Our Tax Services include:
- Partnership Tax Services
- Corporations (S & C)
- Prior Year & Late Filing
- Amended Tax Returns
- Electronic Filing
- IRS Resolution Assistance
- Virtual Bookkeeping
Managing and filing your personal taxes can be a long, confusing process. We want to help you save time and money by offering you a variety of individual tax services.
Changes in your life or in the tax world may mean that there are new opportunities for you. We take these changes into account when providing you any of our individual tax services in order to best serve you and your needs. We focus on each of our clients’ individual needs because we know that you’re unique and so is your tax situation.
Tax Services We Provide For You:
Annual Tax Filings: Our tax experts stay up-to-date on the latest laws surrounding the tax industry. Ensure your annual filings are processed correctly following the latest laws and allow our experts to find savings that you may not have known you qualified for!
Bankruptcy: There is life after bankruptcy, and that life includes filing your taxes. We will help you navigate taxes post-bankruptcy and help you get back on your feet financially.
Divorce: Though taxes may be the last thing on your mind during this time, they’re still important. We can help you figure out filing status, exemptions, and payments if necessary.
Purchases and Sales: If you’ve recently made a big purchase, it will have an effect on your taxes. That boat won’t pay for itself! On the other hand, if you’ve recently made a big sale, that will also have an effect on the way that you file your taxes this year. Let us help you decide on how to claim your purchase this year.
Family Additions: Are you experiencing a family change and not sure if you now need to claim a dependent or not? We can help you figure out if you have any qualified dependents and how to file your taxes accordingly.
Career Changes: If you’ve recently started a new job, many changes are in order, filing taxes being an important one. When figuring out W-2’s and miscellaneous expenses dealing with a new career, it can be tough. That’s why we’ll do it for you!
Individual Tax Planning
We also offer individual tax planning. Tax planning helps you in case you’re experiencing a change and aren’t sure how it will impact your taxes.
Options That Fit Your Needs
We want doing your tax returns to be an easy, convenient process for you. That’s why we offer two options of doing your returns with us. You can always drop your information off at our office and we will call or email you with questions, or we can set up a meeting and go over everything together in person.
Creating a formal partnership is a huge step in the process of owning a business. A partnership works together to make sure their business is the best it can be, contributing time, money, and effort into making their dream work.
There are many things that you can do as a partnership, and file your taxes is one of them. A partnership is required to an file annual information return to report the income, losses, deductions, and gains from its business but is not required to pay an income tax. Any profits or losses are passed through each of the partners. Partners are not employees, and therefore should not fill out Form W-2. They do, however, need to have a Schedule K-1 (Form 1065) filed by the date required on the form.
Here’s what you need to know about partnerships and how we can help you with them.
As a partnership:
You must file for the annual return of income, which Form 1065 does for you.
You are also liable for employment taxes, including Social Security, Medicare, income tax withholding, federal unemployment tax and depositing employment taxes. For these, you will need to file two to three different forms depending on the area that you work in.
If you qualify to pay an excise tax, we will walk you through the process of filing those forms.
As an individual in a partnership:
You may be liable for income tax. If so, you will need to file Form 1040 as well as the supplemental income and loss forms.
Since partners in a partnership can be self-employed, they might be required to pay tax on that. You will need to file Form 1040 as well as supplemental Schedule SE. Partners may also be liable for estimated tax, which can be filed through Form 1040-SE.
Owning or controlling a business is a lot of work, and there are a lot of forms required in order to operate your business as smoothly as possible. At Selby Tax & Accounting Services, we are here to help you sort through the paperwork and help you properly get through it so you can start and manage your business with ease.
We can set up an appointment with you to sit down and talk about the best filing options for your business. Call us at 616-613-3222 to set up a time to meet!
Whether you have a business already or are looking to start a new business, there are usually a lot of decisions that you need to make. Some of those decisions are the businesses tax and filing status.
With Selby Services, we can sit down with you and evaluate whether you should be an C Corporation or an S Corporation; whatever your decision, we can help you with your taxes!
A C Corporation is the standard status for most corporations, while an S Corporation holds special status with the IRS.
Both types of corporations share many of the same qualities:
● Limited liability protection: Owners are not held responsible for the business debts and liabilities.
● Separate entities: Both types of corporations are separate legal entities.
● Structure: Both have shareholders, directors and officers. The shareholders are the owners of the company and can elect the board of directors that oversees and directs corporation affairs and decision making. The directors, in turn, elect the officers to manage daily affairs.
● Corporate formalities: Both types of corporations must follow the same internal and external formalities and obligations.
Both types of corporations are also different in a few ways:
● Taxation: The biggest difference between C and S Corporations is the way they are taxed.
○ C Corporations: C Corporations file a corporate tax return and pay taxes at the corporate level. They also could be double taxed if the income is distributed as dividends, which are considered personal income.
○ S Corporations: S Corporations file an informational federal return, but no income tax is paid at the corporate level. The profits or losses of the business are passed through and reported on the owners’ personal tax returns. Any tax due is paid at the individual level.
● Corporate ownership: C Corporations have no restrictions on ownership, but S Corporations can have no more than 100 shareholders, and those shareholders must be U.S. citizens or residents. S Corps can’t be owned by C Corps, other S Corps, LLCs, partnerships, or trusts. C Corporations provide a little more flexibility when starting a business if you plan to expand your corporation.
Whatever your needs are as an existing or newly beginning corporation, Selby Tax & Accounting Services is here for you every step of the way! Call us today at 616-613-3222 to set up an appointment to talk about your corporation.
de a little more flexibility when starting a business if you plan to expand your corporation.
Here at Selby Services, we want to make doing your taxes as easy as possible for you. That’s why we offer prior year return printing and late filing options.
Prior Year Services
If you need to file back tax returns, we will help you gather the documents needed. It’s a multi-step process, and you will have to provide your own W2’s and 1099’s, but we will provide any other forms you need, like 4506-T. We can also provide the forms from the year you are filing in and the instructions from that year as well.
Late Filing Options
If you missed the deadline to file your taxes, you can file them late. Selby Services can guide you through the process. You should file all tax returns that are due regardless of whether or not you can pay them in full.
Why file now?
– To avoid penalties
– File your return as soon as you can and pay as soon as you can to limit the interest charged to you or late payment penalties
– Make sure you claim your refund
– If you don’t file your return, you risk losing your refund. The IRS can hold your refund if one or more income tax returns are past due.
– Avoid future issues getting a loan
– If you happen to apply for a loan, your approval may be delayed if you don’t file your return. Copies of your tax returns must be submitted to financial institutions, so any time you want to make a money decision, you could be affected by not filing your return.
At Selby Services, we can help you through the process of late or prior year filing. Stop in or call us at 616-613-3222 to set up an appointment today!
Your life is constantly changing, whether you get a new job, buy a new house or even start your family and have a baby. There are plenty of things that could happen that could affect your filing status on your taxes. Usually, the IRS can correct small things, but if there is a change in your filing status, income, credits, deductions or dependents, then we can help you file an amended tax return!
Amended tax returns can’t be filed electronically, so you will have to file everything by paper. You will have to file Form 1040X to correct a previously filed 1040, 1040A or 1040EZ, and you have to do so within three years of filing the original return – so get on it!
There are a lot of things to know before filing an amended return. To get you started, you should wait until you have received your original refund before filing an amended return. If you owe additional taxes, you should file the 1040X and pay the tax before the due date, just to limit interest or any penalty charges.
Your state tax liability may also be affected by a change made on your federal return. Call Selby Tax & Accounting Services at 616-613-3222 to set up an appointment so we can walk you through exactly what you need to do when filing an amended tax return!
Filing taxes can be confusing, no matter how you do it. With so many people transferring to electronic filing, and the quicker turn around on your refund, it might seem like the obvious choice to file electronically, but there are still a lot of questions that present themselves. Since the system is so new, sometimes the forms and questions are unclear, your computer might glitch, and by the time you’re done you don’t know if you’ve accomplished what you were supposed to. You might be unsure that you’ve filed correctly or that you’re getting everything back that you deserve. At Selby Tax and Accounting, we want you to know that we are here for you, however you want to file your taxes.
It is widely acknowledged that electronic filing is a much safer way to complete your taxes since your information goes directly and immediately to the IRS, instead of finding its way there through the mail or through multiple sets of hands. Though it is much safer, it’s not necessarily less confusing. Now, in addition to the tax jargon, you have to deal with technology and some of its inevitable pitfalls. Take the worry out of your taxes by letting Selby tax professionals help you. Our tax experts will make sure that your taxes are filed correctly and safely, so that you get the most money back, and are in perfect accordance with IRS expectations.
Provide services to anyone anywhere
Income Tax Prep
How does it work?
Scan/email documents to us (receipts, bank statements, invoices, etc)
We do all the bookkeeping tasks
We provide reports as requested
We can even file your taxes at year-end
Experienced accountants and CPAs working on your books
No additional overhead of hiring an on-site bookkeeper and no employee turnover
You can concentrate on working in your business and not have to worry about keeping your books
We can take your books from start to finish…receipts to tax return
Have you received calls from the IRS? Are you experiencing serious problems with your taxes? The first thing you should know is that you’re not alone. At least 26 million Americans disagree about what they owe the IRS, or simply cannot afford to pay the taxes they owe. If you’ve recently found yourself in a sticky situation regarding your taxes, Selby Tax & Accounting can help. Whether you’ve recently gone through a divorce, are experiencing unemployment, or have had a serious illness, we’re here to help you sort out your finances and get you back on track with your taxes.
It can be frustrating and confusing to deal with the IRS. Oftentimes they use language you’re not familiar with, and reference in-depth tax-related topics that you might not understand. Add that to the fact that the IRS has the power to seize your assets as long as you owe federal taxes, and it can be an altogether stressful experience. At Selby, we’re here to take some of that worry off of your shoulders, and get you back to a manageable state in terms of taxes. We’ll explain to you, in real words, what the situation is, look for a solution, and provide you with your possible outcomes. You’ll be able to rest easy knowing that the resolution of your dispute with the IRS is in the hands of experts.