Kaelber, Billmyer & Kaelber, LLC

In addition to the general tax preparation rules that apply to all individuals, your tax profile may subject you to special tax rules.  These special rules may apply because of your occupation, investments, or life events.  If income from your employer is pretty much the extent of your financial world, you take the standard deduction and haven’t had any big life changes, we may not be the most cost effective alternative for you.  However, our Charlottesville, Va CPA firm can certainly add value if your financial situation is a little more involved. 

Here are just a few examples of special situations where we can provide a special level of tax preparation expertise:

• You are a sole proprietor or single member LLC business owner.  In addition to your income tax returns, we can help with any other required tax filings.
• Own commercial or residential rental properties.  We can help you navigate the maze of complex real estate tax rules.
• Purchased or sold a primary residence and/or relocated to a new town or city.  We handle filing your multi-state, part-year returns.
• Recevied K-1 income from a partnership, S-corporation, trust or have K-1 income from hedge funds or other types of investments.  We labor every entry on your K-1 so you don’t have to.
• Earned foreign income as a result of being assigned to work abroad.  We can determine if you qualify and maximize the amount income that you can exclude.
• Have an interest in foreign bank accounts or own assets in countries outside the USA.  We can alert you to your required filings and get them filed.
• Are you required to file returns for multiple states?  We prepare returns for more than a dozen states and for Washington, DC filers as well.
• Need help with IRS or State Tax Department notices?  We represent clients undergoing tax audits and provide help with responding to notices.

In order to help expedite your Individual Income Tax preparation, we have a “Tax Organizer” for you to download and complete.  In it you will find a guide to gathering and organizing all the information necessary for us complete your tax return.  Please see the link at top of our home page for a current Tax Organizer.

We can help with your trust or estate tax preparation

Estates and irrevocable trusts must file income tax returns just as individuals do, but with some important differences.  Trusts have their own income tax rate schedule for income the trustee chooses to retain rather than distribute to beneficiaries.  To prevent trusts from being used as tax shelters, higher tax rates kick in at much lower income levels than for individuals.  When a trust makes a distribution, it deducts the income distributed on its own tax return and issues the beneficiary a tax form called a K-1.  Our Charlottesville CPA Firm can help with the trust’s income tax preparation.

There are two kinds of taxes owed by an estate: One on the transfer of assets from the decedent to their beneficiaries and heirs (the transfer tax), and another on income generated by assets of the decedent’s estate (the income tax).  We often see the attorney helping the family settle the estate prepare the “transfer” tax returns.  And, our Charlottesville, Va CPA Firm helps with the estate’s income tax preparation.

Our Charlottesville, Va CPA Firm provides quality tax services to LLCs, Partnerships and Corporations.

Income Taxes

Businesses generate taxable income when they have a profit after all allowable deductions are subtracted from their total revenues.  However, when the allowable deductions exceed  total revenues, then a deductible loss is generated.  In some instances the loss can’t be deducted in the current tax year and is deferred.  As the tax rules change, we advise our clients on how to qualify their allowable deductions.

The tax form used usually depends on how the business was organized.

• Partnerships file a Form 1065 information return;
• C Corporations file a Form 1120 income tax return;
• S Corporations file a Form 1120S income tax return;
• Sole Proprietorships file a Form 1040 Schedule C; and,
• LLCs might file anyone one of the above forms.

All business entity types, except for Form 1120 corporations, pass through profits and losses to the owners personally.  We assist our clients in understanding how to make the most of the organization type they’ve selected.  And, when given the chance early enough, we can help with the selection process.

Self-Employment Taxes

In addition to the income taxes on profits, a business owner may be subject to the Self-Employment tax.  The Self-Employment tax (SE tax) is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves.  You usually must pay self-employment tax if you had net earnings from self-employment of $400 or more.

Estimated Tax Payments

Some income is not subject to withholding.  This includes some income from self-employment or rental activities.  The federal income tax is a pay-as-you-go tax.  This means that you need to pay most of your tax during the year, as you receive income, rather than paying at the end of the year. We can help you determine the amount of your required estimated income tax payments.  We can also prepare the payment coupons for you.

Payroll Taxes

If you are an employer with employees, you have certain payroll tax responsibilities that you must comply with.  We can help you understand those responsibilities.  Most of our clients have their payroll administered by their bookkeeper or use an outside payroll service.  We can review all deposits made and review all payroll tax returns for accuracy.  We are happy to perform these tax services for any of our clients.

State, Local Other Taxes

Various states and localities will have employment taxes, sales taxes and other taxes that business owners must comply with.  We can alert you to what you need to do and, in many cases, prepare the filings for your business.

Our CPA Firm has a broad understanding of businesses and their tax compliance needs.  And, we provide tax services to many different types of businesses.  We provide tax services to retailers, wholesale distributors, restaurants, caterers, various types of contractors and consultants.  As well, we also provide tax services to private equity investment companies, including, real estate investors, developers and managers.

Our Charlottesville, Va Accounting Firm provides management analysis, support and consulting advice to keep your business running smoothly, so you can focus ON your business and not IN your business.

We can help you identify the trouble spots and help you to fix them before they become worse. Our objective is to help you keep your business healthy, so you can focus on what matters most…the reason why you went into business in the first place…to achieve your dreams.

Here are just some of the reasons business owners / managers hire us to:

• Add a management partner to the team.  Someone for you to bounce ideas off of.  Or, who can be an objective sounding board in the decision making process.  Someone who provides business counsel and insightful analysis.
• Provide an unbiased, third party point of view and fresh perspective that will tell you like it is.  Someone who can offer objective insight and recommendations for how you might improve your strategic focus and profit opportunities.
• Assist the ability to communicate with multiple stakeholders clearly – board of directors, bankers or investors.  We really understand the numbers, and can explain them to your audience in terms any layman can understand.
• Help you fix things faster.  While you may be able to fix any problem yourself, we can help speed up the process for you and allow you to focus on other things.
• It pays for itself.  The cost savings and profit improvements can more than make up for the fees.

During the first half of every year, our Charlottesville Accounting Firm time is consumed with the tax preparation business.  And, this is when client profitability challenges and issues often surface.  However, in the second half of the year, we work with those clients to help resolve those challenges and get them back on their way to greater profits!