You are here: Home \ Services \ Tax

Tax

A full service tax preparation firm, PKC Consulting, LLC and our licensed and experience preparers are available to answer any of your tax questions.  Because we keep abreast of all the new and existing tax law we are able to assist you in planning for and meeting your financial goals.

We proudly offer tax services such as:

•Preparation of Individual Returns
•Preparation of Corporate Returns
•Preparation of Estate Tax Returns
•Preparation for Homestead Tax Filing
•Preparation of Tax Returns for Non-Profit Organizations
•Preparation of Quarterly Estimates & Projections
•Assist clients focused on agriculture in tax preparations
•Tax Planning Services

Whether your business is 2 people or 2,000 people, we will handle your tax need.

Recommended Reading: “Labor Dept. Expands Enforcement of Wage Violations”

 Steps You Can Take to Reduce Your Audit Risk

HERE ARE SEVEN RED FLAGS:

  1. Schedule C-Sole proprietors filing a Schedule C can reduce their audit risk by sticking to the facts-or at least making sure their expenses and income are not dramatically different from similar businesses.
  2. Rental Losses- If you show income from your job or business and claim rental-property losses, be wary. The IRS rules limit deducting those losses in the current year, unless you prove you’re actively involved in managing the property.
  3. Over-the-top Deductions- Taxpayers who claim large deductions attract attention.
  4. Business or Hobby? – The IRS may decide your business is a hobby—especially if you have other income sources.
  5. Business Use of a Car – Individuals often insist that 100% of their driving is related to business and thus their costs are 100% deductible. Often the same car is used for nonbusiness purposes. The IRS requires you to keep mileage records. You can choose to use the IRS’s standard mileage rate or track your own, but either way, keep a mileage log and record your expenses.
  6. Home-Office Deduction – You may be able to claim a deduction for expenses related to your home office, including home-insurance and utilities cost, but be prepared for the IRS’s attention. That’s not to say you shouldn’t take the deduction, just make sure you know the requirements and keep good records.
  7. Earned Income Tax Credit – Among the people who claimed the Earned Income Tax Credit, 2.2% of returns filed in 2010 were audited.