Tax Prep services are only available to taxpayers with businesses who are also using our Tax Planning, Accounting or Consulting services.
Tax planning and tax preparation are related but distinct activities in the field of taxation.
Tax planning refers to the process of arranging your financial affairs in a manner that minimizes the amount of tax you owe. It is a proactive approach that you can undertake throughout the year to minimize your tax liability.
Tax preparation, on the other hand, refers to the process of preparing and filing your tax returns after the end of the tax year. It involves compiling information about your income, deductions, and credits, and using that information to calculate your tax liability and determine the amount you owe or the refund you're owed. Tax preparation can be done by yourself or with the help of a tax professional.
In summary, tax planning focuses on reducing your tax liability before the tax year ends, while tax preparation is the process of calculating and filing your taxes after the tax year. See below for the different tax planning and tax prep packages that Nicholynn Advisors' offers.
Nicholynn Advisors can provide year-round support and advice on how your business can stay prepared for tax season.
The Elite package includes everything we offer at Nicholynn Advisors. Business returns, personal returns, tax planning, meetings with your accountant, and much more.
The Pro package includes so much more than just tax prep. We'll review (or create*) your financials in order to prepare your taxes. Meet with your accountant to review the return via online meeting.
* Creation of financial records may result in an additional fee
This package requires being signed up for additional services (bookkeeping, consulting, etc.). Also, it does not include any tax planning.
Additional Services/Fees:
-- Maryland Annual Reports are $150 if not included in a package.
-- New tax clients have a one time new client set up fee of $200.
-- Additional states are $200/state.
-- Individual Returns for the business owners start at $250 for Single.
Have an LLC business (or a Sole Proprietorship) that files a Schedule C? Then these packages are for you!
Our Ultimate Tax package includes everything we offer for our single member LLC/sole proprietor business clients.
Our Enhanced Tax package includes tax prep AND a bookkeeping review.
This package requires being signed up for additional services (bookkeeping, consulting, etc.). Our tax only package for sole proprietors includes your 1040 (all filing statues except Married Filing Separately) and your Schedule C. This package includes tax prep for one state, but does not include any tax planning.
Additional Services/Fees:
-- Maryland Annual Reports are $150.
-- New tax clients have a one time new client set up fee of $150.
-- Additional states are $85/state.
** Prices listed above are STARTING AT pricing and are subject to change. For most accurate pricing, please request a quote.
We will review your accounting software and ensure that all transactions are 1) recorded and 2) properly categorized before preparing your tax return. This includes reconciling your bank and credit card accounts and recording all year end adjustments. NOTE: Financial statements are required in order to prepare a business return.
If you do not use an accounting software, we will prepare business financial statements (P&L) from historical records you provide (bank statements, credit card statements, etc.) and there is an additional fee to CREATE financial statements from scratch.
Starting prices for Individual Returns with a business return package:
Multiple businesses or investment/rental properties are subject to an additional fee, based on complexity.
The Elite and Ultimate tax packages have the option to be paid monthly instead of all up front.
ProfitGuard Tax Planning™ offers a vital solution for S Corp, partnership, and single-member LLC clients seeking proactive financial management. By providing meticulous quarterly estimated tax calculations, we address the challenge of navigating complex tax landscapes, ensuring accuracy and compliance.
What's included?
The 45-minute virtual meeting session is an opportunity to delve into these calculations, fostering a deep understanding and allowing for strategic discussions that align with your unique business needs. The accompanying detailed report isn't just a snapshot; it's a tailored guide that highlights at least one tax-saving option. In a constantly evolving tax environment, our service provides a roadmap to navigate changes effectively. Additionally, our guidance on making the estimated tax payments aims to simplify a potentially intricate process.
ProfitGuard Tax Planning™ is not just a service; it's a solution designed to empower business owners, helping them secure profits, minimize tax burdens, and optimize their financial strategy in an ever-changing landscape.
What's the price?
$600 per quarter or $225 per month
As part of Nicholynn's mission, we work solely with business owners and non-profit organizations so you won't see individual only tax prep and planning options.
At this time, we don't have any referral partners to send you to.
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