have previously filed. Smyle & Associates, LLC knows that tax planning is the key to minimizing the amount of taxes that you owe both now and in the future. In addition, we make it a point to stay on top of the ever changing tax laws and help keep you and your business compliant.
That’s just one reason why clients turn to Smyle & Associates, LLC to handle their accounting, bookkeeping and tax preparation needs. We help mitigate the tax problems and penalties proactively, instead of retroactively; such as not paying tax, incorrect classifications, not paying sales tax, not paying estimated taxes, forgetting to or not filing returns, and so on.
Let us help you with tax problems such as these:Q. I haven’t filed my taxes in five years, what do I do? Q. How do I respond to an audit notice from the IRS?
None of us can predict the future; however, we can all benefit from being proactive and planning for it with the help of an experienced professional. Smyle & Associates, LLC can serve the role of Chief Financial Officer or Controller for your small business or offer individuals important financial planning advice about property and mortgages, debt and retirement planning.
As a Chief Financial Officer or Controller we utilize our experience with cash flow management, price control, inventory management, internal control policies and procedures, and suitable financing options for a new or growing business. Through a gained and mutual understanding of your business, we are able to produce financial projections that can help manage your business plan and spending..
Our services include:
- Financial planning
- Day-to-day operations
- Tax mitigation
- Business growth
- Scalability projections
- Reviewing financial statements preparation and more.
Let us advise you on financial planning questions such as these:Q. Is my business making enough money to hire another employee? Q. Should I buy a home or continue to rent? Q. Do I have enough cash on hand to make payroll? Q. Should I pay off all of my student loans, or continue to pay them off slowly?
With an emphasis on experience and utilizing leading-edge accounting software, Smyle & Associates’ bookkeeping solution helps take the guesswork out of your business’ financial status. We provide you with professional bookkeeping services that relieve you of these duties so you can focus on growing your business.
You can rely on us for comprehensive solutions, such as:
- Full-charge bookkeeping services
- General journal and subsidiary ledger maintenance
- Bank statement, credit card and investments reconciliation
- Receivables and payables tracking and analysis.
- Year-end bookkeeping for tax preparation
It’s human nature to worry when you receive notice of an audit or if you receive a letter in the mail from the Internal Revenue Service (IRS) stating that you owe interest and penalties – and with good reason.
That’s why having professional representation is vital during an audit or when you need to correspond with tax authorities from either federal or state taxing agencies. Smyle & Associates, LLC speaks their language and is enrolled to practice before the IRS. We can take charge and stand in your place in regard to the proceedings facing you. We will walk you through the audit process and ensure that you are well informed and understand their request as well as what options you have to respond. As an IRS-designated enrolled agent, Smyle and Associates, LLC is unrestricted as to which taxpayers we can represent, what types of tax matters we can handle, and which IRS offices we can practice before. Simply stated, there are no restrictions on what matters we can present to the IRS on behalf of our clients.
Sales Tax & Excise Tax
Sales tax is payable by users, consumers, lessees, and people receiving services taxable under the law. If a seller qualifies as a dealer under the definition set forth by their state, they must apply for a sales tax certificate, collect the proper taxes from customers, and file returns with the Department of Revenue.
If your business is subject to excise taxes such as, bars or micro-breweries selling beer, wine and alcohol, you need an accounting partner who is knowledgeable and experienced with excise tax compliance requirements and filings. Smyle & Associates, LLC has helped many businesses like yours stay on top of local and state reporting requirements so you can continue to grow your business while meeting your tax obligations.
Financial Instrument Tax Services
Whether you are in the business of creating mutual funds or exchange traded funds or have access to idle cash and are considering in diversifying your portfolio into said investments, Smyle & Associates, LLC can assist on educating and meeting the tax obligations of these financial instruments whether they are located inside or outside the United States.
Let Smyle & Associates, LLC assist in making the appropriate tax analysis in your PFIC investments:
- PFIC Testing
- Excess Distribution Calculations
- Deemed Sale Elections
- Qualified Electing Fund Elections
- Form 8621 Compliance
- Income Testing
- Quarterly Asset Testing
- Form 1120-RIC Tax Compliance
- Distribution Requirements for meeting RIC status and minimizing the RIC Excise Tax
After preparing taxes for ourselves (yearly visit of hell on earth), then dabbling with other accountants (yearly visit of purgatory on earth), we found Smyle & Associates five years ago and could not be happier as our tax season has turned into period of confidence, planning, and gratitude.