Minimize your tax exposure with a trusted expert who understands your financial picture and can assist you through the complicated tax code. At DVF, our team of experienced tax professionals is committed to helping individuals, businesses, and estates with tax preparation and planning. Detail is crucial, and we will help you minimize your tax liability – down to the penny.
More than just tax prep
Taxes play an important part in business decisions. We strive to work with our clients to plan their transactions in order to minimize their federal and state taxes. With offices in Murfreesboro and Lebanon TN, our tax preparation and planning services include the following:
- Business entity tax preparation and planning
- Individual tax preparation and planning
- Estate, trust and gift tax preparation and planning
- Individual tax preparation
- Year-end tax planning
- Nonprofit tax preparation
- Qualified retirement plan (ERISA) tax preparation
- Entity organization and structure planning
- Review tax implications related to contractual agreements
For tax resources, visit our Resources page to browse tax forms along with our client tax organizer and news on tax changes from the recent plan.
Contact
Murfreesboro | 615-893-6666
Lebanon | 615-444-4125
Importance of tax preparation and tax planning
For many, the thought of doing their own taxes either as an individual or business can be burdensome. Paying the right tax amount is important, but it’s also essential that you do it correctly in order to claim back what you can in terms of tax relief and expenses.
Therefore, Dempsey Vantrease and Follis are here to help anyone who needs guidance when it comes to their taxes.
In turn, there are different types of tax that you might need to know about whether you’re a sole trader or you’re a business. This can definitely be hard to keep up with if you have to do it all on your own. However, tax preparation and planning are important to ensure businesses are reaching their goals and that you’re holding on to as much of your money as you possibly can do.
By having a tax plan in place, a business can lower the amount of the taxable income and can control more of when taxes are paid. As a result, the rate of tax can also be reduced. Depending on the business type, there are a range of different benefits available, and that can be something that we can explore with you if you use our services.
Moreover, for individuals who have to do their own taxes, it can be a case of staying organized and likely setting aside tax money in an account that you don’t touch. However, it’s important to have a tax plan and to prepare this by understanding how much you should be paying.
Tax Services FAQ
Why do individuals and businesses need tax services?
Both individuals and businesses can benefit from tax services to help alleviate some of the stress and effort that comes with tax returns and payments. No one wants to pay too much tax, or too little and so many will look to tax services where it’s handled by professionals who have more tips and insight when it comes to tax preparation and planning.
By requesting tax services, you can minimize federal and state taxes. Some of the typical services you’d expect to pay for would be either business or individual tax preparation and planning. You could also get help with any estate and trust tax preparation and planning too. For some businesses, there might be nonprofit tax preparation needed and perhaps occasions where tax implications need to be reviewed in relation to contractual agreements.
As much as it might save you money doing it alone, there is more scope for things to go wrong and a lot more work to do on your end.
What are the advantages of hiring a CPA if you are self-employed?
A CPA, or otherwise known as a certified public accountant, can help individuals that are working for themselves and therefore don’t have the luxury of the tax being already sorted for them.
As a sole business owner, you don’t get sick or holiday pay, and when it comes to paying taxes, not everyone is as knowledgeable when it comes down to what you can claim against. When you’re self-employed, you may be able to take advantage of multiple benefits, which can include reducing your tax payments and maximizing your overall profits.
It’s all about detail, and when you choose a certified public accountant, they’ll be able to navigate all the elements that you might miss if doing your taxes alone. Along with the added help and guidance in tax preparation and planning, it’s worth the investment into your finances.
When should you hire a CPA firm as a business?
When it comes to your business, you might be in the beginning stages of setting it up, and there will come a time where you should be hiring a CPA to help with your tax. In turn, This is usually once the end of the tax year comes around, regardless of whether you’ve been operating and generating an income for a few months or several.
For example, if you only have a low volume of transactions coming in, then it might be pretty manageable to do it alone. It’s all dependent on the knowledge you have yourself and how capable you feel you are in doing it. It can also depend on the time and resources you have available to you.
However, there will come a time where you might get to the point where it is overwhelming you, and you need professional guidance and additional help to keep track of your books.
This may also be the point where your business is growing and developing. Therefore, you will need additional guidance when it comes to cash flow forecasting and to understand more about your finances as a whole.
Above all, hiring a CPA firm for your taxes isn’t just the only thing that’s provided but expert advice on how to make your money go further. A CPA could help you find the right type of finances when it’s needed as a business so that you’re not getting yourself into the wrong deals.