TAX SERVICES
Torkelson & Associates’ tax advisors will ensure that you are making the right tax decisions for you, your family, or your business.
Our approach to tax planning involves more than just a review of your previous year’s taxes. We work with you to set strategic business or personal goals, advise you about the various tax implications you currently have, or may anticipate having based on your type of business, then create proactive tax plans to meet those goals.
Tax preparation and tax planning are two sides of the same coin.
Having your taxes thoroughly and carefully planned will ensure that your business continues to thrive. Careful tax preparation also helps to ensure your business will thrive. Trust the Torkelson & Associates tax accounting team to help you prepare and plan for the future.
We can also help you find practical strategies for tax planning with the following services:
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- Establishing legal ownership of assets
- Advice on using life insurance, annuities, and long-term care insurance
- Asset protection techniques
- Increasing IRAs and retirement plan values
- Tax, estate, and business succession planning
Our tax preparation and planning services are very comprehensive. Call us for an evaluation of your tax accounting needs. We think when you compare the difference between the service you are presently receiving and what we can do for you, you’ll want Torkelson & Associates to handle all your tax-related needs.
Our team will work with you
on the following tax services:
At Torkelson & Associates CPAs, LLP, the quality of our tax advice is embodied in the remarkable list of individuals who depend on our tax services. Our clients expect and receive the quality of service and personal attention that are the hallmarks of our business.
Our team will guide you through a full range of personal income tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your return, and keep you on track to your financial goals. Our expertise, experience, analysis, and thorough research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws. We are knowledgeable and up to date on the tax laws and can make sense of your receipts, bills, and notices.
At Torkelson & Associates CPAs, LLP, our tax services are designed to provide recommendations that complement our clients’ overall business strategies, product offerings, and investment decisions. We strive to be an invaluable business partner for your company.
We provide guidance to our clients through a full range of business tax planning and preparation decisions with strategies that:
- Minimize your tax liabilities
- Maximize your cash flow
- And keep you on track to your financial goals
We also keep your management team informed of tax law changes that may impact your tax liabilities or provide your business with opportunities that can enhance your business financial planning strategies.
Our expertise, experience, analysis and thorough research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws. We are knowledgeable and up-to-date on business tax law and will be the organizational team you rely on to manage your receipts, bills, and notices.
We are experienced in sole proprietorships, partnership, LLC, corporation, estate, trust, and nonprofit business tax preparation. We offer Income Tax Preparation & Planning for:
- Form 568, California LLC (Single Member LLC)
- Form 1065, U.S. Return of Partnership Income and all related forms
- Form 1120, U.S. Corporation Tax Return and all related forms
- Form 1120-S, U.S. Income Tax Return for an S-Corporation and all related forms
- Estimated tax calculations
- Year-end tax planning to reduce business taxes
Effective estate and trust planning can ensure financial security for your loved ones. For your business, it allows for the efficient succession of ownership.
Torkelson & Associates can help you navigate the ever-shifting and complex tax laws to make the transfer of assets a smooth transition and to minimize the tax liability of beneficiaries or successors.
Having a well thought out plan for disbursing your estate will avoid complications and ensure your trust is executed as you wish. Having your taxes and estate thoroughly and carefully planned will ensure that your loved ones don’t have any complications to deal with during a time of loss.
Our services include but are not limited to:
- Decedent’s Final Individual Tax Return (Form 1040)
- Estate Tax Return (Form 706)
- Estates and Trusts Tax Returns (Form 1041):
- Administrative Trust
- Simple and/or Complex Trust
- Grantor-Type Trust
- Special Needs Trust
- Estate
- Gift Tax Returns (Form 709)
- Charitable Trust Tax Returns (Form 5227)
- Estate and Trust Planning
- Court Accounting
- QuickBooks for tracking decedent’s income and expenses
- Sub-trust Funding
- Date of Death and Alternate Date Valuations
Professional representation can be vital during an IRS or state income tax audit. Our experience with tax authorities enables us to guide our clients in their dealings with federal and state agencies, particularly in California, where we are based. If you have been chosen for an audit, the professional representation and integrity you will find with our firm can put many of your worries to rest. We are ready and willing to answer any and all questions the IRS or state agency may be asking of you.
We can also clarify and respond to a notice or letter received from federal and state agencies.