Are you overwhelmed by complex tax laws and worried about potential penalties? Navigating ever-changing tax regulations can feel like a never-ending headache, especially when your focus should be on growing your business or managing your personal finances.
Without proper guidance, you could be paying more than you should or, worse, risk facing an audit or costly penalties. Missing key deductions or filing incorrectly can hurt your financial health and add unnecessary stress to your life.
At Jennings, Hawley & Co., P.C., we specialize in providing expert tax preparation and planning services to ensure you’re not only compliant but also optimizing your tax savings. Our team of seasoned professionals stays up to date with the latest tax laws, so you don’t have to worry. Let us handle your taxes while you focus on what truly matters.
Who is this ideal for?
- Individuals seeking to maximize personal tax savings.
- Business owners needing corporate tax planning and filing.
- High-net-worth individuals requiring estate and trust tax services.
- Anyone looking to reduce tax liabilities while staying compliant with tax laws.
- Individual Tax Preparation: Optimized tax returns for personal savings.
- Corporate Tax Services: Compliance and strategic tax planning for businesses.
- Estate & Trust Taxation: Protect and transfer assets efficiently.
- Tax Planning: Proactive planning to minimize your tax burden year-round.
With our comprehensive tax services, you’ll minimize your tax burden, stay compliant, and avoid penalties. We ensure that you get the maximum deductions, whether for personal or business taxes, and offer peace of mind through audit representation and proactive tax planning.
Let’s Maximize Your Tax Savings Today!
Schedule your FREE 30-minute consultation now and discover how we can help you reduce your tax burden and stay compliant.
- Call Us: (361) 884-8894
- Email Us: JHC@jenningshawley.com
Our tax staff offers tax services for individuals, partnerships, estates, trusts, corporations and not-for-profit organizations. We also provide comprehensive tax planning to provide the best tax situation for our clients. To ensure a quality product is delivered when preparing tax returns, each return is reviewed multiple times. During this process, each return undergoes a technical and big-picture review to make certain the best tax position is being taken. All tax returns are filed electronically to provide a speedy refund if applicable.
Federal Taxes
Navigating federal taxes can be a complex maze, but with the right guidance, it doesn’t have to be daunting. Professional assistance in federal tax preparation can make a world of difference in maximizing returns and ensuring compliance. Here’s why you should consider professional support for your federal tax needs:
Expertise: Trained and experienced professionals possess in-depth knowledge of tax laws, regulations, and updates. They stay abreast of changes that could impact your returns, helping you leverage deductions, credits, and exemptions you might overlook on your own.
Accuracy: Mistakes on tax forms can be costly. Tax preparers are adept at minimizing errors, reducing the risk of audits or penalties. Their attention to detail ensures your returns are filed accurately and promptly, giving you peace of mind.
Time-Saving: Tax preparation can be time-consuming, especially if you’re unfamiliar with the process. Professionals streamline this task, allowing you to focus on your priorities while they handle the paperwork efficiently.
Customized Guidance: Everyone’s financial situation is unique. Tax professionals provide tailored advice, identifying opportunities specific to your circumstances. Whether you’re a small business owner, a freelancer, or an employee, they can help optimize your tax strategy.
Audit Support: In the event of an audit, having a tax professional on your side can be invaluable. They can guide you through the process, substantiate your claims, and represent you before the IRS, alleviating stress during a challenging situation.
Peace of Mind: Engaging a professional for federal tax preparation grants you confidence that your taxes are in capable hands. It’s an investment in financial security and compliance.
Choosing professional federal tax preparation isn’t just about convenience; it’s a strategic move towards maximizing returns and minimizing stress. It’s a partnership that ensures your financial well-being while navigating the complexities of the tax system.
State Tax For All 50 States
Navigating the tax landscape across all 50 states in the U.S. demands expertise and precision. Our tax preparation services cater to the intricacies of each state’s tax laws, ensuring accurate and comprehensive filings. Whether you’re a resident, part-year resident, or non-resident, our team is well-versed in the diverse tax codes, credits, and deductions specific to each state. We streamline the process, maximizing your returns while ensuring full compliance with state regulations. From California to New York, Texas to Alaska, our professionals are equipped to handle the complexities of each state’s tax system. Partnering with us means having a dedicated team to expertly navigate the unique tax requirements of every state, securing your financial interests and providing peace of mind during tax season.
Canada
Jennings & Hawley delivers top-notch Canadian tax services tailored for individuals and businesses. Our seasoned professionals possess comprehensive knowledge of Canadian tax laws and regulations, ensuring precise tax preparation that maximizes returns and upholds compliance standards. Whether you’re a resident, non-resident, or a business operating in Canada, our services offer invaluable guidance on tax planning, credits, deductions, and navigating nuances like GST/HST and provincial tax variations. Partnering with Jennings & Hawley guarantees expert management of your taxes, providing peace of mind and enabling you to focus on your priorities while ensuring your financial well-being.
International Reporting
International reporting by a Certified Public Accountant (CPA) involves the preparation and submission of financial information and statements that comply with international standards and regulations. This encompasses various aspects:
- IFRS and GAAP: CPAs need to understand and navigate the differences between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). IFRS is used in many countries globally, while GAAP is predominant in the United States. Understanding these standards is crucial for accurate reporting, especially for multinational companies with subsidiaries in different countries.
- Cross-border Transactions: CPAs assist in reporting financial transactions that occur across borders. This includes understanding the implications of foreign currency exchanges, transfer pricing, and international tax laws. They ensure these transactions are accurately recorded and reported in compliance with relevant regulations.
- Financial Statements: Preparation of financial statements according to international standards is a core aspect of international reporting. This involves presenting information such as balance sheets, income statements, and cash flow statements in a format that aligns with international accounting standards.
- Compliance and Regulations: CPAs help businesses adhere to various international regulations and reporting requirements. This might involve compliance with regulations such as the Foreign Account Tax Compliance Act (FATCA) or the International Financial Reporting Standards (IFRS) for publicly traded companies operating in multiple countries.
- Risk Management: Assessing and managing risks associated with international operations is another key role of CPAs in international reporting. They evaluate risks related to currency fluctuations, political instability, and regulatory changes, offering strategies to mitigate these risks.
Overall, international reporting by a CPA involves a comprehensive understanding of global accounting standards, financial regulations, and the ability to apply this knowledge to ensure accurate and compliant reporting for businesses operating internationally.
Franchise Tax
Franchise tax services are the cornerstone of ensuring smooth financial operations and compliance for franchise businesses. Our specialized services cater to the intricate tax requirements specific to franchise operations. We understand the complexities of franchise tax laws, ensuring accurate and timely filings to prevent penalties or audits. Whether you’re a franchisor or a franchisee, our expert team provides tailored guidance on tax planning, deductions, and credits available within the franchise realm. By partnering with us, franchise owners gain peace of mind, knowing that their tax obligations are meticulously handled, allowing them to focus on business growth and success. Our dedicated franchise tax services aim to optimize financial outcomes while ensuring strict adherence to all franchise tax regulations.
Financial Statement Preparation
Financial statement preparation is the bedrock of a company’s fiscal health and credibility. Our services meticulously craft accurate and comprehensive financial statements that serve as a true reflection of your business’s financial standing. From balance sheets to income statements and cash flow statements, our expert team ensures precision in every detail. We understand the critical role these statements play in decision-making for stakeholders, investors, and regulatory bodies. By entrusting us with your financial statement preparation, you guarantee transparency, compliance, and a clear representation of your company’s financial health. Our dedication to accuracy and attention to detail allows you to confidently navigate financial landscapes, make informed decisions, and showcase your company’s strength and stability to stakeholders and investors alike.
Professional Tax Preparation
Tax season can cause people to feel all kinds of emotion, including some feelings of anxiety about how much you may owe. This can cause some people to procrastinate, but it can also create feelings of fear of an IRS audit. Some people may feel some sense of anticipation over getting a refund. All of these feelings are normal. But the more complicated your tax situation is, the more concerns you will most likely have. To alleviate any feelings of stress, it’s a good idea to hire a professional for tax preparation so you can come up with a solid financial planning strategy.
The Difference Between Tax Preparation and Tax Advisory
Tax preparation refers to the process of preparing federal, state, or local tax returns. Tax advisory is a service that includes analyzing financial and tax problems, coming up with solutions, and making recommendations that are meant to provide advice on taxation for clients (both individuals and businesses). A tax advisor can help someone to translate personal and/or business goals into a series of targeted actions that are meant to maximize their tax position, while tax planning can help clients to understand the tax consequences of every financial decision.
Both tax preparers and tax advisors can participate in the preparation and/or advising on:
- Federal and state individual income tax returns.
- Federal and state corporate tax returns.
- The tax consequences of acquiring existing businesses and business assets.
- Estate tax planning.
- Individual and corporate tax planning.
- The tax consequences of corporate and real estate transactions.
- The tax efficiency of proposed gift and charitable contribution programs.
- The tax impact of income and deductions, contributions, as well as major purchases and investments.
- The representation of clients in tax negotiations and disputes with the IRS.
- The representation of clients in IRS, state, or local audits.
- Property tax assessments.
- Tax advice to executors and trustees.
- Tax credit reviews to determine the maximum amount of allowable credits.
- Value Added Tax (VAT) services.
While they may be involved in other areas, these are some of the more common ones.
Why You Should Hire a Professional for Tax Preparation
Here are some reasons why hiring a professional tax preparer can be beneficial:
- It can avoid costly mistakes — Tax preparers and CPA’s know which mistakes can be the most expensive. Missing a tax credit or exemption, for example, can cost you a significant amount, but even simple math errors and filing under the wrong status can cost you as well. Hiring a professional for tax preparation will reduce your chances of making these mistakes, which can save you money in the long run.
- It reduces your risk of being audited — Many people agree that using a professional for tax preparation can reduce your risk of being audited by the IRS. CPA’s can find any inconsistencies in your tax returns that would be considered “red flags” to the IRS. They know about any recent changes to the tax laws, and they can advise you on how to avoid any issues that could attract any unwanted attention.
- It gives you access to a tax professional if you’re audited by the IRS — The odds of you getting audited by the IRS are slim. But if it does happen, you’ll have access to a tax professional who can be a trusted point of contact that can walk you through the process. In fact, their advice will be invaluable while you’re dealing with the IRS.
- Possible increases in tax refunds and decreases in tax liability — A professional tax preparer may know about an exemption or any recent changes in the tax laws that can work in your favor, so it could save you money on your tax bill. It will give you the ability to implement a tax-saving strategy that you wouldn’t have otherwise known about, which could benefit you financially over the long term.
- It can reduce your anxiety level and give you peace of mind — If you hire a professional for tax preparation, you won’t have any doubt about whether your returns are being prepared correctly. All of the different tax angles and strategies are being taken into consideration, while they’re being used to your benefit. This will give you more peace of mind during tax season.
Tax Preparation FAQ
The process of tax preparation involves the gathering and organization of financial information for the purpose of filing tax returns — all while applying certain legal rules. This process can apply to individuals, partnerships, estates, trusts, corporations, and non-profit organizations. While you can do it on your own, it’s a good idea to leave it to a professional because tax laws can change. The amount of paperwork can also be overwhelming. You can even cheat yourself out of money by not knowing how to complete the forms.
Here are some common questions people ask about tax preparation:
You have a lot of options when it comes to lowering your tax bill through adjustments, deductions, and credits. Tax deductions allow you to reduce your taxable income, while tax credits give you a way to reduce your tax liability. If you earn income from a job, you can often reduce your taxable income by contributing to an employer-sponsored retirement account (such as a 401(k)) or your own individual retirement account (IRA). You may also have a high-deductible health plan through your employer in the form of a health savings account (HSA) or a flexible spending account (FSA).
If you have dependents, you might be able to qualify for a Child Tax Credit, which is a partially refundable credit that’s meant to reduce the cost of raising a child. This credit is worth up to $2,000 for each qualifying child, and it will lower your tax bill “dollar for dollar.” There’s also the Child Care Credit, which can give you a credit of up to $2,100 for qualifying expenses related to the care of your dependents.
Almost everyone will be able to qualify for the Standard Deduction or a series of itemized deductions, which can be used to reduce your taxable income. They’re usually the largest deductions available to you. Employees can often deduct contributions they have made to IRA’s, HSA’s, and FSA’s when they prepare their Form 1040. You might be able to deduct student loan interest if you meet certain income requirements. You also might be able to deduct any home mortgage interest as well as state and local taxes.
If you have a side hustle, work as an independent contractor, or own a small business, you can deduct any “qualifying costs” associated with the running and maintaining of your business. This can include anything related to a home office as well as any supplies end equipment. You can even deduct expenses related to self-employment tax, utilities, as well as health and business insurance.
The United States uses a progressive tax system, which means you pay a higher rate when you earn more income. There are seven tax brackets for 2023 and 2024. The lowest one starts at 10% on the taxable income of $1, and the highest starts at 37% on taxable income above $578,125 for single filers ($693,750 for married couples who are filing jointly). The bracket that your last taxable dollar falls under is known as your “marginal tax rate.”
Your effective tax rate is different from your marginal tax rate, because it reflects your average tax instead of your highest tax bracket. If you have some income that’s taxed at 10% and some at 15%, your effective tax rate would be an average that falls somewhere between the two. Just divide your total tax by your total taxable income, and you’ll have your effective tax rate.
The IRS allows you to deduct qualifying medical expenses that were left unreimbursed, which should exceed 7.5% of your adjusted gross income (AGI). Some of them can include the following:
– Preventative care.
– Medical treatments.
– Surgeries.
– Dental and vision care.
– Psychologist and psychiatric visits.
– Prescription medications.
– Prescription appliances (such as glasses or contacts, false teeth, or hearing aids).
– Travel expenses that were paid to receive medical care (including mileage, bus fare, and parking fees).
The amount you can deduct will depend on several different factors, but it will mostly depend on your income and whether you itemize your deductions or take the Standard Deduction.
In 2023, the Standard Deduction was $13,850 for single taxpayers and $27,700 for married couple who were filing jointly. You should calculate your itemized deductions and compare them to the Standard Deduction every year, so you can get the most out of your available tax savings.
If you’re looking for a CPA in Corpus Christi that can help you with your tax preparation, be sure to get in touch with Jennings & Hawley. We have a team of people who would be happy to speak with you about your specific needs!