Tax services

Tax Reporting

​Income Tax is not fun for anyone ; however, here at Barbara D. Penhall CPA we make the best out of your situation. Barbara is very accommodating to each client's situation, seeking to make tax reporting as painless as possible.
Before we begin work on your tax return we will need the following information:
  • At least one year prior tax return.  Current year W-2s, 1099s, etc.  Your previous tax return will help Barbara determine exactly what current year forms are needed.
  • information on stock sales and trades, real estate taxes, mortgage interest statements, closing papers from the purchase and sale of vehicles and homes
  • Receipts from contributions, including non cash donations' fair market value.
  • The Social Security Number or Employer Identification Number of child care providers, as well as their address and amounts paid for each child.​
  • If you have an office in your home, we'll the need square footage of office/storage space and total square footage of your home.  We will need total utilities, insurance, yard work, home security and repairs.
  • If you own a business or have rental properties, we will need income and expense information. (If you keep accurate business records using Quickbooks, we can access most of the information we need from a copy of this file.)  If you use your personal vehicle for your business, we will need to know total and business miles for each car/truck driven during year, description of each vehicle, its original cost, the date it was purchased and interest paid on the vehicle loan.  If you have the information, include the actual expenses of vehicle operation (gas. repairs, insurance, etc).
  • If you use your equipment, such as computer, cell phone, etc. for both business and personal, we need the percentage of time the equipment is used for business.​

Tax Planning

​Planning is a vital step in reducing your tax liability. Our goal is to maximize your after-tax income, going beyond compliance and recommend tax-saving strategies.
It is our priority to maximize our application of current tax law, complex tax code and new tax regulations through periodic tax seminars.
Our business and individual clients can be sure to incur the lowest amount of tax liability allowable by law, because we seek ways to minimize tax throughout the year, not just at year-end.


OBJECTIVES OF OUR TAX PLANNING
  • Accumulate and preserve assets by keeping the the Fed out of your pockets
  • Defer income so you can keep your money now and pay less taxes later
  • Reduce taxes to increase your after-tax income
  • Reduce estate taxes so more of your legacy is preserved
  • Reduce taxes of your gifts to increase the effect of your generosity
  • Reduce taxes on investments, to compound the growth of your wealth
  • Reduce taxes on retirement distributions to maintain an appropriate lifestyle
STRATEGIES OF OUR TAX PLANNING
  • We split income among several family members or legal entities to achieve the lowest tax bracket allowable
  • Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate
  • Deferring tax liabilities through certain investment choices such as pension plans, contributions or other similar plans
  • Using certain investments to produce income that is tax exempt from either federal or state (or both) taxing entities
  • Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.
We work for you, not the IRS. Through careful planning and legitimate tax strategies, we are able to help our clients save money by reducing their tax liabilities.