With the federal government adopting a tough stand with respect to tax evasion, seeking the help of tax consultants in preparing and filing tax returns can protect people from rubbing government in a wrong way. Tax consultants being financial experts can advise taxpayers on tax issues and legal tangles and thereby help them to plan their finances in the best possible way.

The ability of the tax consultants to use legal technicalities and interpretations to the client’s advantage can help taxpayers to arrange their operations in such a way that it would result in a lower tax bill. There is no argument against the fact that a positive balance sheet is better than remitting more money in taxes. Most of the taxpayers work hard and at the end of the year pay a large percentage of their profits to the government more than they are required to do. Seeking thorough and strategic tax planning advice from experts can help to reap the benefits of sophisticated tax planning. Advanced tax planning does not break any laws or regulations. The experienced tax consultants use laws and regulations to one’s advantage and thereby help to file tax returns correctly and on time.

Since not every tax advisor or consultant is a financial expert, taxpayers need to seek the services of professionals in the field who understand each client’s situation and apply their knowledge of the changing tax rules to plan the best business and personal decisions. Given below are some of the business and individual services provided by a best of the breed tax consulting firm.

* Entity Formation

A business entity can be incorporated under different types namely sole proprietorships, partnership, Limited Liability Company (LLC) and Corporation. The tax consultancy firm helps to select the entity type applicable and the state of incorporation.

* Business Bookkeeping

Their comprehensive online business bookkeeping services are a unique combination of quality, accuracy and timeliness. Their services include creating books from scratch, updating books periodically, maintaining them full time, providing customized management reports and becoming a part time CFO.

* Foreign Bank Account Reporting

The IRS requires U.S taxpayers to report their foreign bank and financial accounts. In order to ensure compliance with the FBAR rules, the IRS has come up with IRS Amnesty for offshore tax evaders. The tax consultancy firm assists taxpayers in preparing forms required to participate in the IRS amnesty programs and in reducing FBAR penalties.

* US Taxation

The firm provides a wide variety of services from tax filing of current income and expenses to advanced tax planning in the near future and beyond, including gift and estate tax planning and reporting.

Thus, with the help of a good tax consulting firm, taxpayers can do tax planning strategy.
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