Individual, Corporate, Estate and Trust Tax Preparation

Individuals, Businesses, Estates and Trust Tax Preparation

Tax Services for Individuals, Businesses, Estates and Trusts in Phoenix, AZ

There are dramatic differences between tax preparation, but also some broad commonalities in terms of goals and processes. Every taxpayer, whether an individual, business or estate, must file their tax returns and maintain compliance with relevant tax laws. They all have an incentive to minimize their tax burden through the use of deductions, tax credits, exemptions or various creative structuring to limit tax liability. And in most cases, they’re required to maintain thorough records and documentation.

Despite these commonalities, the specific tax issues, strategies and compliance requirements may differ depending on the taxpayer type. For example, businesses have unique concerns related to payroll taxes, sales taxes and corporate tax structures, while estates and trusts face specific regulations regarding estate taxes, gift taxes and fiduciary responsibilities. 

The overarching goal of tax services for all these entities remains consistent: ensuring tax compliance, minimizing tax liabilities and providing expert advice and guidance on tax-related matters. H&H Accounting Services is dedicated to providing accurate, accountable and worry-free tax preparation services for private, institutional and business clients of all types in Phoenix. 

Call us today at (480) 561-5805 to learn more about your options.  

Tax Preparation for Individuals in Phoenix

Individual tax preparation services are intended to help individuals with accurate and timely filing of their personal income tax returns. These services help individuals navigate the complexities of tax laws, regulations and filing requirements, ensuring they comply with tax obligations and take advantage of available tax-saving opportunities. Some of the individual tax filing services our team can offer include:


Income reporting: We help individual filers gather and report all sources of income, including wages, salaries, self-employment income, investment income, rental income and any other income received during the tax year.


Deductions and credits: Our team can help you identify and claim applicable deductions and credits, such as the standard or itemized deductions, child tax credits, education credits and other tax benefits to minimize your tax liabilities.


Tax calculations: We determine our client’s individual taxable income, tax liability and any applicable penalties or interest they owe, ensuring the accuracy of all computations.


Filing status determination: Help you determine the most appropriate filing status based on your personal circumstances, such as single, married filing jointly, married filing separately, head of household or qualifying widow(er) with dependent child.


Tax form preparation: We’ll complete and file the required federal and state tax forms on your behalf, ensuring that all information is accurate and submitted by the appropriate deadlines.


Electronic filing: We offer electronic filing (e-filing) services to expedite the processing of tax returns, so you receive faster refunds.


Tax planning and advice: Our CPA and tax preparers can provide personalized advice and guidance on tax planning strategies, tax law changes and the tax implications of various financial decisions.


Representation before tax authorities: If necessary, we can represent clients before tax authorities, such as the Internal Revenue Service (IRS), in the event of audits, disputes or other tax-related issues.




Why Do Estates or Trusts Need Tax Preparation Services?

Estates can have several tax obligations, depending on the specific circumstances of the estate. 

The estate may need to pay an estate tax on the transfer of property after someone passes away. The minimum estate value that triggers the estate tax changes regularly. In 2022, the estate tax exemption applied to people worth $12.06 million or less. The limit has increased to $12.92 million in 2023. High net-worth individuals should strongly consider discussing their inheritance plans with a CPA when considering the tax implications of an estate plan. Estates and heirs may also be subject to a separate inheritance tax. 

These types of estates frequently earn various types of income during administration (dividends, interests, etc.) which is subject to traditional income tax or capital gains taxes if assets are sold at a profit. 

Estate tax planning often involves finding ways to minimize the estate’s overall size and valuation through things like gifting prior to death or creating separate trusts to hold assets. Certain types of trusts may have more beneficial implications that can limit tax liabilities. 

A comprehensive estate plan may involve both estate tax planning and trust tax planning, but the specific strategies utilized will depend on the individual's goals and circumstances. People who are working on an estate plan nearly always do so with an estate planning attorney, but they sometimes neglect getting a tax professional’s input on their plan. Working with a tax professional may allow you to develop an effective plan for limiting your estate’s tax liabilities.

Why Should Your Business Work with a Tax Preparer? 

  1. Compliance: Business taxes can be complex and often require compliance with various federal, state and local tax laws and regulations. A tax professional can help ensure that your business follows all applicable tax laws and regulations, reducing the risk of costly penalties or legal issues.
  2. Accuracy: Business tax returns require accurate financial reporting and calculations, which can be time-consuming and complex. A tax professional has the expertise to ensure your business tax returns are accurate and that you are taking advantage of all available tax deductions and credits.
  3. Efficiency: Preparing and filing business tax returns can be a time-consuming process, especially for small business owners who may already be stretched thin. By working with a tax professional, you can free up time to focus on other aspects of your business, such as managing operations, marketing and customer service.
  4. Minimize tax liability: A tax professional can help identify tax-saving opportunities that may not be immediately apparent to a business owner. This can help reduce the overall tax liability of the business and save money in the long run.
  5. Enhanced planning: A tax professional can help with tax planning, which involves developing strategies to minimize your business's tax liability in the long term. By working with a tax professional on tax planning, you can develop a tax strategy that aligns with your business goals.


Working with a business tax professional at H&H Accounting Services can help ensure your business is in compliance with all relevant tax laws and is filing accurate returns that maximize your tax savings opportunities. This can save your business time and money while allowing you to focus on growing your business.


Schedule a free one-hour consultation with our team by calling 480-561-5805. 


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