Tax Information

For Individuals & Businesses, We Offer a Variety of Tax Services

By the Book Accounting & Tax Solutions provides expert tax knowledge and guidance to meet your needs for both businesses and personal finance. We do the hard work so you can have peace of mind that your tax and finances are being expertly taken care of. Rest assured that with our state-of-the-art technology, research and experience, we are always up to date on tax code changes. At By the Book, we believe the last thing you need for your business is unexpected financial surprises.

Our goal is simple, provide the best advice for all types of tax situations with efficiency and excellence.

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Federal, State & Pass-through taxes

The federal government and most states have income taxes. The rules and rates vary between individual states and the federal system. Federal taxes are progressive, with higher tax rates on higher income levels. Some states have a progressive tax system, while others impose a flat tax rate on all income.

Pass-through taxes are applied when your business is a sole proprietorship, partnership, or S corporation that is not subject to the corporate income tax; instead, this business reports its income on the individual income tax returns of the owners and is taxed at individual income tax rates.

Our Approach

We like to meet with the client, go over the prior year tax return, find out more about the business and their short-term goals. The process is to help the client throughout the year to manage those goals and make business suggestions. We are constantly keeping in the forefront what the business needs are and how they affect the owner's personal taxes throughout the year. We meet quarterly to discuss the goals and affects quarterly throughout the year. Keeping the teeter totter level and creating the discussions regarding best possible strategies for both the business and the owner(s) is what we strive in.

Sales Tax, Tax Credits, Tax Changes, Tax Payments

A sales tax is a consumption tax imposed by the government on the sale of goods and services. A conventional sales tax is levied at the point of sale, collected by the retailer, and passed on to the government. On your tax return, you can deduct the state and local general sales tax you paid during the year, or you can deduct the state and local income tax you paid during the year. You can’t do both.

A tax credit provides taxpayers with a dollar-for-dollar reduction of their tax bill. This differs from a tax deduction, which is a dollar amount the IRS allows taxpayers to subtract from their adjusted gross income (AGI) to lower their taxable income. A variety of tax credits are offered on both the federal and state levels to incentivize certain actions (e.g., purchasing an electric vehicle), or to offset the cost of certain expenses (e.g., raising or adopting a child). In order to qualify for a tax credit, taxpayers usually must meet a strict set of criteria relevant to that credit.

Angela says:

Sales Tax, Property Taxes, Tax Payments and changes are where the most penalties and interests are applied if not done correctly. Not only will your business be on the hook for the payments but there are certain taxes that make the owner(s) personally liable if not paid on time and correctly. We make sure each and every rule, due date and liability is paid correctly so that the client doesn't have to try and juggle several weekly, monthly or annually deadlines.

IRS Payment Plans, Phone Calls, Letters, Negotiations

A IRS Payment Plan is an agreement with the IRS to pay the taxes you owe within an extended time frame. You should request a payment plan if you believe you will be able to pay your taxes in full within the extended time frame. If you qualify for a short-term payment plan, you will not be liable for a user fee. Not paying your taxes when they are due may cause the filing of a Notice of Federal Tax Lien and/or an IRS levy action.

From time to time, you may receive various communication from the IRS. You should always consult with your tax professional for guidance on how to address any situations that may arise.

By the Book Accounting & Tax Solutions Approach

We have the knowledge and the experience to be able to write letters, conduct phone calls, and explain the process for each and every letter received. We can resolve most tax letters timely and painlessly, all while keeping the client in the loop with a reasonable timeline.