Tax Services

Tax Services in Murfreesboro and Tullahoma

When it comes to anything tax related, most would rather do just about anything else than sit down and sort out their paperwork. Many business owners and individuals assume that outsourcing their tax efforts is too costly or complicated.

At Ray & Gregory, PC., our tax services include tax preparation, tax planning, and experienced tax problem resolutions. We work with individuals and businesses to create beneficial tax strategies throughout the year. With careful planning, our CPA’s, Steven Gregory, Cameron Ray, and their experienced team, will help you prepare for tax time, resolve tax issues, and reduce your tax-related stress.

Whether you need help with your personal taxes or those for your small business, our team can work with you to minimize your tax burden and increase your bottom line. Give our accounting firm a call today to have all your tax planning and preparation needs.

Why You Should Consider Professional Tax Help

Keeping your tax records organized while filing correctly and on time can be a daunting task. However, it doesn’t have to be.

You don’t have to go it alone. Professional tax preparers must keep up with the ever-changing tax codes, and their expertise can help ensure you get the deductions and credits you’re eligible to receive.

Tax help from a hired professional could benefit you in the following:

Saving you time and money – From discovering possibly missed deductions or tax credits to help reduce your taxes owed, this expertise from a professional tax preparer can easily exceed the fee it costs to hire one. Having your tax return completed promptly, correctly and on time, is often more invaluable by getting your precious time back.

Answering your questions and resolving issues – When it comes to taxes, chances are you’ll have some questions. Calling the IRS could mean being on hold for hours by the time you get in touch with someone. Our tax professionals are available to address these concerns almost instantly.

Deciphering the complicated tax code – Experienced tax professionals keep up with the constantly changing tax laws and regulations, so you don’t have to.

Avoiding costly mistakes – Because of their experience and tax knowledge, professional tax preparers can help eliminate room for errors and better ensure your returns are arranged correctly.

Reducing your risk of an audit – If you do happen to be audited by the IRS, a tax professional, especially a CPA, has the credentials to deal with the IRS in finding you a proper resolution.

Reviewing previous returns – A tax professional can look at your past returns to find out if any deductions were missed, and if so, amend them for you.

Giving you peace of mind – Knowing that a trusted and experienced professional is handling your taxes can reduce stress.

Bottom Line: it takes the hassle out of doing it yourself!

What are Tax Services for Businesses?

Many small business owners often don’t have the time or expertise to handle the hectic nature of tax season. Whether your business tax situation is simple or complex, outsourcing the work to a dedicated accounting team can better ensure your return is filed accurately and efficiently.

Business tax services include:

  • Bank Account Reconciliation
  • Clean up your General Ledger
  • Generate an income statement
  • Generate a balance sheet
  • Payroll Tax Filing
  • Part-Time CFO Services
  • Small Business Tax Planning
  • Quarterly & Annual Small Business Tax Preparation
  • Small Business Tax Resolution

Filing taxes for your business can be time-consuming and should not be something you as the business owner should have to deal with while trying to run your company successfully.

At Ray & Gregory, PC., we provide customized tax services specifically tailored to businesses, and we are here to provide the expertise necessary for establishing your peace of mind while meeting your financial goals.

What are Tax Services for Individuals?

Choosing to seek professional help when tax season arrives is your personal decision. However, individuals can benefit from experienced tax professionals creating a practical tax plan while preparing their taxes for them.  

Hiring an outsourced professional when it comes time for you to file helps you avoid missed opportunities and potential, costly errors.

Tax services for individuals often involve:

  • Federal & State Filing
  • Individual Tax Planning
  • Individual Tax Preparation
  • Estate Tax Planning
  • Tax Planning for Trusts
  • Retirement Tax Planning
  • Tax Planning Education
  • IRS Audit Representation
  • Individual Tax Resolution

No matter your current financial standing, or the complexity of your tax situation, receiving support from professional tax preparers gives you the opportunity to see your needs are met in an accurate and timely manner.

What Types of Businesses can Benefit from Outsourced Tax Support?

Just about any self-employed, small business, and other niche business structures can benefit from the expertise of tax professionals. The four types of businesses entities include:

  1. Service Businesses
  2. Merchandising Businesses
  3. Manufacturing Businesses
  4. Hybrid Businesses

While, at Ray & Gregory, PC., we often work with medical, manufacturing, and retail businesses, with a large clientele of various restaurants, we happily work with small business owners of many industries.

What is Tax Planning?

Tax planning involves the detailed examination of a financial situation or plan from a tax professionals’ perspective. The purpose of tax planning is to ensure the client stays tax efficient. Through tax planning, all aspects of the carefully-crafting financial plan work together in the most tax-efficient manner possible.

Tax planning is an essential part of any financial plan, whether it be for an individual or business. Reducing tax liability and maximizing the ability to contribute to future plans are crucial for success.

Breaking Down Tax Planning

Tax planning covers multiple considerations. These include current financial standing, the timing of income, size, and timing of purchases, and planning for other expenses.

Also, the selection of investments and types of retirement plans must reflect the tax filing status and deductions to create the best possible outcome.

4 Notable Benefits to Professional Tax Planning

Tax planning looks into the future to better plan so that you can benefit as much as possible on your upcoming tax returns.

  1. Lowering the amount of taxable income
  2. Reducing the tax rate
  3. Allowing greater control of when taxes get paid
  4. Maximizing tax relief/tax credits available

With professional tax planning, your tax planner can thoroughly analyze your past situation and advise you on how to better your future returns while becoming more tax efficient.

What is Tax Preparation?

Tax preparation is the process of compiling, preparing, and filing tax forms. This requires you to meet with your professional tax preparer only once, maybe twice, a year and during the tax season. You must provide the required information and the tax preparer records and tallies up the numbers to determine whether or not you will owe money, receive a refund, and how much.

Tax preparation deals with income e and numbers from the past or that may already show up on the income tax return.

What’s the Difference between Quarterly and Annual Tax Preparation?  

Paying estimated quarterly taxes four times a year may seem like a chore. But if you plan these quarterly payments correctly, it can soften your tax burden. When tax season rolls around, you’ll have already paid your approximate tax liability.

Quarterly – If you intend to file as a sole proprietor, a partnership, S corporation shareholder, and/or a self-employed individual, you’ll generally need to make estimated quarterly tax payments if you will owe taxes of $1,000 or more.

Businesses that file as a corporation generally need to make estimated tax payments if they expect to owe $500 or more in tax for the year. If you meet these minimums, then you’ll likely have to file estimated quarterly taxes.

Annual – even though you’re paying taxes each quarter, you’re still going to have to fill out some tax forms every April.

You’ll use a Schedule C form to calculate your income or losses from your business, and then fill out a Schedule SE Form 1040 to figure out the social security and Medicare that you should have been paid throughout the year now that you have a final tally of your actual income.

Your quarterly tax payments are you manually doing what an employer would do with every paycheck – taking out Social Security and Medicare taxes – and now you have to do the "normal" part of filing an annual tax return.

Tax Resolution

Many taxpayers find it difficult to deal with the IRS themselves and look for help. Tax resolution services offer important assistance in the resolving of tax debt. A tax relief professional will work with the IRS on the taxpayer’s behalf to find a formal resolution.

Reasons Why Your Business May Need Tax Resolution

When it comes to taxes, many taxpayers may have pre-existing problems with the IRS.  

Here are some common reasons for seeking professional tax resolution:  

  • Audited by the IRS
  • Non-filed returns
  • Back taxes
  • Payroll tax issues
  • Liens & Levies
  • Wage garnishments
  • Bankruptcy
  • IRS seizures

No matter the reason for your current tax problem, Ray & Gregory, PC. is here to help you resolve your tax issues. 

With current problems solved, we provide clients with tax planning and preparation services to ensure they do not face the same problems in the future. These services proactively lower your liability, lessening the impact taxes have on your personal or professional assets.

Contact Us Today!

Our team has over two decades’ experience providing individuals and small businesses with the tax planning and preparation they need to file a timely and accurate return to the IRS.

If you are looking for unparalleled insight from a dedicated team of accounting professionals, call Ray & Gregory, PC. today to schedule an appointment.