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  • Tax Planning & Return Preparation

Tax Planning & Return Preparation

At TSW it is always tax season. We value the importance of addressing tax issues and strategies throughout the year. We believe the return should be the culmination of proper tax planning throughout the year. Our team of skilled and experienced professionals strive to provide you with comprehensive solutions to your personal and business finances. We continuously monitor federal and state regulatory environments, ensuring you receive every tax advantage entitled to you by law and avoid any potential complications. Our objective is to help you make better and more informed choices that will minimize your tax liability and maximize your compliance.

Our Tax Planning, Compliance and Return Preparation services include, but are not limited to:

Individuals

We partner with you to navigate the complex tax system. We will assist you with the preparation of your returns. We will also assist you in evaluating potential results of difficult financial decisions.

Corporations

Corporate taxes are complex. We will assist you with the preparation of your returns. Our expert team will partner with you to ensure compliance.

Limited liability companies (LLC)

Income taxation of LLCs is complex and can be burdensome if not handled properly. We will assist you with the preparation of your returns. Our expert team will partner with you to ensure compliance.

Trusts

Trusts can be very beneficial, but trust taxation, can be very complex. We will assist you with the preparation of your returns. Our expert team will partner with you to ensure compliance.

Estates

Estate taxation is extremely complex. We will assist you with the preparation of your returns. Our expert team will partner with you to ensure compliance.

Retirement and Benefit plans

Retirement plans are extremely complex. These plans are covered by both Internal Revenue Service and Department of Labor rules and regulations. Non compliance can lead to severe consequences. Let us help you navigate these difficult areas. We have the expertise to assist you with the preparation of your returns.

Not-for-profit organizations

Your tax exemption is too valuable to risk. We will assist you with the preparation of your returns. Our expert team will partner with you to ensure compliance. We will partner with you to assist with planning in connection with unrelated business income tax (UBTI), policies and procedures, internal controls and excise taxes.

Settlements and payment plans

Do you have tax debt. Let us discuss your options with you.

Entity selection

Entity selection might be more important than you think. Your choice of entity can affect the number and identity of shareholders and partners, equity structure, control and management, as well what kind of funding you might be eligible to receive. We can help you determine whether to operate as a corporation, partnership, limited liability company (LLC), or sole proprietor and explain the advantages and challenges associated with each entity.

Mergers and acquisitions

Let us assist you in evaluating the tax consequences of business purchases and sales, including tax consequences of transaction and purchase price allocations. 

Audit Representation

Nothing strikes fear in the hearts of people more than receiving an IRS Audit letter in the mail. Audits take significant time away from your business and family, requiring you to gather mounds of records substantiating each and every item reported on your tax return and develop a comprehensive understanding of tax law.

The IRS leaves no stone unturned in its mission to determine the accuracy of your tax return. If you don't comply with the Auditors' wishes, the IRS will recalculate your tax and send you home with a hefty tax bill as your parting gift.

Many taxpayers decide to handle a tax audit themselves, and discover they may have been "penny wise," avoiding a representative's fee, but "pound foolish," because they received a substantial bill for a significant tax deficiency.

You see, IRS Auditors are trained to extract more information from you than you have a legal obligation to provide. IRS Auditors know that most people fear them and are ignorant of their rights. As a result, they know they can use that fear and ignorance to their advantage.

Rarely do our clients even have to talk with the IRS. We handle it all for you so that you need not take time off of your business or job to handle the bureaucracy and paperwork of the IRS. No lost wages or business. You simply forward notification of an audit to us and we handle it from A to Z. 

Tucker, Scott & Wates, LLC
Physical Address: 230 Moulton Street East · Decatur, AL 35601
Mailing Address: PO Box 1130 · Decatur, AL 35602
p: 256-355-1828
f: 256-355-0489