Accounting for Individuals
The Internal Revenue Code is a highly complex document. The ability to understand the provisions contained within it dictates the amount of tax owed to the IRS. At Draffin Tucker, our team of professionals works through the Code to determine the applicable provisions that are most beneficial to our clients. We realize that every return is different, and every client is treated as an individual. Whether you are a small business owner, a young professional, recently divorced or retired, our team is ready to serve your needs in a confidential manner.
Our professionals are experienced in providing the following accounting services to individuals:
Income Tax Preparation
At Draffin Tucker, our team provides income tax reporting services for individuals, trusts and estates. By taking the time to listen to our clients, we strive to prepare returns that minimize the tax liabilities of our clients while ensuring compliance with the Internal Revenue Code and Federal and state regulations. Once you become a client, our goal is to fully understand your financial situation in order to provide you with the most relevant and accurate advice. By maintaining a constant dialogue throughout the year, we are able to implement tax planning strategies that will benefit you when April 15 arrives.
One of the most sensitive planning subjects individuals face during their lifetimes is planning for their possessions after they have passed. We are aware of the numerous planning vehicles being solicited in this area, some of which work and some of which do not. While our backgrounds are in taxation, when it comes to estate planning, our primary focus is making sure tax strategies serve the non-financial goals of caring for loved ones. Many planners in this area have a preconceived plan in mind based solely on an introductory telephone conversation. At Draffin Tucker, we take the time to learn the details of our clients and their family’s lives that make their individual plan unique. Based on the non-financial goals of our clients, we then work with attorneys and financial advisors to implement a plan that both achieves these non-financial goals and minimizes the amount of gift and estate taxes paid to transfer wealth.
Estate Return Preparation and Representation
The loss of a loved one is a very trying time, which is often complicated by the requirement to file an estate tax return. At Draffin Tucker, we consider it a privilege to serve our clients during these times, as we understand how wise planning and counsel can mitigate the loss. We work closely with the estate’s attorney and financial planners to minimize the burden placed on the executor or administrator, who is often a grieving family member. Using this collaborative approach, we are able to prepare an accurate return, which fully utilizes the provisions provided in the Internal Revenue Code to minimize the taxes paid. For those estates that require an estate tax return to be provided to the Probate Court, we work to prepare such reports for filing. We also welcome the opportunity to meet with the beneficiaries in order to help them understand this complex process.
Audits and Examinations by Taxing Authorities
No one likes to get the phone call or letter that his or her tax return has been selected for audit. While we represent clients before the taxing authorities on a regular basis, we realize this is an uncomfortable time for our clients, many of whom are unaware of how the process works. At Draffin Tucker, our goal is to not only represent you well before the taxing authorities in these situations, but also to minimize stress by helping you understand the process, analyze the options and negotiate a favorable resolution.
Our tax team has significant and valuable experience in the conservation easement arena. We have assisted hundreds of clients and their representatives through the complicated process. From the compilation of information and the reporting of federal and state deductions and credits to representation before the Internal Revenue Service in audits of such easements, Draffin Tucker has the experience to assist you in the implementation and reporting of your conservation easements. Our professionals maintain close relationships with others in this field, including: appraisers, attorneys, conservation organizations, brokers of the state tax credits and the IRS representatives who audit these easements.