Your one stop shop for all your Tax Preparation , Tax Planning and Accounting Solutions. Our commitment towards excellence allows us to offer a complete range of accounting, tax and consulting services - delivered with a personal and professional touch. We value our role as trusted partners who know our business and respect yours.
We are committed to help you succeed by providing professional services with a better understanding of the numbers related to your personal and/or business finances, including financial statements, trend analysis, cash flow projections, and changing tax laws that may affect you in your unique situation.
We are IRS recognized Enrolled Agents & CPA Firm with qualified individuals those have vast experience in the field of Accounting, Book keeping, Tax preparation and Payroll Services.
Our Tax Professionals and fully qualified and have in-depth knowledge of all the deductions and credits those guarantees to get you the MAXIMUM refund. Since we take our clients very seriously and are available throughout the year to advise on life changes or IRS problems that may arise. There will inevitably be events that impact your tax situation such as the birth of a child, start of a new business, sale or purchase of a home or inheritance from your parents, IRA(s) and health saving accounts etc. We analyze your life changes not only for tax risks, but for opportunities that can be availed. We help you device a strategy that can surely save you a lot on taxes.
When we prepare your return, we stand behind our work and will take full responsibility to pay any penalties and interest on federal, state and local returns which are assessed due to an ASM error. In addition, if the IRS audits you, we will assist you in the audit process and can represent you as Enrolled Agent with some additional cost.
We conduct an effective interview with the taxpayer to collect and confirm the correct information. We use various communication techniques to probe and secure information we need to prepare a complete and accurate tax return.
We carefully screen the collected information to match it against the IRS available deductions and credits. Our experts work hard to minimize your tax and maximize the refund and the result of all these efforts is rewarding. We double check and make sure your return is prepared 100% accurate. Maximum Refund, Excellent Services, Lowest Prices and eventually Happy Customers!
Our Experts provide advice and insights specific to your industry, type of business or individual tax situation. We help you understand the big picture and lead you to get maximum available benefits in your situation. We have variety of services as follows,
A core specialty is the preparation of tax returns for individual taxpayers and Small businesses. Whether your company is a C corporation, S Corp, Limited Liability Company, Partnership, Sole Proprietor or non-profit organization, a properly prepared tax return is filed to minimize the tax owed and maximize your refund. Today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional.
Total payroll services for small business clients have been provided for many years. Services include: Set up and maintenance of all records, time card tabulations, withholding of tax and benefit contributions, Federal and State tax filings, issuance of checks or direct deposit and preparation of all W-2's and 1099 forms.
All kinds of business formations in all 50 states, agent services and business management while keeping good records and minutes. There are many challenges that come with starting a business and several types of business formations to choose from: C-Corporation, S-Corporation, or an LLC. All three types have unique requirements and separate rules and regulations in order for them to be formed and maintained. We provide comprehensive entity selection guidance, so you can choose the right entity for your business. We help you to get all the required business licenses with respect to your business.
Our focus is to relieve you of the time consuming task of keeping full, accurate and up-to-date business records, helping to manage cash flow, assisting with necessary tax filings. It is our goal to customize a package to suit both your needs and budget and may include any combination of these business services. We provide timely, cost effective, scalable and customized accounting solutions throughout the year. A full range of accounting and bookkeeping services geared towards assisting small to mid-sized companies. Our main objective is to help business owners like you reduce time spent on non-essential tasks, enabling you to focus on core business functions and increase your profitability.
We keep our continuing education a priority to stay current with the complex tax laws and new tax regulations, so we can provide you the best professional support and guidance. Strategic planning is vital to comprehensively and legally reduce your tax liability. We are available at your convenience to discuss a variety of tax planning strategies that will perfectly fit in your situation.
Followings are few area where we can guide you for Tax Saving Strategies,
The IRS has streamlined the ability to identify, and audit taxpayers who are suspected of faulty tax returns. If you have received an IRS audit letter, your first reaction was probably fear and dread. Over the past few years, the IRS is hiring more agents to collect billions in tax revenue. The IRS leaves no stone unturned in its mission to determine the accuracy of your tax return and IRS Auditors are trained to extract more information from you than you have a legal obligation to provide.
Let us negotiate on your behalf for waivers of penalties and interest. Talk with a consultant NOW about possible payout options. Let our team identify your exposure before the auditor arrives. We will organize your records in the format the auditors require and will host your audit in our office. You may never even need to meet the auditor.
We handle it all for you so that you don't need to take time off of your business or job to handle the bureaucracy and paperwork of the IRS. No lost wages or business. You simply forward notification of an audit to us and we handle it in its entirety.
There are variety of other services those are available as per clients requirements as follows,
Please note the following tax due dates and come back often to keep up with the changes.
Taxpayers should be aware of the following dates and deadlines that pertain to their business:
March 15, 2017 - Partnerships and S Corporate tax returns are due.
April 15, 2017 - C Corporation tax returns are due.
September 15, 2017 - This is the final deadline for extended Partnerships, C Corporations and SCorporations.
Does something look different in 2017?
If you’ve filed a business tax return in the past, you’ll notice an interesting change for the 2016 tax year is the modified due dates for LLCs and corporations.
Historically, corporations were due March 15 and partnerships were due April 15. But starting with the 2016 tax year, (returns due early 2017) the deadlines will flip as follows,
March 15 (Extensions Until Sept. 15)
Note: This is the due date for the tax return and also for the Schedules K-1 that the entity must provide to its owners.
This change actually makes more sense, intuitively: Both S corporations and partnerships are flow through entities, while C corporations are completely separate entities from their owners. Changing the due dates so both partnerships and S corporations (the flow through) is March 15 gives the individual owners of those entities one month to use the tax information from the entity filing for their individual income tax returns, which is due April 15, 2016 (per usual).
It also makes more sense for the C corporation returns due date to be April 15 because there is no flow through aspect of C corporations, so that corporate tax filing is not necessary prior to filing the shareholders’ individual tax returns.
|January 16, 2017||4th Quarter 2016 Estimated Tax Payment Due
If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, get them postmarked by January 15, 2016 tax deadline.
|April 17, 2017||
Individual Tax Returns Due for Tax Year 2016
If you haven't applied for an extension, e-file or postmark your individual tax returns by midnight April 17, 2016.Individual Tax Return Extension Form Due for Tax Year 2016
Need more time to prepare your tax return? File your request for a tax extension by April 17 to push your tax deadline back to October 16, 2017.1st Quarter 2017 Estimated Tax Payment Due
If you are self-employed or have other first-quarter income that requires you to pay quarterly estimated taxes, get your Form 1040-ES postmarked by April 17, 2017 tax deadline.Last Day to make a 2016 IRA Contribution
If you haven't already funded your retirement account for 2016, do so by April 17, 2017. That's the deadline for a contribution to a traditional IRA, deductible or not, and a Roth IRA. However, if you have a Keogh or SEP and you get a filing extension to October 16, 2017, you can wait until then to put 2016 money into those accounts.
|June 15, 2017||
2nd Quarter 2017 Estimated Tax Payment Due
If you are self-employed or have other second-quarter income that requires you to pay quarterly estimated taxes, make sure your payment is postmarked by June 15, 2017 tax deadline
|September 15, 2017||
3rd Quarter 2017 Estimated Tax Payment Due
If you are self-employed or have other third-quarter income that requires you to pay quarterly estimated taxes, make sure your third quarter payment is postmarked by Sept. 15, 2017 tax deadline.
|October 16, 2017||
Extended Individual Tax Returns Due
If you got a filing extension on your 2016 tax return, you need to get it completed and postmarked by October 17, 2017. Last Chance to Recharacterize 2016 Roth IRA Conversion If you converted a traditional IRA to a Roth during 2016 and paid tax on the conversion with your 2016 return, October 16, 2017 is the deadline for recharacterizing (undoing) the conversion. Doing so could save you money if the IRA has lost money since the time of the original conversion.
|January 15, 2018||
4th Quarter 2017 Estimated Tax Payment Due
If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, get them postmarked by January 15, 2018 tax deadline.
Tax rates change every year. Take a look at this year's tax rates.These tax rates are used to prepare 2016 tax returns in 2017:
The standard deduction amounts for 2016 are as follows:
For 2016, the additional standard deduction amount for over the age of 65 or the blind is $1,250. The additional standard deduction amount is increased to $1,550 if the individual is also unmarried and not a surviving spouse.
Itemize their deductions are subject to , the Pease limitations, named after former Rep. Don Pease (D-OH) may cap or phase out certain deductions for high income taxpayers. The Pease thresholds for 2016 are:
Under Pease limitations, the total of all your itemized deductions is reduced by the lesser of:
Pease limitations apply to charitable donations, the home mortgage interest deduction, state and local tax deductions and miscellaneous itemized deductions. They do not apply to medical expenses, investment expenses, gambling losses and certain theft and casualty losses.
The personal exemption amount for 2016 is $4,050, up from $4,000 in 2015. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $259,400 ($311,300 for married couples filing jointly). It phases out completely at $381,900 ($433,800 for married couples filing jointly.)
Phase outs apply as follows:
Following are the tax credits those are adjusted for 2016. Some of the most common tax credits are:
Earned Income Tax Credit (EITC). For 2016, the maximum EITC amount available is $6,269 for taxpayers filing jointly who have 3 or more qualifying children, up from a total of $6,242 for tax year 2015. The revenue procedure has a table providing maximum credit amounts for other categories, income thresholds and phase-outs.
Child & Dependent Care Credit. For 2016, the value used to determine the amount of credit that may be refundable is $3,000 (the credit amount has not changed). Keep in mind that this is the value of the expenses used to determine the credit and not the actual amount of the credit.
Adoption Credit. For 2016, the credit allowed for an adoption of a child with special needs is $13,460, and the maximum credit allowed for other adoptions is the amount of qualified adoption expenses up to $13,460. Phase outs do apply beginning at taxpayers with modified adjusted gross income (MAGI) in excess of $201,920 and completely phased out for taxpayers with MAGI of $241,920 or more.
Hope Scholarship Credit.The Hope Scholarship Credit for 2016 will remain an amount equal to 100% of qualified tuition and related expenses not in excess of $2,000 plus 25% of those expenses in excess of $2,000 but not in excess of $4,000. That means that the maximum Hope Scholarship Credit allowable for 2016 is $2,500. Income restrictions do apply and for 2016, those kick in for taxpayers with modified adjusted gross income (MAGI) in excess of $80,000 ($160,000 for a joint return).
Lifetime Learning Credit. As with the Hope Scholarship Credit, income restrictions apply to the Lifetime Learning Credit. For 2016, the adjusted gross income amount used by joint filers to determine the reduction in the Lifetime Learning Credit is $111,000, up from $110,000 for tax year 2015.
Changes were also made to certain tax deductions, deferrals & exclusions for 2016. You'll find some of the most common here:
Student Loan Interest Deduction. For 2016, the maximum amount that you can take as a deduction for interest paid on student loans remains at $2,500. Phase outs apply for taxpayers with modified adjusted gross income (MAGI) in excess of $65,000 ($130,000 for joint returns), and is completely phased out for taxpayers with modified adjusted gross income (MAGI) of $80,000 or more ($160,000 or more for joint returns).
Foreign Earned Income Exclusion. . For tax year 2016, the foreign earned income exclusion is $101,300, up from $100,800 for tax year 2015.
Transportation and Parking Benefits. For 2016, the monthly limitation for the qualified transportation fringe benefit remains at $130 for transportation, but rises to $255 for qualified parking, up from $250 for tax year 2015.
Find out when you'll receive your federal and state refund.
In order to make changes, corrections, or add information to an income tax return that has already been filed and accepted by the IRS, you must file a tax amendment to amend your accepted federal or state tax return.
ASM makes it easy for you to prepare your federal amendment if you have efiled your current federal return with us or NOT. You can provide the necessary information and we will take care of your amended return.
You can check the status of your Form 1040X, Amended U.S. Individual Income Tax Return, by clicking Where's My Amended Return? or by calling the toll-free telephone number 866-464-2050 three weeks after you file your amended return.
IRS e-file Refund Cycle Chart for 2017 with Direct Deposit and Check dates provided below are based on filing and transmitting as early as January 2, 2017. This has not been and will not be published by the IRS and this is just an estimate. The IRS now says most refunds will be issued within 21 days of your return being accepted. It might give you a good idea, but never bank on it because many issues arise and delay tax refunds. When will tax season open? Once we know the date tax season open, the estimated tax refund direct deposit dates will likely be updated.
|DATE ACCEPTED||DIRECT DEPOSIT SENT||PAPER CHECK MAILED|
|Jan 16 – Jan 22, 2017||Feb 3, 2017||Feb 8, 2017|
|Jan 23 – Jan 29, 2017||Feb 10, 2017||Feb 15, 2017|
|Jan 30 – Feb 5, 2016||Feb 17, 2017||Feb 22, 2017|
|Feb 6 – 14, 2017||Feb 24, 2017||Mar 1, 2017|
|Feb 13 – 19, 2017||Mar 3, 2017||Mar 8, 2017|
|Feb 20 – 26, 2017||Mar 10, 2017||Mar 15, 2017|
|Feb 27 – Mar 5, 2017||Mar 17, 2017||Mar 22, 2017|
|Mar 6 – 12, 2017||Mar 24, 2017||Mar 29, 2017|
|Mar 13 – 19, 2017||Mar 31, 2017||Apr 5, 2017|
|Mar 20 – 26, 2017||Apr 7, 2017||Apr 12, 2017|
|Mar 27 – Apr 2, 2017||Apr 14, 2017||Apr 19, 2017|
|Apr 3 – Apr 9, 2017||Apr 21, 2017||Apr 26, 2017|
|Apr 10 – Apr 16, 2017||Apr 28, 2017||May 3, 2017|
|Apr 17 – Apr 23, 2017||May 5, 2017||May 10, 2017|
|Apr 24 – Apr 30, 2017||May 12, 2017||May 17, 2017|
EITC (Earned Income Tax Credit) and ACTC(Additional Child Tax Credit) are the most commonly exploited credits in tax refund theft scams. Ready and waiting for that tax refund? Of course you are! Don’t get excited yet, some tax refunds delayed in 2017.
Unfortunately, some taxpayers are going to have to wait a little while longer for their tax refunds in 2017. Tax refunds delayed in 2017 might be a shock to those who expect earlier refunds.
A new fraud protection policy kicks into effect due to a provision in the Protecting Americans from Tax Hikes (PATH) Act of 2015. The IRS is going to delay refunds that involve the Earned Income Tax Credit and Additional Child Tax Credit until February 15th.
Tax time is the peak season for criminals to try and steal your identity or scam you out of your tax return. IRS scams can easily run all year as criminals work to steal personal information and Social Security Numbers that will allow them to defraud the United States government. Let’s take a quick look at two of the most common scams that target the individual and how to protect your tax refund and identity from predators.
Phone scams and impersonations of IRS workers rise dramatically during the tax filing season. Criminals will use any number of tactics to try and convince you to make a payment or give up your financial information for their gain. They may threaten you with legal action like taking you to court, deportation, or criminal charges. They will often try to intimidate you to put you on the defensive so you make bad decisions in the heat of the moment.
There are some easy ways to spot this type of IRS scam. The IRS does not threaten to bring in law enforcement to arrest you for not meeting their demands. You are entitled to the right to appeal or question the amount of taxes the IRS says you owe. The IRS will never ask you for an immediate payment or payment via a specific method. Con artists like to coerce their victims into using prepaid debit cards because they are harder to track. Furthermore, the IRS will never ask for a debit or credit card number over the phone.If you run into these things, you are likely dealing with a IRS scam con artist.
Email is an everyday part of our lives. It is a prime vehicle for con artists to perform IRS scams. They will try and trick you into revealing your personal information. The practice is called Phishing and it’s been around for decades now. A scammer may spoof email addresses, domains, and send official looking correspondence to appear legitimate. A very common scam includes asking you to verify personal information or financial details through an included URL.
The IRS will not send you emails about tax bills or refunds out of the blue. The easiest way to protect yourself from identity theft via phishing is to never click links in unexpected emails, even if it comes from a person or entity you know. If you are not expecting correspondence, do not click any links in the email as it may lead to malware or theft of your personal information.
There are numerous scams out there that target everyone from the individual to large businesses. These two are most commonly used against the average person who is just trying to get their taxes filed and returned. Stay aware and don’t fall for these scams!Please contact us ASAP in any of these situations
In the beginning DO NOT select Option #1 for refund. But then which button should you push to get a real person? The fastest way to talk to a human at the IRS after you select your language is to press Option #2, then Option #1, then Option #4 and finally Option #2.
Here are the detailed steps to speak to a HUMAN at the IRS:
|IRS Phone Number|
|IRS Speak to a HUMAN! (M-F, 7 a.m. – 7 p.m. local)||(800) 829-0582 ext. 652|
|IRS Hotline Phone Number to Check Refund Status||(800) 829-1040 (800) 829-1954|
|IRS Identity Theft toll-free formerly called IPSU Identity Protection Specialized Unit (IPSU)||(800) 908-4490|
|IRS TeleTax Topics and Refund Status||(800) 829-4477 (24/7)|
|Do you owe prior years taxes to the IRS?||Delinquent tax payers will receive IRS notice that provides a specific number to call for their tax account info.|
|Do you have an IRS levy?||(800) 829-3009|
|IRS Phone number to Order Transcripts||(800) 908-9946|
|IRS Offsets Child Support, Student Loans?||(800) 304-3107|
|Order an IRS Return Transcript or Account Transcript||IRS Transcript|
ASM Associates LLC.
41 Middlesex Avenue,
Iselin, NJ 08830
Toll Free: 1-888-960-1628
Telephone: 732 379 4500
Fax: 732 379 4502