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.
Tax Brackets and Tax Rates. The tax brackets and tax rates were changed in 2018. There are still seven (7) tax rates. They are: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Followings are the details of these brackets and rates:
Taxpayers should be aware of the following dates and deadlines that pertain to their business:
March 15 - Partnerships and S Corporate tax returns are due.
April 15 - C Corporation & Personal (1040) tax returns are due
September 15 - This is the final deadline for extended Partnerships, C Corporations and SCorporations.
Note: Business returns filing deadlines were changed by IRS last year (2019)
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 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 15, 2021||
4th Quarter 2020 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, 2021 tax deadline.
|March 15, 2021||
SCorp and Partnership Tax Returns Due for Tax Year 2020
• File Form 1120S for calendar year & pay any tax due. Furnish copy Sch. K-1 to each shareholder. For automatic 6-month extension, file Form 7004 & deposit estimated tax. File Form 2553 to elect S Corp status beginning with calendar year 2021
• File Form 1065 and furnish a copy of Sch. K-1 to each partner. For automatic 6-month extension, file Form 7004.
|April 15, 2021||
Individual Tax Returns Due for Tax Year 2020
If you haven't applied for an extension, e-file or postmark your individual tax returns by midnight April 15, 2021.Individual Tax Return Extension Form Due for Tax Year 2020
Need more time to prepare your tax return? File your request for a tax extension by April 15 to push your tax deadline back to October 15, 20211st Quarter 2021 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 15, 2021 tax deadline.Last Day to make a 2020 IRA Contribution
If you haven't already funded your retirement account for 2020, do so by April 15, 2021. 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 15, 2021.
|May 15, 2021||
Deadline to file tax return for non-profits
File Forms 990, 990-EZ, 990-PF, 990-N, 990-BL, 990-T (Trusts other than section 401(a) or 408(a) trusts), 4720, or 8868
|June 17, 2021||
2nd Quarter 2021 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, 2021 tax deadline
|September 15, 2021||
3rd Quarter 2021 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, 2021 tax deadline.
• Partnerships: File calendar year Form 1065 if you timely requested a 6-month extension
• SCorporations: File calendar year Form 1120S if you timely requested a 6-month extension
|October 15, 2021||
Extended Individual and CCorp Tax Returns Due
• Non-Resident Alien Individuals who received wages as an employee subject to U.S. income tax withholding: File Form 1040NR or 1040NR-EZ if you timely filed Form 4868.
• Corporations: File calendar year Form 1120 if you timely requested a 6-month extension.
• Individuals: File Form 1040 if you timely requested a 6-month extension.
|January 15, 2021||
4th Quarter 2021 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, 2021 tax deadline.
Tax rates change every year. Take a look at this year's tax rates.These tax rates are used to prepare 2020 tax returns in 2021:
Tax rates for trusts and estates have also changed as follows:
The standard deduction amounts for 2020 are updated as follows:
The standard deduction amounts is increased to $12,400 for individuals, $18,650 for heads of household, and $24,800 for married couples filing jointly and surviving spouses.
There will be no personal exemption amounts for 2020. The personal exemption amount was set to zero (0) under the Tax Cuts and Jobs Act.
The alternative minimum tax (AMT) exemption amounts are adjusted for inflation. Here’s what those numbers look like for 2020:
Kiddie Tax.The kiddie tax applies to unearned income for children under the age of 19 and college students under the age of 24. Unearned income is income from sources other than wages and salary, like dividends and interest. Taxable income attributable to net unearned income will be taxed according to the brackets applicable to trusts and estates (see above, earlier). With respect to earned income, the rules are the same as before.
Capital Gains rates will not change for 2020, but the brackets for the rates will change. Most taxpayers pay a maximum 15% rate, but a 20% tax rate applies if your taxable income exceeds the thresholds set for the 37% ordinary tax rate. Exceptions also apply for art, collectibles and section 1250 gain (related to depreciation). The maximum zero rate amounts and maximum 15% rate amounts break down as follows:
There are significant changes to itemized deductions found on Schedule A, including:
Medical and Dental Expenses. The “floor” for medical and dental expenses is 7.5% in 2020, which means you can only deduct those expenses which exceed 7.5% of your AGI.
State and Local Taxes. Deductions for state and local sales, income, and property taxes remain in place and are limited to a combined total of $10,000, or $5,000 for married taxpayers filing separately.
Home Mortgage Interest. You may only deduct interest on acquisition indebtedness—your mortgage used to buy, build or improve your home—up to $750,000, or $375,000 for married taxpayers filing separately. For more on mortgage interest under the TCJA
Charitable donations. As a result of tax reform, the percentage limit for charitable cash donations to public charities increased from 50% to 60% in 2018 and will remain at 60% for 2o20.
Casualty and Theft Losses. The deduction for personal casualty and theft losses has been repealed except for losses attributable to a federal disaster area. For more on casualty losses after a disaster
Job Expenses and Miscellaneous Deductions subject to 2% floor Miscellaneous deductions, including unreimbursed employee expenses and tax preparation expenses, which exceed 2% of your AGI have been eliminated.
There are no Pease limitations in 2020.
Some additional tax credits and deductions were adjusted for 2020 or altered under the conference bill. Here's a look at a few of the most popular:
Child Tax Credit. The child tax credit has been expanded to $2,000 per qualifying child and is refundable up to $1,400, subject to phaseouts; there is a temporary $500 nonrefundable credit for other qualifying dependents. AGI phaseouts are not indexed for inflation and remain at $400,000 for married taxpayers filing jointly and more than $200,000 for all other taxpayers. For more about the expanded CTC
Earned Income Tax Credit (EITC). For 2020, the maximum EITC amount available is $6,660 for married taxpayers filing jointly who have three or more qualifying children (it’s $538 for married taxpayer with no children). Phaseouts apply.
Adoption Credit. For 2020, the credit for an adoption of a child with special needs is $14,300, and the maximum credit allowed for other adoptions is the amount of qualified adoption expenses up to $14,300. The available adoption credit begins to phase out for taxpayers with modified adjusted gross income (MAGI) in excess of $214,520; it’s completely phased out at $254,520 or more.
Student Loan Interest Deduction. For 2020, the maximum amount that you can deduct for interest paid on student loans remains $2,500. The deduction begins to phase out for single taxpayers with MAGI in excess of $70,000, or $140,000 for married taxpayers filing jointly, and is completely phased out for single taxpayers at $85,000 or more, or $170,000 or more for married taxpayers filing jointly.
Lifetime Learning Credit. For the 2020 tax year, the adjusted gross income (AGI) amount for joint filers to determine the reduction in the Lifetime Learning Credit is $118,000; the AGI amount for single filers is $59,000.
Foreign Earned Income Exclusion. For tax year 2020, the foreign earned income exclusion is $107,600.
Medical Savings Accounts (MSA). For 2020, a high-deductible health plan (HDHP) is one that, for participants who have self-only coverage in an MSA, has an annual deductible that is not less than $2,350 but not more than $3,550; for self-only coverage, the maximum out-of-pocket expense amount is $4,750. For 2020, HDHP means, for participants with family coverage, an annual deductible that is not less than $4,750 but not more than $7,100; for family coverage, the maximum out-of-pocket expense limit is $8,650.
The unpopular shared individual responsibility payment has been eliminated for the tax year 2020
And don’t forget section 199A (Qualified Business Income). As part of the TCJA, sole proprietors and owners of pass-through businesses are eligible for a deduction of up to 20% for qualified business income. The deduction is subject to threshold and phased-in amounts. For 2020, the threshold amounts begin at $326,600 for married taxpayers filing jointly:
One of the most significant changes under tax reform is the tax treatment of businesses and these are permanent and fairly comprehensive.
Corporate tax rates, like individual tax rates, are progressive. For 2017, corporate rates range from 15% to 39% (except for personal service corporations which are taxed at 35%) while individual tax rates range from 10% to 39.6%.
The new tax law now provides for a flat 21% tax rate for corporations. For Pass through entities, business income that passes through to an individual from a pass-through entity and income attributable to a sole proprietorship will be taxed at individual tax rates less a deduction of up to 20% to bring the rate lower.
It sounds easy, but it quickly can become tricky since the deduction is subject to limits and restrictions. To understand those, you need some definitions:
Qualified business income (QBI). QBI is generally net income from your business without regard for any amount paid by an S corporation that is treated as reasonable compensation, any guaranteed payment for services in business, or any amount paid or incurred to a partner for services outside his or her capacity as a partner. You'll use the "normal" rules when figuring QBI, so capitalize and amortize expenditures accordingly. One last note: QBI is determined on a per business, not a per taxpayer, basis.
Qualified property. Qualified property is tangible property (typically, things you can touch) subject to depreciation and available for use in your business at the end of the tax year. You must use the property to produce qualified business income (as defined above).
Specified service trade or business. A specified service trade or business is any business involving the performance of services in the fields of health, law, consulting, athletics, financial services, brokerage services, or "any trade or business where the principal asset of such trade or business is the reputation or skill of one or more of its employees or owners." If the success of your business depends on you and not on something that you sell, you're pretty much included (except for engineering and architecture services, which were specifically excluded).
Threshold amount. . The threshold amount is the amount above which both the limitation on specified service businesses and the wage limit apply. The threshold amount is $157,500 for individual taxpayers and $315,000 for married taxpayers filing jointly. Phase-ins apply: that means that the benefit decreases as income increases.
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.
By law, the IRS cannot issue refunds for people claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law requires the IRS to hold the entire refund — even the portion not associated with EITC or ACTC. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or debit cards starting on Feb. 27, 2018, if direct deposit was used and there are no other issues with the tax return. This additional period is due to several factors, including the Presidents Day holiday and banking and financial systems needing time to process deposits. This law change, which took effect at the beginning of 2017, helps ensure that taxpayers receive the refund they’re due by giving the IRS more time to detect and prevent fraud.
As always, the IRS cautions taxpayers not to rely on getting a refund by a certain date, especially when making major purchases or paying bills. Though the IRS issues more than nine out of 10 refunds in less than 21 days, some returns require further review.For a Faster Refund, Choose e-file
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|
As the year-end approaching, this is the perfect time to take a deeper look at your current situation and get well prepared for the next tax-filing season through proper tax planning and strategizing.
You should consider the following items before the end of the year:
ASM Associates LLC.
41 Middlesex Avenue,
Iselin, NJ 08830
Toll Free: 1-888-960-1628
Telephone: 732 379 4500
Fax: 732 379 4502