SERVICE OVERVIEW

Did you know that over 50% of Americans feel overwhelmed by their taxes? At Providence Financial Services, we turn this anxiety into confidence with our expert, strategic approach. We offer comprehensive service designed to meet all your tax needs. Check below to learn more about what we do and how we can be of service to you and your company.

 

 FEDERAL TAX RETURN

Filing a federal tax return is an obligation for both individuals and businesses in the United States. The process involves reporting your income, calculating your tax liability, and either paying any taxes owed or requesting a refund if you’ve overpaid. The IRS uses the information provided to make sure everyone pays their fair share of taxes. The complexity of collating the right details of income, expenses, deductions, and credits could lead to inaccurate filing. Mistakes or omissions can lead to penalties, interest charges, or even audits, so you need to get it right. Not for gainsaying, the process of filing federal tax returns requires precision and background knowledge, which can be tasking for untrained hands. Our CPAs at Providence Financial Services understands the complexity of filing federal tax returns and we can assure you that we are committed to making this process as seamless as possible for you.

 

We begin by conducting a thorough review of your income, deductions, and credits to have a clear picture of your financial situation. Our meticulous approach not only helps in lowering your tax liability but also helps you stay in compliance with the latest tax regulations. Our key strength is staying abreast of the ever-changing tax laws. Our team continually updates their knowledge and training to provide you with the most current and advantageous tax strategies.

 

With our extensive knowledge we are able to identify potential deductions and credits that you might not be aware of, further reducing your tax burden. We help individual filers with straightforward returns as well as businesses with more intricate financial activities.

 

For businesses, we offer additional support for business-related tax issues, including payroll taxes, business deductions, and more. We are aware that businesses often face unique challenges and complexities, and our objective is to ensure you are not only compliant but also optimized for tax efficiency. We also provide year-round support, not just during the tax season. Our CPAs assist with estimated tax payments, audit support, and any other tax-related inquiries you may have throughout the year. Our dynamic approach helps you stay on top of your tax obligations and avoid any last-minute surprises.

 

With Providence Financial Services on your side, you can rest easy knowing that your federal tax return is in expert hands.

 

SALES TAX

A sales tax is typically a fee added to the price of goods, mostly luxurious or tangible assets. The way it’s collected at sales outlets or business varies but it’s often included in the sales receipts. As a business owner selling taxable products, the sales tax amount collected from the buyers must be remitted to the state. Business owners however find it tasking to stay compliant to the remittance of sales tax. In fact it can be a significant burden for businesses of all sizes. The rules are stringent and they vary based on your location and the nature of your products or services. Providence Financial Services CPAs understand the sales tax rules and we specialise in simplifying sales tax management for businesses, helping you remain compliant.

 

Our process begins with a comprehensive assessment of your sales tax obligations. The evaluation helps us determine your exact sales tax requirements and spot any potential underpayment or overpayment issues. Thereafter, we assist you in setting up efficient systems to collect, track, and remit sales taxes accurately.

 

To set up a working system, we integrate sales tax computations into your e-commerce platforms or point-of-sale systems. That way, your sales tax is computed accurately at the time of sale. We also help online businesses understand the nuances of tax rules, which establish the locations where sales tax must be collected depending on their operation and offer substantial assistance with sales tax return filing. These returns are prepared and submitted by our team, who also makes sure they are timely and accurately completed. By being proactive, you can avoid paying fines and interest for incomplete or late files.

 

In addition, we provide continuing oversight and assistance to keep you informed of the changes in sales tax regulations and rates. Our team monitors these modifications and modifies your sales tax plan as necessary to maintain ongoing compliance. In addition, we offer audit support—that is, we will represent you in any sales tax audit and handle the proceedings to cause the least amount of disturbance possible.

 

SELF-EMPLOYED TAX PLANNING AND BOOKKEEPING REVIEW

Being self-employed brings a great deal of independence and flexibility, but it also comes with unique tax challenges and responsibilities. Providence Financial Services is here to help you navigate these complexities with our specialised tax planning and bookkeeping review services for self-employed individuals.

 

Tax planning for the self-employed requires a strategic approach to maximise deductions and minimise liabilities. We start by thoroughly understanding your business and financial situation. We will analyse your income sources, expenses, and any potential deductions specific to your field to identify all possible tax-saving opportunities. One of the critical areas we focus on is quarterly estimated tax payments. Unlike traditional employees, self-employed individuals must pay taxes throughout the year. We assist you in calculating accurate estimated payments to avoid underpayment penalties and ensure you’re not caught off guard by a large tax bill at the end of the year.

 

Bookkeeping is another essential aspect of managing a self-employed business. With bookkeeping, you can maintain up-to-date records for both tax compliance and financial planning. Our bookkeeping review services include setting up efficient bookkeeping systems, training you on best practices, and conducting regular reviews of your business records. The ongoing support of our team helps prevent errors that could lead to tax issues down the line.

 

That’s not all, we also advise our clients on retirement planning options that are tax-efficient, such as SEP IRAs, Solo 401(k)s, and other retirement accounts. These plans not only help secure your financial future but also provide valuable tax deductions today. When you partner with Providence Financial Services, you gain access to expert guidance and impeccable support according to your needs.

 

LATE TAX PREPARATION

When you miss a tax deadline, the IRS can impose significant penalties and interest charges on you or your business. You can be subjected to pay a late filing penalty and make a late payment. The late filing fees are generally more substantial than the late payment costs. The failure-to-file penalty usually starts at 5% of unpaid taxes per month, capped at 25%. The failure-to-pay penalty is typically 0.5% per month, starting the day after the due date. To accurately analyse the penalties and interests you would pay, there’s a need to look through your financial records which can be complicated. If you need help in this area, our CPAs are more than happy to help. Late tax preparation is one of our area of speciality at Providence Financial Services. We assist our clients navigate the complexities and mitigate potential penalties of late tax preparation and filing.

Our late tax preparation service is aimed at transforming your tax filing experience from overwhelming to seamless. We begin by assessing your specific situation, including the reasons for the delay and any correspondence you’ve received from the IRS. Our team meticulously gathers all necessary documentation like your income statements, deduction records, and relevant financial information. The analysis allows us to file your late tax accurately and reduce the likelihood of further IRS inquiries or audits. Also, we will assist with penalty abatement requests, where applicable. If you have a valid reason for filing late, such as a medical emergency or natural disaster, we advocate on your behalf to request a reduction or waiver of penalties.

 

Our services extend beyond merely catching up on missed deadlines. We provide comprehensive tax planning to prevent future late filings. We will help you set up a system to track important dates, organize financial records, and offer ongoing support throughout the year. Through our proactive measures, you can avoid the stress and financial impact of late tax filings in the future.

 

We have helped numerous individuals and businesses handle their late tax preparation with precision and care. Our experienced team is dedicated to helping you overcome past challenges and establish a solid foundation for timely and accurate tax compliance moving forward.

 

CORPORATION TAX

Corporation tax compliance requires meticulous planning and strategic execution. Providence Financial Services offers comprehensive corporation tax services aimed at helping your corporation navigate the complexities of tax obligations while maximising tax efficiency.

 

Corporation tax involves calculating taxable income, understanding allowable deductions, and ensuring compliance with federal and state regulations. We will conduct an in-depth analysis of your corporation’s financial activities to identify potential tax liabilities and opportunities for savings. We specialise in areas such as tax deductions for business expenses, depreciation of assets, and tax credits for research and development. With our expertise we can help reduce your overall tax burden and improve your company’s financial health.

 

A significant aspect of our service is tax planning. We work with your corporation year-round, not just during tax season, to develop strategies that align with your business goals. This includes advising on optimal business structures, such as S-corporations or C-corporations, to achieve the most favorable tax outcomes. We also provide guidance on profit distribution, compensation strategies, and retirement plans, ensuring each decision contributes to a tax-efficient operation.

 

In addition to tax preparation and planning, we offer robust support during IRS audits. If your corporation is selected for an audit, our team will represent you, handle all communications with the IRS, and work to resolve any issues promptly. Our goal is to minimize disruptions to your business and achieve the best possible outcome.

 

Our services extend to international tax compliance as well. For corporations with global operations, we provide expertise in navigating the complexities of international tax laws, treaties, and regulations. We work to make sure l your corporation remains compliant while optimizing tax positions across different jurisdictions.

 

With Providence Financial Services, your corporation benefits from a proactive and strategic approach to tax compliance. Our dedicated team is committed to providing the highest level of service, ensuring your corporation’s tax obligations are managed effectively and efficiently. Trust us to help your business thrive in a complex tax landscape.

 

CAPITAL GAINS TAX

Did you know that the IRS collected billions in capital gains taxes in a recent year? Understanding the intricacies of capital gains tax can be daunting, but Providence Financial Services is here to simplify the process and help you maximize your financial outcomes. Capital gains tax applies to the profit made from selling assets such as stocks, real estate, or other investments. Our expertise ensures you fully understand and comply with tax regulations while minimizing your tax liability.

 

First, we assess your overall investment portfolio and the nature of your capital assets. This initial review helps us identify the holding periods of your investments, as different tax rates apply to short-term and long-term capital gains. Short-term gains, from assets held for less than a year, are taxed at ordinary income rates, while long-term gains benefit from lower tax rates. Understanding this distinction is crucial for effective tax planning.

 

Our team provides strategic advice on timing your asset sales to optimize tax outcomes. For instance, we might recommend holding certain investments longer to qualify for lower long-term capital gains rates. Additionally, we explore opportunities for tax-loss harvesting, where losses from underperforming investments are used to offset gains, thereby reducing your overall tax burden.

 

We also guide you through specific scenarios such as selling a primary residence, where certain exclusions may apply. For example, if you meet specific criteria, you might exclude up to $250,000 ($500,000 for married couples) of capital gains on the sale of your home. Our in-depth knowledge ensures you take full advantage of these provisions.

 

Providence Financial Services is committed to staying current with tax laws and regulations that impact capital gains. This proactive approach allows us to advise you on recent changes and how they may affect your tax strategy. For instance, we keep an eye on legislative updates that might introduce new tax rates or modify existing exclusions and deductions.

 

We also provide support for complex transactions, such as those involving like-kind exchanges under Section 1031, which can defer capital gains taxes on exchanged properties. Our comprehensive approach ensures that you understand all available options and their implications.

 

With Providence Financial Services, managing your capital gains tax becomes a streamlined process. Our expert guidance helps you make informed decisions, ultimately leading to more favorable tax outcomes and enhanced financial health.

 

TAX RELIEFS

Tax relief provides substantial financial advantages to everyone, whether as an individual or business by applying different strategies that lower tax burden. For individuals, this can include deductions, credits, and exemptions that lower your taxable income, such as mortgage interest deductions, charitable contributions, and education expenses. Credits like the Earned Income Tax Credit (EITC) directly reduce the amount of tax you owe, providing substantial relief, especially for low to moderate-income earners.

 

Businesses get a range of tax relief such as deductions for operating expenses, depreciation of assets, and credits for research and development. In addition to reducing taxable income, these measures stimulate economic activity and promote innovation However, navigating tax laws and identifying the best relief strategies can be complex.

 

At Providence Financial Services, we mainly assist our clients in ensuring that they maximize their tax relief opportunities. Our experienced CPAs provide the most appropriate solutions for reducing your taxable amounts while complying with statutory regulations. If you desire to lower your costs of investment, claim credit for using green energy or get relief through strategic tax planning, our expertise ensures you capitalise on every opportunity available.

 

We go beyond traditional tax preparation services to provide proactive advice to optimise your financial outcomes. Our strategic guidance aligns with your long-term goals, whether you’re a small business owner navigating tax season or an individual looking to maximize your tax return. Our personalized approach ensures you receive the highest level of service and attention to detail.

 

Partner with us at Providence Financial Services to access comprehensive tax relief strategies and gain confidence knowing your financial affairs are in capable hands. Contact us today to explore how our expertise can help you navigate tax relief complexities and achieve your financial objectives effectively.

 

NON-PROFIT TAX SERVICES

Organizations like charities, schools, and churches do not have to pay taxes because they help the community. There’s a special tax rule for these groups that is recognized under section 501(c)(3) of the Internal Revenue Code. There are special services to help these organisations keep their tax-free status and follow the rules set by the tax office. To keep their tax-free status, nonprofits must file annual returns with the IRS to maintain their tax-exempt status. The main report they use is called Form 990, which provides a snapshot of the organization’s financial health, activities, and compliance with tax regulations. Depending on the size and type of the organization, nonprofits may also need to file Form 990-EZ or Form 990-N.

 

If you operate a nonprofit organisation, Providence Financial Services can help maintain your tax-exempt status. Our nonprofit tax services provide guidance on permissible activities to ensure compliance with the IRS regulations. Our service covers proper record-keeping for your organisation. We will assist you in keeping records of all donations, expenses, and other financial records. Once your organisation maintains a transparent record-keeping system it makes it easier to file annual tax returns. Our seasoned CPAs will also advise you on permissible activities your organisation can be involved in to consistently adhere to the rules governing tax-exempt status.

 

We provide various services to assist nonprofit organizations in understanding and meeting their tax obligations while keeping their tax-exempt status. This includes preparing and submitting annual tax documents like Form 990, Form 990-EZ, and Form 990-N. Our accountants ensure these documents are done correctly and on time, which lowers the chance of fines.

 

We also offer strategic planning to help nonprofits use their money wisely and ensure they can have long-term standing. We advise on how to create budgets, predict future finances, and raise funds in a tax-smart way. These strategies can greatly help your organization grow and make a bigger difference.

 

TAX RISK MANAGEMENT AND ADVISORY SERVICES

 

Keeping your company’s finances and reputation in a good place is important, and that’s where managing tax risks comes in. Tax risk management offers a strategic approach that helps you to identify potential tax-related risks that could negatively impact your business. After a careful analysis of your looming risk, steps can be taken to curb the tax issue from occurring. Such proactive risk management can help you and your business avoid IRS issues and unnecessary interest and penalties.

 

Tax risk management is best overseen by seasoned tax professionals as they are well aware of the latest tax rules and strategies. Tax professionals like the Providence Financial Services CPAs. Our accountants stay up-to-date with tax rules hence, we will guide you into making informed decisions that align with your company’s financial goals. We offer  advice to help businesses like yours tackle tax-related issues head-on and improve how you handle taxes overall.

 

We kick things off with a thorough risk assessment. We’ll dive into various parts of your company, scrutinizing your tax compliance, checking for any new government regulations that might affect you, and sniffing out any potential tax woes lurking around the corner. This helps us spot any vulnerabilities and devise a plan to sort them out, so you don’t end up with a hefty IRS fine. Aside from mitigating your impending tax problem, we will consistently advise you on the best practices for tax compliance to make your finances run smoother and safer.

 

Another big part of what we do is setting up sturdy tax risk management frameworks. We’ll tailor these to fit your business goals and the rules you need to follow. This gives you a solid plan to handle tax risks and keeps your company on the straight and narrow. We will strategically plan your future to help you stay financially stable. We’ll work alongside you to create long-term tax strategies that dovetail with your business goals and the ever-changing market conditions. This helps you make smart decisions that keep tax woes at bay while growing your business.

 

And let’s not forget about technology. We harness the power of cutting-edge technology and analytics to give you real-time intel on your tax risk situation. With this you can keep tabs on potential problems, nip them in the bud, and make decisions based on the data gathered and assessed. To sum it up, our tax risk and consulting services are your ticket to handling tax risks like a pro, fine-tuning your tax processes, and achieving lasting success. So, let’s work together to ensure your company’s financial future is as bright as it can be.