Tax Preparation

In the 2005 1040 instructions, the IRS estimates that an individual will spend on average over 16 hours to prepare his own return. The IRS adds that a filer with a business return will spend an astounding 45 hours to complete the required forms. Our clients who have attempted their own return state it can take the better part of a day to complete the return, yet they spend the remainder of the week worrying if (it is correct) they got it right. Many who have tried the “do-it-yourself” approach have saved professional tax preparation fees in exchange for over the counter tax software fees and filing fees only to have missed deductions or credits that they did not understand or know about resulting in a much more costly return in the end. Jackson Hewitt Tax Service and Upstate Tax provide expertise in the following areas to ensure that each return utilizes the latest tax laws to comply with Federal and State tax requirements:

• Individual (Form 1040)
• Partnership (Form 1065)
• Corporations (Form 1120)
• S-Corporations (Form 1120S)
• LLC (Various Forms)
• Family Limited Partnership (form 1065)
• Estate\Trust (Form 1041)
• Gift\Generation Skipping (Form 709)
• Non-Profit (Form 990)

Why Jackson Hewitt Tax Service and Upstate Tax

With self preparation over time tax preparation may become “routine” in that the same deductions and credits are used each year. When this happens filers stop looking for savings. We at Jackson Hewitt and Upstate Tax NEVER stop looking. Every year conditions change that can have a great impact on your return including changes in tax laws as well as changes in your personal life. We view our relationship with each client as an ongoing partnership and strive to provide quality, up-to-date tax return preparation and advice. We keep abreast of current tax laws throughout the year to minimize tax liabilities and to maximize your future opportunities. The Jackson Hewitt and Upstate Tax advantage includes

• Trained Professionals – It is our goal that Jackson Hewitt and Upstate Tax preparers have the best training in the business. Each tax professional on our staff must pass a five part examination. The Upstate Tax team is led by two Enrolled Agents who are licensed by the IRS to represent taxpayers. These Enrolled Agents are required by the IRS to complete on going continuing education ensuring that the most up-to-date tax knowledge as well as the workings of the IRS is available to each of our clients. As hard as we try, nobody can expect to know all the tax laws. For your individual tax needs our research team is second to none!
• Year Round Service – Offices are open to serve you all year around. Tax preparers are available to prepare and file returns, prepare amendments, and to aid in tax planning. Enrolled Agents are there to assist you with any IRS issues that may arise at any time throughout the year.
• Software – Jackson Hewitt and Upstate Tax software is developed to identify industry specific questions issues for each occupation type. This ensures we do not overlook valuable deductions and credits or waste your time with ones that don’t apply.
• Going the extra mile - Remarkably we hear stories of tax preparers that aren't willing to file certain schedules or forms or they file ones that are not necessary thus increasing the cost of the tax return. We also hear of returns that were prepared but the preparer could not or did not provide any explanation of the issues. It is our goal to minimize fees while maximizing the tax savings on each return and helping you to understand it all!

Customer Profiles

We work hard to tailor our client interview for your specific personal and occupational needs. Routinely our clients say, “We’ve never been asked this question before.” We’ve even been accused of asking too many questions. Our promise is to ask you only those questions which will ensure the proper tax reporting and tax savings. Here is a sampling of industries we routinely assist:

Jackson Hewitt Products

Upstate Tax's association with Jackson Hewitt Tax Service allows us to offer industry leading products including Refund Anticipation Loans (RAL), iPower Cash Card, and more. Electronic filing is FREE when we prepare your federal and state returns. Refunds may be directly deposited in your account at no extra charge. Of course if you owe the IRS money, we offer direct debit from your bank account also at no extra charge.

Unfortunately customers do move away from the area and choose to use a local tax preparer for next year's individual return. There's no need to call our offices for a copy. Simply go to the nearest Jackson Hewitt office who will be able to use last year's information to prepare your individual return and/or provide you with a copy.

Representation

Problems with the IRS and State Department of Revenue can affect all aspects of one's life. If you are one of the many American taxpayers currently being hassled by the IRS, consider allowing our representation services to assist you. Unfortunately, IRS problems don't go away on their own. Our Enrolled Agents have the tax knowledge as well as expertise in working with the IRS to deal with many issues:

Common IRS Problems We Can Solve
• IRS\State Audit
  • Earned Income Credit
  • Unreported Income
• Release IRS Liens
• Stop Wage Garnishment
• Offer-In-Compromise
• Negotiate Installment Agreements
• Hardship Determinations
• Penalty Abatements
• Trust Fund Issues
• Enforcement Activities
• Innocent Spouse
• Non-filers

Why Upstate Tax?

Many of the firms that advertise tax relief on TV have a reputation for short sighted solutions to tax problem accompanied by high fees. Upstate Tax realizes that resolving tax problems are not one size fits all. We take time to fully understand the issue at hand and advise the best solution. While solving the problem, we will ensure that the IRS doesn't step outside the law and that our clients get the best resolution possible.

Success Stories

• A recent widow was unable to sell her California home due to a Franchise Tax Board lein on her property. The lein was lifted with $0 paid by the taxpayer.
• A former business woman was stuck with $60,000 in back payroll taxes and the IRS was threatening enforcement action. Often her mailbox would be filled will IRS correspondence threatening liens and levy. All enforcement activities were stopped and a $200 per month installment agreement was reached.
• A truck driver received letters from North Carolina, South Carolina, and New Jersey asking for approximately $10,000 in taxes to be paid. The case was settled in four months for a total of $3,500.
• A laborer and sole family provider had his bank account levied on pay day. His family was facing two weeks without income. They levy was released and foreclosure was avoided.
• The IRS assessed the taxpayer $11,000 due to unreported income. After re-filing several years tax returns, the IRS sent the taxpayer a check for over $3,000.

"There is nothing sinister in so arranging one's affairs as to keep taxes as low as possible."

- Judge Learned Hand

Tax Planning

Often clients come during tax season with "Guess what I did?" At that point all we as tax professionals can do is grin and respond, "Great!" A proven fact is that tax planning can be very advantageous BEFORE the fact rather than AFTER. Often overlooked, individual tax planning is more than contributing to an IRA or claiming Itemized deductions. While these items are important tax saving tools, thinking through strategies and tax consequences ahead of time can be very beneficial. Often a little time spent with us before you decide to make changes in withholdings, take money from a retirement account, sell stock or other property, cash in an annuity, give funds to children, donate to charity, etc. could save you thousands of tax dollars or prevent a large balance due at tax time plus penalties and interest.

Small Business owners have a great opportunity for tax planning as they are afforded deductions for things that ordinary taxpayers are not. Many times basic bookkeeping tasks are overlooked resulting in missed deductions during tax preparation. Your choice of business entity (partnership, corporation, S corporation, LLC, etc.) determines the . Mid-season reviews may reveal how to invest profits for best tax advantage. What new credits are being offered to small businesses? All of these and more may be addressed during tax planning sessions.

Individuals

Individual tax planning is something that is often overlooked. Individual tax planning does not stop at IRA's and Itemized Deductions. While these items are important tax saving tools, there are many other credits and deductions that can save considerable tax money when used effectively. These items include:

• Overlooked Itemized Deductions
  • Casualty Losses
  • Unreimbursed Employee Expenses
• Higher education expenses
• Foreign tax paid (often found in diversified Mutual Funds)
• Excluding gain on the sale of your home (section 121)
• Capital Gains
• Like Kind Exchange (sometime called a Starker Exchange or Tax Fee Exchange)
• Installment Sales
• Rent or Lease to own contract

Small Business

Small Business owners have a great opportunity for tax planning. They are afforded deductions for things that ordinary taxpayers are not. Many times basic bookkeeping tasks are overlooked.

• Choice of business entity (Partnership, Corporation, S Corporation, LLC, etc..)
• Claiming all available deductions
• Use of special depreciation and section 179 depreciation
• Net Operating Loss
• Dividends
• Rent\Royalties
• Tax Free Fringe Benefits
• Employer Sponsored Retirement Accounts (including SEP)

Our Advantage

New Business Start-up

Starting a new business is an exciting and daunting process. Unfortunately many new business owners are so eager to get started they overlook many important considerations. This is likely on of the primary reasons that so many businesses fail in the first five years. The laws and regulations depend on the nature of your business or product, state and local laws, and the legal structure of your business. Consequently there is no comprehensive check list to the process. Fortunately you don't have to go at it alone. Upstate Tax can help you every step of the way.

• Request EIN
• LLC Articles of Organization filing
• Retail\Sales Tax License Application
• Withholding Application
• State Unemployment Insurance
• Lottery Application
• Beer and Wine Application
• GA Tobacco License
• Business Consulting

Our Advantage

Upstate Tax's professionals have not only technical know how, but first hand experience starting, buying, running, and selling small businesses.

Business Consulting

Many small businesses start with a great idea, but don't properly plan for the rigors of entrepenurship. We can help you create a business plan and help you excute to meet your goals.

Our Advantage

Upstate Tax's professionals have not only technical know how, but first hand experience starting, buying, running, and selling small businesses.

Bookkeeping
Accounts Receivable (AR)
Accounts Payable (AP)

Many small business owners are skilled in their line of work but when it comes to accounting and taxation they feel lost or simply don't have enough hours in the day. Don't waste valuable time performing tedious recordkeeping and accounting tasks when you could be earning more money. Sometimes business owners neglect bookkeeping and accounting functions until time to prepare tax returns. They gauge the success of their business based on their check book balance. This can be dangerous if you don't balance your checkbook regularly! Upstate Tax can be your accounting department while you focus on running your business and making money. We can perform the following functions for you:

• Basic bookkeeping
• Advanced bookkeeping (Job Costing)
• Sales Tax Reporting
• Monthly Report Compilation
• Profit & Loss
• Cash Flow Analysis
• Balance Sheet
• Billing \ Invoicing
• Bank Reconciliation

Our Advantage

Our trained professionals are not mere data entry clerks. They are also tax professionals that understand how each entry can affect your tax return.

Payroll

Payroll can be a task that employers dread. Keeping up with the changing laws regarding minimum wage, hiring of illegal aliens, etc. are not what most small businesses do best. Each employer has an obligation to provide employees with proper documentation, withhold taxes, pay in a consistent timely manner, remit taxes timely, ... The list goes on. After the employees are paid, owners also need to be paid. Upstate Tax can help with your payroll end to end.

Services

• Payroll Processing - Calculate pre-tax deductions, withholding, taxes, unemployment
• Direct Deposit - if you desire
• Payroll Taxes & Filing - Each period we will complete all federal and state payroll forms.
• Electronic transfer of funds
• Year End Documents - W-2\W-3 and 1099/1096 forms

Our Advantage

Payroll services are not performed by data entry clerks, but trained professionals that have years of experience and take continuing education courses yearly. Already gotten yourself into a payroll mess? Don't worry, our Enrolled Agents can represent you and get the problem resolved.