For many individual taxpayers, the filing of a tax return can be a complicated process. A lack of knowledge of the tax code can cause a taxpayer to miss various deductions or exemptions, and as a result, could lead to an unnecessary overpayment. Furthermore, if a return is filed incorrectly, this could lead a taxpayer to face possible serious repercussions from the IRS, and no one wants that.
As important as the filing of a tax return is, the planning should take place throughout the year, before a tax liability is incurred. This is due to the fact that once a tax year is over, there are only limited actions that can be taken to reduce the liabilities incurred during the year. The most effective way of reducing taxes is through properly planning and taking action before any taxable situation occurs.
At Ikom Partners, our CPAs and tax professionals provide the services of tax planning and return preparation. Whether your tax situation is fairly simple or quite complex, we can help you integrate an effective tax plan into your overall financial structure. We can help you pull the pieces together in order to see the whole picture.