Tax Preparation Services
FMS’s team has the experience to ensure you maximize all the tax laws available to you and your business.
Understanding the US tax framework can be complicated and stressful, and not planning can result in the loss of your hard-earned money. Finding out you do not have all the paperwork required, compromising on accuracy, or even missing your deadline to file are some of the risks you can encounter when preparing your income taxes. Waiting longer will not make it any easier either. That’s why you may want to consider professional Tax Preparation Services.
FMS is the expert in accounting solutions for independents, and we are leveraging our knowledge and recent acquisitions to create the most specialized income tax service solution. Our team knows all the rules that tax software won’t do automatically.
Are you taking advantage of expiring provisions? Did you receive a PPP loan? How do loan forgiveness alternatives translate when it comes to taxes?
Our team’s experience and efforts extend beyond business tax preparation which is just one of many reasons our clients trust our accounting services. We offer an all-in-one place to do the accounting & prepare the tax returns without going to an outside accounting firm.
- Individual and business tax preparation
- Seamless transition from accounting to taxes
- Cost savings with a quick turnaround
- Planning & projections by year-end
Why use FMS Tax Preparation Services?
- We help you plan for possible transfer of ownership to family members, using a grantor trust is a good option.
- We show you how fixed asset additions are treated by taking advantage of depreciation alternatives.
- We use a tax checklist that will make sure taxpayers include all items on their returns & also possibly alert them to items they wouldn’t pick up on.
WOTC Screening Services
Did you know that the WOTC is a use-it or lose-it credit? Around 10% of all employees hired could be eligible for a federal or state tax credit to the employer. FMS’ Tax Screening services make sure you are getting all of the tax credits currently available. Some customers can see up to $18,000 in tax credits for every 100 people hired.
Frequently Asked Questions
There are various on-going Federal and State employment-based Federal and State tax credits and incentives to businesses that hire employees in certain economic classes or areas.
FMS has partnered with HR Screening Services, Inc. to offer a custom program for retailers to secure these credit monies.
The Work Opportunity Tax Credit (WOTC) program offers employers a credit against their tax liability for hiring individuals from ten targeted groups including recipients of Temporary Assistance for Needy Families (TANF), veterans, ex-felons, the long-term unemployed, and others.
FMS provides all the forms and instructions to implement the program. It is very simple for the retailer. As part of your hiring practice, you have the new hire fill out 2 government forms (total of 3 pages takes 2 minutes) and send in. FMS does the rest.
FMS charges 25% of the tax credit amount secured. During the first year, this fee is not payable until the end of the year when you file your taxes and take the credit. Every year thereafter it is payable bi-annually. There is no cost to signing up. FMS supplies the initial forms and instructions.
Based on past experiences with companies from many different industries, FMS suggests the following formulas when calculating yearly tax credit income:
1) Formula One for industries like retail, restaurants, temporary staffing services, or manufacturing: 10% of all applicants are certified with an average credit of $1800 per applicant. $18,000 in tax credits for every 100 people hired.
2) Formula Two for industries like banking and low turnover industries:
- 5% of all applicants are certified with an average credit of $1800 per applicant
- $9,000 in tax credits for every 100 people hired.
Credits per program