Tax Planning Services in Brooklyn, NY, United States

Features and Objectives of Tax Planning

Black Ink provides affordable tax planning service in Brooklyn, New York, USA that helps with corporate tax filings as well as individual tax filings. Stop looking for the best tax accounting professionals near you in Brooklyn, NY, USA as Black Ink is on top of that list. Contact us and start a voyage of satisfaction with our best tax planning services Brooklyn, NY, USA for personal and small business needs. Go through the list of features of tax planning services in Brooklyn by us. You can also ask for free quotation regarding tax planning services in Brooklyn, NY, USA. Our main features of tax planning department in Brooklyn, NY, USA include the following:

• Tax planning for personal and individual purpose in Brooklyn, NY, USA.
• Planning for tax returns for small, medium and large sized businesses in Brooklyn, NY, USA.
• Federal and state tax return planning in Brooklyn, NY, USA for personal & business purpose.
• Tax debt resolution help for the prosperity of your business and personal life.
• Tax planning for corporate and partnership businesses as well as income tax support department in Brooklyn, NY, USA.
• Tax planning for business start-ups in Brooklyn, NY, USA.
• Out-of-state return of taxes planning in Brooklyn, NY, USA.
• Consultations for the tax planning in Brooklyn, NY, USA to save what you have earned with hard work.
• Planning to lower taxes on retirement distribution and investments for the maintenance of your lavish life style.
• Maintenance of beneficiaries by lowering taxes on estates as an essential feature of tax planning services in Brooklyn, NY, USA by Black Ink.
• Planning for the raise of earnings by lowering down taxes on income.
• Our features of tax planning also help tax planning strategies throughout New York for deferring the income so that you can save money in present and pay less amount of taxes in future.
• Planning of personal income taxes in Brooklyn, NY, USA is on top in the list of our features of tax planning.
• IRS and state notices, installment agreements, schedule C’s as well as amended and delinquent returns.
• Preparing complete and accurate tax returns and IRS audit support in Brooklyn, NY, USA.
• Generating business growth, increasing client retention, and offering additional products and services.

Sales Tax Planning

Over 11,000 sales tax jurisdictions are working in the United States with varying sales tax rates. The highest combined state and local sales tax rates are imposed in California i.e. 10.25 percent while some states do not impose any sales tax. Do you know that each state has its own sales tax rate? Therefore, we offer exclusive sales tax planning services in Brooklyn, New York, USA near you.  Whether you an individual or running a small business, you need to think to outsource sales tax planning services because many service transactions and almost all goods transaction come up with additional sales or use taxes. We help our clients with best individual sales tax planning services to evaluate the taxability of everything that is bought, solid, consumed and/or given away be them.

Overpayments of sales and use taxes can be a trouble for businesses as these are above-the-line costs that abruptly over-burden EBITDA and impact earnings per share. Our business sales tax planning services in Brooklyn, New York, USA efficiently manage these costs to align with the effective financial management of the business. By outsourcing the best sales tax planning services at Black Ink, our clients are saving time and money. Our experienced and professional state and local sales tax professionals work in-depth with every detail of sales and use tax planning with other sales tax planning opportunities and obligations. Some of the main features of our sales tax planning services in Brooklyn, New York, USA include:

• Close evaluation of sales tax in the individual state of each client for sales tax planning services.
• Enhancement, rationalization and automation of the sales and use tax functions of each client.
• Reviewing the sales tax compliance for the identification opportunities with the best sales tax planning services near you in Brooklyn, New York.
• Improvement of sales tax planning processes by providing strength to the internal controls and reducing the compliance cost.
• Reliable and accurate sales tax planning with sales and use tax compliance outsourcing.
• Full service and outsourced sales and use tax planning in Brooklyn, New York, USA designed particularly on the basis of business activities of each client.
• Declines the burden of deadlines with lowering down the overall outsourcing and sales tax planning cost.
• Complete cut-down of cost on administration, training, benefits, compensations, licensing and maintenance of sales tax planning software from client’s edge.
• Representation of clients in the sales tax audit with the best of our credibility to get fruitful outcomes and relief.
• Identification of potential refunds of sales and use taxes by performing a review of their purchases with other sales tax planning services.

Corporate Tax Planning Services & It’s Essential Features

The strategic decisions and value-adding activities of any company, business or corporate are supported by corporate tax planning. Businesses can easily lower tax burden and operate efficiently and smoothly if they find business tax planning services with professional scope. Black Ink is serving is clients with the best corporate tax planning services, including reduction of Effective Tax Rate (ETR) of every client. Book an appointment with us and you will also say that effective corporate tax planning is much better than paying large corporate tax bill annually. The objective of business tax planning at Black Ink is not to avoid taxes; rather we make efforts to interpret and apply tax laws and statutes for deferring, eliminating or reducing business taxes for our clients. Our business tax planning experts in Brooklyn, New York, USA are providing assistance to different business entities, including Sole Proprietorships, Partnerships, Limited Liability Companies (LLPs), Business Corporations/Incorporated Companies, Co-operative structures and Not-for-profit entities. Check below the list of business tax planning features at Black Ink:

• To review tax legislation and proposed amendments and advice the clients on the long-term influence on their business.
• Effective management of tax rate of business and company with strategic tax planning advice for business tax planning.
• Alternate Minimum Tax planning and compliance with complete paperwork and other requirements for determination of owed amounts.
• corporate tax planning and consultation services regarding the tax impact on specific transactions, including M&A activity, sale of assets, import/export transactions etc.
• For a specific type of business, our business tax planning and advice for the most effective tax structures.
• Minimizing the tax burden by considering the most effective, fastest and IRS-complaint ways.
• Corporate tax planning services for Corporate, Trust, Partnership and Sole-Owner tax returns.
• Business tax planning and advisory clients on how to deal with federal and state taxation authorities in Brooklyn, New York, USA.

2020 Tax Planning Guide

The ultimate 2020 tax planning guide in the United States can help you to plan your taxes wisely for the current year. Why you need tax planning in 2020 can save you big in your annual tax bill. Because of many reasons, this year can be a momentous year for outsourcing 2020 tax planning at Black Ink. Massive changes occur every year in the tax laws and tax rates, therefore, tax planning for 2020 is necessary. Apart from the larger changes, many small amendments also occur in a variety of taxes that decide how you should plan taxes in 2020. We are giving 2020 tax planning guide for taxpayers in USA so that they can better perform 2020 tax planning. Tax planning in 2020 requires the following considerations:

• 2019-2020 Federal Income Tax Brackets & Tax Rates in USA.
• Changes in the important tax credits.
• IRS exemptions from gift and estate tax in USA.
• 2020 tax inflation adjustments, tax rate schedules & tax changes.
• Eligibility for common business tax deductions and higher standard deductions.
• 2020 standard mileage rates in USA.
• 2020 (401)k contributions and benefits limit on retirement accounts.
• US tax deadlines in 2020 for the filing taxes of the 2019 tax year.
• 2020 new W-4 Form with tax withholding estimator.

If you need any further help on how should you plan taxes in 2020, you can ask for free inquiry for the best IRS 2020 tax planning in Brooklyn, USA.

Tax Planning Checklist

Follow the given tax planning checklist in the United States to file your returns accurately on time. List of documents and things needed for tax planning include the following:

• Job income- Form W-2 for the taxpayer and his/her spouse.
• Investments income- Forms 1099 including -INT, -DIV, -B, etc., K-1s and stock option information.
• State and local income tax refunds and/or unemployment income- Forms 1099-G.
• Farming or business income- capital equipment information, loss/profit statement.
• Received taxable alimony- valid for those divorces finalized before 1^st January, 2019.
• If using home as business place- office size & expenses, home size & expenses.
• IRA pension distribution- Forms 1099-R, 8606.
• Social Security benefits- Forms SSA-1099.
• Income/expense from rental property- rental property suspended loss information, loss/profit statement.
• Property sales income- escrow closing statement, original cost with improvements costs, cancelled debt information with Form 1099-C.
• Installment sale information from prior year- Forms 6252, payer’s SSN and address, current year’s principal and Interest collection.
• Other miscellaneous income in the Tax planning checklist- gambling winnings, lottery winnings, jury duty, scholarships, Medical Savings Account (MSA), etc.
• Record of adjustments in the income- IRA contributions, student loan interest, energy credits, Medical Savings Account (MSA) contributions, self-employed health insurance payments, moving expenses, educator expenses, tax-deductible paid alimony, Keogh, SEP, SIMPLE and other self-employed pension plans.
• List of documents and things needed for tax planning include itemized deductions & credits.
• Education costs record- Forms 1098-T, education expenses.
• Child care costs record- provider’s name, address, tax ID, and paid amount.
• Adoption costs record- SSN of child with medical, legal & transportation costs.
• Investment interest expense and records.
• Home mortgage interest and points paid by the taxpayer- Form 1098.
• Casualty and theft losses- insurance reimbursements with other amount of damage.
• Charitable donations record- miles driven, cash amounts and value of donated property, additional out-of-pocket expenses.
• Medical and dental expenses record.
• Other miscellaneous tax deductions- union dues, unreimbursed employee expenses including uniforms, seminars, supplies, continuing education, travel, publications, etc.
• Tax planning checklist also includes record of paid taxes covering local and state income taxes, real estate taxes & personal property taxes.
• Other information should also be recorded in the list of documents and things needed for tax planning, comprising of estimated tax payment for current year, previous year refund for current year and any amount paid with a granted extension to file.
• Direct deposit information record- account numbers, routing numbers.
• Foreign bank account information- bank name, location, account number and peak value in the account during current year.

Income Tax Planning

Black Ink provides professional and reliable income tax planning services and compliance in Brooklyn, NY, USA near you. Our in-depth knowledge of each client with a high level of technical expertise makes it the best income tax planning in USA. Our representatives not only closely evaluate the personal income tax situation, but our integrated approach checks for the influence of business, investment and charitable interests of clients. In this way, we maintain the tax and financial equilibrium to provide the best income tax planning services in Brooklyn, USA. We pay attention to the changes in the income tax laws all year to help you meet the required income tax planning objectives continuously. At Black Ink, our clients get effective income tax planning services and solutions so that their financial life integrates seamlessly and they remain an IRS compliant income taxpayer in USA. Join hands with Black Ink for a multi-year income tax planning.

Some of the main features of income tax planning services at Black Ink include the following objectives and benefits:

• Proprietary methodology specially designed to provide accurate income tax planning services with identification of income tax planning opportunities in Brooklyn, New York, USA.
• Coordination of total tax and financial situation of the income taxpayers.
• Income tax planning services and compliance are integrated at Black Ink with corporate, partnership and charitable organizations and firms.
• Multi-year income tax planning services for enhancement of benefits of timing income as well as deductions.
• Also provide complete state income tax planning services and compliance in Brooklyn, New York, USA.
• Our income tax planning services in Brooklyn, New York, USA enables our clients to gain utmost tax benefits from charitable giving.
• For single stock concentration and diversification issues, our income tax consultants help the clients to identify tax-efficient opportunities in USA.
• A long list of individual income tax planning services including income-sourcing, residency issues, reduction of state and local taxes and much more for multistate individual income taxation in USA.
• Enhancement in maximizing the tax benefit from investment interest expense, investment related expenses & capital losses with detailed income tax planning services.
• Quarterly income tax returns planning services with accurate on-time filing, protection against IRS penalties & other interests as well as facilitation of cash-flow management.
• Alternative minimum tax (AMT) planning for income tax returns for minimizing the loss of deductions to the AMT in addition to the unfavorable effects on the effective tax rate.
• Complete income tax planning services and support for IRS representation and other state income tax audits.
• For any tax changes and opportunities, we provide Legislative updates to inform our clients in regard of tax planning services in Brooklyn, New York, USA.

Advanced Tax Planning Services

Black Ink provides advanced tax planning services throughout Brooklyn, New York, USA to avoid costly mistakes for individual and business clients. The overall financial management is impacted by the tax influences. If your tax bill is a big expense at the end of the year, you need advance tax planning services for sure. Contact Black Ink to get the best tax planning service near you in Brooklyn, NY. We closely pay attention to each client for tax planning. Our tax planners work hard to find the legal ways to minimize your tax bill and other liabilities. We help our clients to understand the tax codes that can ultimately help them to save dollars in their tax bill with our advance tax planning services and features.

If you don’t hire advance tax planning services today, you will shortly fall out of cash as poor investments can lead to worst retirements. We help our clients to identify the basics how investment income is taxed. We make tax-efficient investment plans with other advance tax planning services. You can trust us to get the best-of-all advanced tax planning services in Brooklyn, USA. List of some advanced planning services at Black Ink include:

• Minimization of tax bill each year.
• Maximization of tax credits of individual and business clients.
• Increment in the tax deductions.
• Maximization of tax-sheltered income on investments.
• Advanced tax audit planning services in Brooklyn, USA.
• Preparation of federal and state quarterly estimated tax payment calculations along with year-end extension calculations.
• Bookkeeping of important documents required for returns filing.
• Complete updating of clients regarding tax relief and other changing tax brackets for current year.
• Complete control on compensation & benefits as well as valuation of individual clients for advanced tax planning.

Tax Planning for Individuals & Key Features

Tax planning for individuals is necessary throughout United States as the Internal Revenue Service is imposing strict regulations on individuals for filing their returns. Black Ink offers the best individual tax planning services in Brooklyn, New York, USA for your personal needs. Personal tax planning can greatly reduce your overall tax bill that can otherwise become a booster to your overall expanses at year end. From gift tax planning to bonus tax planning, our individual tax professionals at Black Ink are serving the clients. Not only this, we also provide the details of credits and deductions to our clients that can help them to get minimum tax bill with fastest refunds. With our advanced individual tax planning services, each individual client gets their important tax documents and forms filing on time with accuracy. It is never too early to ask for personal tax planning services, as planning today can help you to save sizable in your overall tax bill. To get the complete list of individual tax planning features, check below:

• Individual tax planning to legally minimize your tax bill.
• Making the most of individual tax credits from the IRS that can help you to cut down your personal taxes.
• Complete support on local, state and federal tax planning for individuals in the United States.
• Personal tax planning for state audits and IRS representation in USA.
• Tax planning for individuals regarding profitable investments and asset management.
• Personal tax planning in Brooklyn, New York, USA with accurate tax form filing at time.
• Individual tax planning to get the fastest and maximum refunds.

Why we are the Best Tax Planning Consultants

Black Ink can be your best outsourced tax planning consultant in the United States because we provide the comprehensive tax planning services packages with affordable rates. Our tax planning services assure the clients that they will not pay even a single penny useless in their tax bill. We make tax planning strategies to reduce your tax bill by making the most of credits and deductions. Among the list of tax planning consultants near you, you can trust us as we also do the IRS recommended e-filing of returns with direct deposit option to get the fastest refunds. Our tax planning consultancy works all year so that you can see the outcome annually in the form of a minimized and affordable tax bill. Our clients are always satisfied with our tax planning consultants and professionals at Black Ink. We not only provide tax planning and compliance, but also keep our clients with the updates tax amendments that can affect their financial life. Choose the best tax planning consultant in Brooklyn, New York, USA.

To do corporate tax planning, a level of professional expertise is required that can be availed at Black Ink. To do your corporate tax planning by your own, you can follow the given steps:

• Structural strategies as per the business operations to minimize your tax liabilities from the IRS.
• Making the most of the tax credits for businesses including women-owned business credits, Earned Income Tax Credit (EITC), etc.
• Getting the fastest refunds by e-filing of returns and direct depositing.
• Proper record keeping of tax planning required documents.
• Maximizing the tax deductions to cut down tax bill at year end.

You can easily reduce your taxable income in USA. Don’t worry if you are earning high. Black Ink understands how much you have worked hard to earn and save money. That is why we try to save each single penny of our clients. To reduce your taxable income, follow the given instructions that can save taxable income liabilities:

• Establish tax-free retirement accounts. For example, setting-up traditional IRA account, individual 401(k) plans, Simplified Employee Pension (SEP) IRA, etc.
• Proper timing of year-end income and expenses with Income deferring with speedy payments of deductible expenses.
• Establishment of donor advised funds as well as charitable contributions.
• Donation of stock to the charity in USA to enjoy sizable deductions.
• Establishment of health savings account (HAS) to pay your medical expenses with tax benefits.

Financial planning fees is tax deductible as similar to tax preparation fees and investment management fees. On your tax return, your financial planning services are considered as miscellaneous itemized deduction, but only to the extent that they exceed 2% of your adjusted gross income (AGI). Through tax year 2017, investment management and financial planning were tax deductible. Effective from tax year 2018, the tax code by the Tax Cuts and Jobs Act (TCJA) eliminated these miscellaneous itemized deductions. You can claim for previously filed tax returns for 03 years from the date you filed it or 02 years from the date you paid any resulting tax. Check whichever is later in your particular case. You can also ask for Black Ink’s help to get any information on tax-deductible financial planning services. At the end of 2025, the TCJA is set to expire, so there is a chance that this deduction can come back in the years ahead.

Certain IRS rules consider some estate planning fees as an itemized deduction, but the Tax Cuts and Jobs Act (TCJA) eliminated all this considerations. For now, legal services fee for estate planning are tax deductible legal services fee for estate planning are tax deductible. The extent for the tax deduction is allowed only for that estate planning fee which is related to production, or maintenance or the generation of taxable income, or for tax planning or tax advice. Other limits include collection of income, conversation, management of income-producing property and real estate tax planning or advice. For estate tax planning services, book an appointment with our representative.

The best strategies to save income tax through tax planning include the following:

• Investment in the municipal bonds.
• Get the IRS tax credits for individual and business purpose.
• Taking capital gains on long term basis.
• Establishing retirement plans and accounts, for e.g. IRA, 401(k), etc.
• Using a Health Savings Account for medical expenses.
• Investments in starting a business.
• Availing tax deductions by the IRS to enjoy deductible expenditures.
• Taking advantage of tax loss harvesting.
• Health insurance plans other medical expense record keeping.
• Contribute to charities.
• Moving to a state in USA with lower tax rate.
• Ask help from a tax specialist to save income tax through best tax planning

You can easily do tax planning for company. Black Ink provides the steps for tax planning of company and businesses:

• Collection of all records with proper bookkeeping of important company matters.
• Determination of correct IRS forms as per your business for tax planning & filing purpose.
• Accurately fill out your company forms mandatory by the IRS for tax compliance.
• Proper attention and follow-up to the IRS deadlines for filing returns in USA.

Doing tax planning for individuals can help them to save a lot in their tax bill at year end. Black Ink provides the best tax planning for individuals. Follow the given steps and guide to do your own individual tax planning:

• Organization and record-keeps of all necessary documents for individual tax planning.
• All transactions and receipts bookkeeping record.
• Understand your specific tax deduction requirements that can help you to cut down tab bill and interest.
• Evaluation of your specific tax credits in USA that can help you save money on tax bill.
• Using an IRA including 401(k) plans and other retirement contributions.

Tax-saving strategies that you can apply to do tax planning for salary include the following:

• Earning a tax-free income, for e.g. selling home, health insurance, saving for child education money, municipal bonds investments, health savings account contributions, etc.
• Taking advantage of tax credits, for e.g. Child Tax Credit, Credit for other dependents, Earned Income Tax Credit (EITC), American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) as education credits, women-owned business credits, etc.
• Deferring tax payments for the later year by establishing retirement accounts, postponing an employer bonus for IRAs investments, etc.
• Maximizing tax deductions, for e.g. business expense deductions, TCJA 20% pass-through tax deduction, increase in personal itemized tax deductions, etc.
• Reduction of tax rate by long-term capital gains and investments, for e.g. investments in stocks, mutual funds, bonds, and real estate.
• Saving substantial taxes by shifting high tax bracket income to a lower tax bracket individual, for e.g. your child.
• Advantage of the filing status of the taxpayers, for e.g. married v/s single taxpayer filing benefits.

To do tax planning for employees, following steps can be taken that can save money on your annual tax bill:

• Salary restricting to save dollars on tax bill. This can be done by separating basic salary from the other allowances. Tax planning for employees is best when their conveyance, medical, telephone, mobile and other allowances are paid separately from their salaries.
• Tax planning on the rental payments. This can be done by giving house rents to the employees along with other HRAs.
• Allowing travel as well as medical expenses to get tax exemptions from the IRS.
• Making investments for the reduction in the taxable income.
• Contributions in the retirement accounts.

Tax planning is the comprehensive analysis of a financial plan or situation from a tax point of view. Tax planning can be of different types including long-term and short-term tax planning in general. The purpose of tax planning includes efficient tax compliance, reduced tax liabilities, increased tax credits 7 deductions, overall contributing to minimized tax returns.

The tax planning strategies for companies can boost your credits, deductions, refunds with a much lower tax bill. The top business tax planning strategies that can be avail be the companies in USA cover the following:

• Making the right choice of your business structure. Different business entities have different tax liabilities. Make the perfect choice from Sole Proprietorships, Partnerships, Limited Liability Companies (LLPs), Business Corporations/Incorporated Companies, Co-operative structures and Not-for-profit entities by taking our assistance.
• Qualified business income deduction that allows 20 percent deduction for the owners of pass-through entities and other qualified business income (QBI) generated by their business.
• S. tax code Section 179 expansion that allows eligible taxpayers to get instant deduction up to $1,000,000 of the cost of qualifying assets placed in service during a particular tax year.
• Calculation of taxable income with the best accounting methods including accrual method and the cash method.
• Limiting the deductions in the overall business interest expenses and incorporation of EBITDA.

Taxes are important when it comes to personal financial planning. You are earning with hard work day and night for your present and future. You have to pay certain local, state and federal taxes in the United States. If you do not plan your taxes today, you may lose your earnings by receiving a costly tax bill. Even if you miss a tax deadline in USA, the IRS has the right to impose fines and penalties that can consume all your savings. The importance of taxes in personal financial planning is helpful as it allows the taxpayers to avail tax credits and deductions. Apart from the lower tax bill, your sizable refund can also help you in a much better personal financial planning.

High income earners are those individuals who are earning considerable amount of money with significant discretionary income. Plus, there is a strong possibility for them of being wealthy in the future. Discretionary income covers the amount that is left after investments, essential spending, necessities spending and savings after tax payments. High income earners spend their discretionary income on vacations, luxury purchasing, non-essential services & goods, etc.

Yes, you can contribute to IRA with high income, it doesn’t matter that your income is either low or high; you can easily contribute to IRA plans in the United States for your individual and corporate tax planning. However, the traditional IRA plan has specific income limits for making contributions to Roth IRA accounts. Furthermore, the Roth retirement account’s money savings are considered as post-tax income. It means that income taxes are owed for the year in which the money is paid into the account. For Traditional IRAs, there is no income limit but tax deductible contributions have income limits. Click here to get income limits for Roth IRAs.