Donovan Sullivan & Ryan CPAs is a full-service accounting firm

Donovan Sullivan & Ryan CPAs is a full-service accounting firm

Sleepless nights, headaches, and panic attacks are synonymous with the spring tax season. On average, an American taxpayer spends about eight hours every year preparing taxes. You can claim back your eight hours by seeking the services of a tax professional.

Donovan Sullivan & Ryan CPAs is a full-service accounting firm. We offer a wide range of tax services to individuals and businesses.

Below is a breakdown of our tax services:

Tax Preparation

Tax preparation includes all the processes of filing income tax returns. You can prepare your taxes or hire a professional. With tax laws always changing from time to time, it’s hard to keep up.

Hiring Donovan Sullivan and Ryan CPAs can save you a lot of time and spare you the heartache that comes with taxes. When you delegate your tax preparation responsibility to us, you save a lot of time. We know the inner workings of the Internal Revenue Services (IRS). We find the deductions that may apply to your situation. In the process, we can reduce your tax bill to a minimum.

Tax laws are always changing. You need a partner that understands the tax landscape of the IRS. We will relieve you of this burden. Making mistakes in your tax preparation can be costly. Omissions and errors could attract fines and penalties. Donovan Sullivan and Ryan CPAs pay attention to detail. We will prepare your taxes in an accurate and timely manner.

Here are the benefits of hiring our tax preparation services:

1. You save yourself a lot of time
2. Accurate tax filing
3. We will find you the deductions or credits that you may have otherwise missed
4. We make taxes simpler for you
5. Audit assistance
6. Convenience

Individual Tax Preparation

Taxes are complex issues. The laws are always changing. You need a partner that understands the IRS tax landscape. Donovan Sullivan and Ryan CPA offer comprehensive tax preparation services for individuals.

We will restore your peace of mind. We will find and take advantage of the deductions and credits that apply to you. It is our job to reduce your tax bill to a minimum. We will review your existing tax returns and resolve arising issues from previous returns.

We hinge our practice on professionalism, ethical commitment, and honesty. We have the expertise and capacity to ensure accurate and punctual tax preparation. We can help you plan for a brighter financial future.

Business Tax Preparation

Taxes for businesses are more complex than taxes for individuals. Our tax preparation services will take the confusion out of your company’s taxes. We will take the tax burden so that you can concentrate on making money for your business.

We will update you on the forms that require your attention. We will inform you of the various deadlines to ensure that we file your returns on time. From time to time, the IRS offers industry-specific write-offs. We will research and find the write-offs that apply to your business and take advantage of the tax cut.

At Donovan Sullivan and Ryan, our CPAs will restore your peace of mind. We will get you the lowest tax bill that is legally possible. Do you need to file for your current year? Are you missing several years of filling? Whatever the case, Donovan Sullivan and Ryan CPAs are here to assist.

Tax Planning for Businesses

Every financial decision that you make may have possible tax implications. Your choices could prove costly if you do not know the tax consequences that you face. Adequate tax planning can help you reduce your tax bill.

Donovan Sullivan and Ryan CPAs offers comprehensive tax planning services for businesses. We offer you the guidance that will help your business maximize income. Our tax planners can assist you beyond tax compliance. We can guide you to your long-term financial goals.

Is Tax Planning Worth it?

There is more to tax planning than deductions and annual 1040 Forms. Tax planning is about stimulating business growth while minimizing tax liabilities.

At Donovan Sullivan and Ryan, our CPAs can formulate your customized tax strategy. We can ensure that your tax plan aligns with your company’s financial objectives. A comprehensive tax plan will highlight the best opportunities for saving money.

With our customized tax strategies, your business can grow and preserve its assets. With Donovan Sullivan on your corner, you have a vast wealth of tax experience on your side. Our CPAs are passionate about tax and tax planning. Our methods rely heavily on research. With these scientific methods, we can guarantee favorable results.

Quarterly Taxes

Your company’s structure dictates how you file your taxes. Partnerships and sole proprietorships both file their tax returns on an annual basis. Through the form 1120, corporations file their taxes yearly.

Quarterly taxes apply to business owners whose salary is not subject to withholdings. Declaring your quarterly taxes involves submitting the Form 1040-ES. Our CPAs can study the structure of your business and advise you appropriately.

Payroll Taxes

The law requires business owners to submit state and federal payroll taxes. Payroll taxes are wages on all employee wages. Payroll taxes include social security and medicare deductions plus FICA taxes.

Payroll expenses can grow expensive over time. You need a tax partner who can help you reduce the cost. Donovan Sullivan and Ryan CPAs have been preparing payroll taxes for businesses. We can customize a strategy that will help your business to cut costs.

Tax Planning for Individuals

Businesses are not the only entities that can benefit from tax planning. Almost every financial decision that we make could have possible tax implications. For example, buying a house, investing, inheritance, and even in death. With a proper tax strategy, we can help you reduce your tax bill. Below are the benefits of tax planning to you:

1. Minimizes tax liability on investment and income so you can earn more
2. Differs expenses and income to future years to reduce tax
3. Reduces tax liability on your estate
4. Reduces tax liability through gifts to your family and loved ones
5. Reduces tax liability on your retirement income so you can relax
6. Maximizes and takes advantage of tax deductions and write-offs

Tax Planning for Retirement

Investing in a retirement plan is an effective way to reduce your income tax. Contributing to a traditional IRA can minimize your ross income to up to $6,500. 401(k) plans are popular among employees of larger companies. With a 401(k) plan, you can defer income from your paycheck to the company’s 401(k).

Visit our offices or call us for a free tax consultation. We can assess your situation and advise you on the best opportunities to defer taxes and save money.

Tax Services for Expats

As an American living abroad or a foreigner investing in the USA, you are subject to filing tax returns. At Donovan Sullivan and Ryan CPAs, we provide a wide range of tax services for expatriates.

We can help you find deductions and tax write-offs that apply to you. Our CPAs will work with you to ensure that you comply with taxing laws. We provide tax solutions for a wide range of clients.

We will prepare your taxes and help you reduce your tax liability. Contact us to discuss your options.

Tax Resolution

Tax resolution involves all attempts to assist a taxpayer in clearing a tax debt. No one is exempt from tax issues. Some times, these issues can arise out of no fault of your own. You must have a reliable tax partner to help you resolve these tax issues.

Tax resolution involves IRS payment plans, the offer in compromise, innocent spouse programs, penalty abatement, and more.

Tax laws are always changing. Despite common belief, owing to the Internal Revenue Service is not a crime. Below are some of the common reasons why you may find yourself in debt to the IRS:

1. Ignorance: Keeping up with tax laws can be daunting. Defaults and missed deadlines can attract penalties.
2. A Mistake Made by Your Spouse: Married couples can file taxes together. A mistake made by your spouse during filing could land you in trouble.
3. Extra Income: When you sell an asset, there is more revenue coming in—consequently, a larger tax bill.
4. Life Changes: As your kids grow up and move out, the number of dependants reduces.

Tax Resolution for Individuals

Failing to observe tax laws could land you in trouble with the Internal Revenue Service. Here are some tax issues that are common among taxpayers:

1. Tax Penalties: the failure to observe tax laws could attract penalties.
2. Tax Liens: A lien is a legal claim against your Massachusetts property. A lien blocks you from selling the property or asset. Liens act as security for your tax debt.
3. Tax Levy: A tax levy is a legal provision that authorizes the seizure of your property. The IRS may impose a tax levy against your property to settle your tax debt. Intellectual property, financial assets, vehicles, and real estate are subject to seizure.

There are different avenues for tax resolution that are available for individuals. These include IRS installment agreements, penalty abatement, innocent spouse programs, and the IRS offer in compromise. 1. IRS Installment Agreements The IRS installment agreements are a set of payment plans that aim at tax resolution. There are four types of payment plans available to you.

• The Partial Payment Plan: This installment agreement will ensure that you pay only part of your total tax bill. To qualify for the partial payment plan, you need to provide evidence of financial strain.
• The Streamlined Installment Agreement: Here, you are to pay your total tax debt in 72 months through equal installments. If you owe a total of $7,200, your monthly payment will be $100 each for 72 months.
• The Tiered Agreement: Instead of paying equal monthly installments, your monthly obligations may increase at some point. This plan is advantageous when you are servicing a loan. As soon as you complete paying your loan, your monthly installment can increase.
• The Full Pay Agreement: If you are unable to settle your tax debt within 72 months, the IRS will let you into this program. Here, you pay your full tax debt over an extended period (over 72 months).

2. The IRS Offer in Compromise

The IRS may let you negotiate a deal that will have you settle your total tax debt with a fraction of the amount. It sounds like a great deal, but not everyone can qualify for this “Penny to the dollar” offer.

The IRS will let you make them an offer. This offer has to be the most realistic amount that they can recover from you. Contact us, let us evaluate your situation and find out if you qualify for this fantastic offer.

3. The Innocent Spouse Program

American tax laws allow couples to file their returns together. Omitting or withholding information from the IRS can prove costly. When these errors are your spouse’s mistakes, the innocent spouse program applies.

4. Penalty Abatement

You may find yourself in debt to the IRS through no fault on your part. In such a situation, you can qualify for penalty abatement. In this program, the IRS will remove the penalties.

Tax Resolution for Small Businesses

Businesses have tax responsibilities. Failure to adhere to tax compliance and tax laws could land your company in some trouble with the IRS.

Failure to pay back taxes for your small business has various consequences. Penalties and interests are common punishments for delinquent taxes. The inability to pay your back taxes may trigger a forcible collection by the IRS. At first, the tax body will impose a tax lien on your company property.

The Lein blocks you from using the property in question as security for a loan or sale. In the meantime, the lien acts as security for your tax debt.

Failure to resolve a federal lien may result in a levy. A levy is a legal provision that authorizes the seizure of your company’s assets. When your company faces a levy or lien, you must seek a tax resolution.

Resolving IRS Tax Liens

A release involves resolving a tax lien to the point of completion. After the release, the government withdraws its rights to your property. You are free to sell the asset or use it to secure a loan. However, the leam remains as a permanent record in your credit report.

There are three ways to release your tax liens:

Direct Debit Installment Agreement: These are a series of payment plans. They include automatic withdraw money from your bank (monthly garnishments).

Malpractice on the Side of the IRS: If you can prove malpractice on the side of the IRS, the tax body will have to release your tax lien.

Expiration of the Statute of Limitation: If the IRS fails to resolve your tax debt within the deadline, the lien expires.

Filing For Bankruptcy

When you face a tax lien, you are probably worried about losing your hard-earned assets. Our dedicated team of tax experts and CPAs can help you navigate through your tax troubles. Filing for bankruptcy could provide the resolution avenue for your business.

Bankruptcy may stop the IRS from collecting back taxes. You get a clean slate and a fresh start. Bankruptcy also discharges any penalties or interests associated with your back taxes.

Contact us for a free consultation. Let us evaluate your situation; maybe bankruptcy is the relief that you need.

Are You in Need of Tax and Tax Resolution Services?

At Donovan Sullivan and Ryan, we offer a variety of tax services. These services include tax preparation, tax planning, and tax resolution. Our team is a troupe of dedicated and passionate CPAs registered and licensed by the IRS.

We understand the inner workings of the IRS. We have the inside scoop on the best opportunities to save money.

Visit our offices or call us for a free consultation.

Life should be simple; do not let taxes get in your way.