Tax Services for Self-Employed
Our years of experience working with self-employed individuals and small business owners allow us to handle the unique challenges faced by a growing start-up.
Record Keeping and Organization
You may be wondering what records or receipts you need to keep to substantiate your income and expenses. We will advise you on the best methods and practices for maintaining your tax documents, so you are always compliant with the IRS.
Choosing the Right Business Structure
You are probably already aware that there are sole proprietorships, partnerships, LLCs, S-Corps, and C-Corps, but do you know which one is right for you? Some structures have tedious record-keeping burdens, while others have large administrative costs. We can assist you in deciding which entity type is best for you and your business and when the associated tax savings outweigh the administrative costs.
Determining Income
Determining how to report your income can be complicated. We will correctly classify your income as Schedule C, Schedule E, or Schedule F.
Expense Identification and Analysis
As a business owner, you are entitled to deduct ordinary and necessary expenses for your business. Your dedicated tax accountant will review your business expenses to ensure that they are in line with IRS regulations. We will make sure you do not run afoul of the IRS by having the correct documentation for expenses such as your home office, health insurance, and vehicle.
Contributing to a Retirement Plan
Self-employed individuals and business owners are in a unique position to take charge of their retirement planning. We will advise you on SEP IRAs, SIMPLE IRAs, ROTH IRAs, and solo 401(k) plans. These plans may be able to substantially reduce your tax burden today and help grow your investments for the future.
Self-Employment Taxes
As a self-employed individual, you are required to pay your own Social Security and Medicare taxes. These taxes are a considerable amount of your overall tax, and it is critical to calculate correctly.
Estimated Taxes
Self-employed individuals are required to pay quarterly estimated taxes. If these taxes are not paid or underpaid, you may face underpayment penalties and interest when you file your tax return. We can accurately calculate your payments and make sure they are made timely.
Tax Planning
There are a variety of tools at your disposal to plan for your future when you are a self-employed business owner. We can assist in planning your retirement contributions, income, expenses, when and how to depreciate assets, as well as other strategies to lower your tax liability.
State Obligations
Our expertise is not restricted to California. Our clients live and conduct business all over the United States, and our tax advisors are licensed to prepare and sign tax returns in any state.
Representation Before the IRS
Our tax advisors are licensed to represent you before the IRS. Should the need arise, we are here to offer our assistance with IRS matters such as audits, collections, and appeals.
Do you offer free initial consultations?
Yes! We are here to help with all your tax questions, and we offer free initial consultation by email, phone or in person. Our office is in Orange County, California. If you have any questions, feel free to contact us.
Are you licensed by the IRS?
Yes. Milan Mraz is an Enrolled Agent, licensed by the IRS with unlimited practice rights. Enrolled Agents usually help with your tax planning, prepare, sign, and file your tax returns, offer tax advice, and may represent you before the IRS.
Can you prepare a tax return for my small business?
Yes. We help businesses meet all their tax needs year-round. Whether you are self-employed or own a business with multiple employees, Mraz Tax Solutions can handle your business tax return preparation.
Can my tax return preparer review my self-prepared returns?
Yes. We review Federal and State returns self-prepared or by others. We will advise you of missed deductions or audit risks, as well as prepare corrected or amended returns.
Why file your taxes with Mraz Tax Solutions?
We specialize in individual and small business tax returns. Whether you're an employee filing a W-2, a contractor taking part in the sharing economy filing a 1099 or a small business owner, we are here to help. We understand the importance of minimizing your tax and getting you the maximum refund you are legally entitled to. In order to do this and to prepare a complete and accurate return we take the time to get to know you and your goals.