Tax Planning & Preparation in Cherry Hill, NJ
Need Expert Help with Your Taxes – And to Keep More of What You Make?
Are you looking for tax preparation and planning services that will help you minimize your taxes and meet all those tax deadlines?Do you want tax time to be as easy and painless as possible? Do you want a proactive tax preparer that can help you find effective and safe ways to reduce your tax bill?
If you answered yes to any of these questions, then you’re in the perfect place to find out about how we can help you with your tax return preparation, fast and easy filing, and tax planning to reduce your tax bill. We serve hundreds of taxpayers each year, and we can help you save time and money and reduce the stress that goes along with tax time.
We can handle tax return preparation and filing for individuals, businesses, partnerships, trusts, estates, ex-pats, S-Corps, C-Corps, LLCs, sole practitioners with businesses, nonprofits needing to file Form 990, and many others!
These days, tax return preparation is best left in the hands of a tax professional with access to highly complex professional tax software and who can check the results against their knowledge of the latest tax laws.
Tax Preparation Services We Provide
We help our clients with the following services:
- Prepare your tax return with our professional software
- Adjust or catch up your business or investment bookkeeping records so they are tax-ready
- Check for every deduction you are eligible for
- Double- and triple-check your tax return’s accuracy
- Review any red flags generated by our tax software and inform you of any that might increase your risk or review or audit
- Explain the complex in an understandable way so you can feel confident you’ve made the right decision
- Electronically file your individual, corporate, and estate tax returns at the local, state, and national levels so you can get any refunds back as fast as possible
- Provide you a link where you can check on your refund status
- Keep you informed of due dates within the scope of our engagement with you so you can stop worrying whether you’ve forgotten to file something important
- Answer your questions and explain your options
- Help you with recordkeeping requirements
- Provide year-round access to copies of your returns should you need them to purchase a new house or take out a loan
- Be available to call or email year-round for additional tax questions or services
- Help you adjust your tax withholding amounts for next year
- Calculate estimated tax payments you may need to make to reduce or avoid penalties for next year
- Make tax projections throughout the year so there are no surprises
- Meet with you to determine ways to reduce your tax bill for next year
- Provide you with deductions you may be able to take next year to reduce your taxes
Tax Preparation Services We Provide
We help our clients with the following services:
- Prepare your tax return with our professional software
- Adjust or catch up your business or investment bookkeeping records so they are tax-ready
- Check for every deduction you are eligible for
- Double- and triple-check your tax return’s accuracy
- Review any red flags generated by our tax software and inform you of any that might increase your risk or review or audit
- Explain the complex in an understandable way so you can feel confident you’ve made the right decision
- Electronically file your individual, corporate, and estate tax returns at the local, state, and national levels so you can get any refunds back as fast as possible
- Provide you a link where you can check on your refund status
- Keep you informed of due dates within the scope of our engagement with you so you can stop worrying whether you’ve forgotten to file something important
- Answer your questions and explain your options
- Help you with recordkeeping requirements
- Provide year-round access to copies of your returns should you need them to purchase a new house or take out a loan
- Be available to call or email year-round for additional tax questions or services
- Help you adjust your tax withholding amounts for next year
- Calculate estimated tax payments you may need to make to reduce or avoid penalties for next year
- Make tax projections throughout the year so there are no surprises
- Meet with you to determine ways to reduce your tax bill for next year
- Provide you with deductions you may be able to take next year to reduce your taxes
Tax Return Preparation Services for Individuals, Trusts, and Estates
Businesses can take many forms – sole proprietorships, partnerships, LLCs, S Corporations, and C Corporations. The type of entity that your business is set up under will depend on the federal and state forms you need to complete to meet your tax requirements. LLCs are taxed in many ways, making it even more complex.
If your business was formed under the wrong entity type, you may be paying far more taxes than you need to. We can help you with an analysis of options so you can optimize your specific tax situation.
Federal and state tax return preparation is just the beginning for business tax needs. You may also have franchise tax, sales tax, payroll tax, and other industry-specific taxes and licenses that you need to keep up with. Managing all your tax deadlines can be a big job that distracts you from more important things you have to do to run your business.
We take pride in staying on top of tax deadlines for our clients so you don’t have to stress about them. We can prepare and file the tax returns that are required for your business. We’ll look hard for every deduction possible, discuss with you your options, and perform your tax compliance work accurately and on time.
Tax Return Preparation Services for Nonprofit Organizations
Nonprofit tax-exempt organizations have annual IRS return requirements too. They may not need to pay taxes, but they do need to file an information return, the Form 990, with the IRS each year. From 990 includes information on the nonprofit organization’s purpose, finances, and programs.
If your nonprofit needs help preparing and filing their form 990, give us a call.
Tax Returns That Have Not Been Filed on Time
Are you late filing a tax return? Have you missed a few years and want to get caught up?
We can help you prepare and file prior year tax returns. If you have challenges with lost records, we can help you through the process. It’s easier than you may think. Sometimes all the worry you’ve built up during the time that you haven’t filed can be bigger in your mind than it is if you just get help now to get it done. Take the first step and call us.
When your return is late, there are two penalties: failure to pay and failure to file. These penalties only get larger the more time you wait. The best option is to get professional help to work out a payment plan with the IRS or the state. With tax professionals like us negotiating for you, it’s very common to get a portion of the amount due forgiven.
Tax Returns That Need to Be Amended
There are many reasons a tax return needs to be amended. There may have been an error made when it was originally filed. It could be that a tax law changed, and amending a return puts the taxpayer in a better position. In any case, if you need to amend a return for any reason, we can help you.
IRS Correspondence
If you receive a letter from the IRS, we can help you interpret what they need you to do next. The letter could be a standard routine notice or it could be something bigger like an audit. In either case, we’re here year-round to help.
Hiring a Tax Preparer
Not all tax preparers are the same. When you hire a tax preparer, make sure they:
- Have obtained a current year PTIN (Preparer Tax Identification Number). Otherwise, they are ineligible to prepare your IRS returns.
- Have attended continuing education tax courses in the last few months so they know the newest year’s rules.
- Have a quality control process within their business so that your return will be checked for errors.
- Can give you an estimated turnaround time of when your return will be filed. Please be patient with your preparer and remember that they have to do a year’s worth of work in the 10 or so weeks from February to April.
- Can eFile your returns so that your refund, if any, will be returned faster.
- Can guarantee accuracy based on the items you’ve provided your tax preparer.
- Explain your return to you so that you understand what you are signing. You are ultimately responsible for your own tax return, so it’s essential that you understand it.
Feel free to ask us these questions, too! It’s important that you feel comfortable with the tax preparer you choose to work with.
Tax Fraud
No matter who you hire to do your taxes, please be careful of the rampant frauds surrounding the IRS each year. The IRS will never call you about your return. Do not provide any private information over the phone to people you don’t know, even if they say they are from the IRS.
Here’s a web page form the IRS to educate you about tax scams and abusive preparers so you don’t become a victim of fraud. https://www.irs.gov/compliance/criminal-investigation/tax-fraud-alerts
Tax Planning
We’re committed to helping you keep your hard-earned money without paying a penny more in taxes than you’re legally required to do. And some of the biggest savings can come when we work together and plan ahead.
We offer proactive tax planning suggestions to save you money when tax time comes. Please give us a call any time of the year, so we can start finding ways to save you money.
Tax ID Numbers
All taxpayers need ID numbers to file their taxes. Individuals need a Social Security number or an ITIN. Businesses need a Federal employer identification number. If you need help acquiring these IRS IDs, we can help.
Complimentary Consulting Session
To get a free estimate or quote or to discuss any of these services, please give us a call or email us. We’ll set up a complimentary, no-obligation initial session so you can find out more about how we can help you with your tax return preparation, filing, and planning needs.
Also From HofflerSmith
Contact Us
HofflerSmith Financial Services / Taxroute
1040 Kings Hwy N Suite 312, Cherry Hill Township, NJ 08034
Why Proactive Tax Planning Matters
Tax planning is not something you should think about only during filing season. The most effective tax strategies are implemented throughout the year, giving you time to adjust your financial decisions and maximize your savings. At HofflerSmith Financial, we work with Cherry Hill individuals and businesses year-round to ensure you never pay more in taxes than you legally owe.
Proactive tax planning allows you to take advantage of timing strategies such as deferring income, accelerating deductions, and making strategic contributions to retirement accounts before year-end deadlines. These decisions can save thousands of dollars each year when executed properly.
Tax Planning Strategies for Individuals
Individual tax planning involves maximizing deductions and credits available under current tax law. This includes optimizing retirement contributions to 401(k) plans, IRAs, and Roth accounts, timing charitable donations for maximum benefit, managing capital gains and losses in investment portfolios, and taking advantage of education credits and health savings account deductions.
We also help clients navigate major life events that impact taxes, including marriage, divorce, home purchases, inheritance, and retirement. Each of these transitions creates both challenges and opportunities that require careful planning to ensure you are positioned for the best tax outcome.
Tax Planning for Small Businesses in South Jersey
Business tax planning is especially important for small business owners in Cherry Hill, Moorestown, Mount Laurel, and throughout South Jersey. We help you choose the right business entity structure, whether that is a sole proprietorship, LLC, S corporation, or C corporation, based on your specific tax situation and business goals. The right entity selection alone can save business owners tens of thousands of dollars annually.
Our business tax planning services also include quarterly estimated tax projections, retirement plan design for business owners and employees, equipment purchase timing under Section 179 and bonus depreciation rules, and strategies for managing self-employment taxes. We coordinate all of these elements into a comprehensive plan that minimizes your overall tax burden.
When Should You Start Tax Planning?
The best time to start tax planning is now. Whether you are beginning a new tax year, starting a business, or simply looking to reduce your current tax liability, early planning gives you the most options. We recommend scheduling a tax planning session at least once per year, ideally in the third or fourth quarter, so you have time to implement strategies before December 31.
For business owners, we suggest quarterly check-ins to review estimated taxes, assess year-to-date income, and adjust your strategy as circumstances change. This ongoing relationship ensures you are never caught off guard by a large tax bill and always have a clear picture of your tax obligations.
Tax Law Changes and How They Affect You
Federal and state tax laws change frequently, and staying current is essential to effective tax planning. Recent changes to standard deduction amounts, tax bracket thresholds, retirement contribution limits, and business expense rules all impact your bottom line. The HofflerSmith team monitors legislative developments continuously and proactively updates client strategies when new laws take effect.
New Jersey has its own unique tax considerations including the state income tax structure, property tax deductions, and business-specific incentives. Our deep knowledge of both federal and New Jersey tax law ensures Cherry Hill residents and business owners receive the most comprehensive planning available.