Tax Services

Professional Tax Services Tailored to Your Needs

At Greg Martinez CPA, Inc, we specialize in providing comprehensive tax services to businesses and individuals in Eastlake, Chula Vista and the surrounding areas. Our services range from tax preparation and planning to tax problem resolution and expatriate tax services. We are here to meet your tax needs with precision and expertise. Don't hesitate to reach out to us for any tax-related inquiries.

Tax Preparation

Preparing your income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.

Whether we like it or not, 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 computer software, there's no substitute for the assistance of an experienced tax professional.

Here's What You Get

• Your tax return will be checked and rechecked by our computer software, identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
• Your tax return can be filed electronically, so you will get a refund back quickly.
• Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest-free loan for up to 16 months?
• We will show you potential deductions to limit your tax liability for next year. Additionally, we will provide you with a sheet of commonly overlooked deductions to limit your tax liability for the following year.

Books a Mess? No Problem!

If you own a small business and haven't kept up with your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, complete a full Schedule C, as well as your personal income tax return. Then, we'll assist you in setting up an easy system that allows you to keep your books in tip-top shape for the next year.

Tax Preparation for Businesses

Dependable Business Tax Preparation Services in Chula Vista

Although tax season is an excellent opportunity to save money and get closer to your financial goals, it can be overwhelming for business owners. At Greg Martinez CPA, we're proud to offer extensive business tax preparation services to help transform tax season from a headache into a cost-saving opportunity. We look forward to meeting you and beginning a personal and professional relationship that you can rely on for years to come.

Over the years, we've enhanced our Chula Vista business tax preparation offerings to meet the routine and complex needs of our clients. Our team is here to assist you, whether you need help filing past-due returns or submitting multi-state or multi-country taxes. Call us today for your free initial consultation and receive the professional assistance you deserve!

3 Benefits of Professional Tax Preparation

The tax landscape for businesses, regardless of entity type, changes yearly. As such, it can be challenging to keep up with changes to tax laws and regulations at the local, state, and federal levels. By outsourcing your company's tax preparation, our team will closely monitor changes so that your filing is consistently tax-compliant. Our outsourced tax preparation services can benefit you in more ways than one, including the following:

• Saving money: When you bring on a full-time tax professional, it can quickly cut into your overhead expenses. Outsourcing your tax preparation brings skilled professionals to your corner at manageable rates that work within your budget.
• Freeing up time: Tax preparation requires extensive time and effort to handle correctly and can pull you away from other aspects of your business. Our team will handle every component of tax preparation so that you have more time to focus on what matters most.
• Improving efficiency: If you've ever handled your company's taxes, you know it can be labor-intensive and clunky. At Greg Martinez CPA, we leverage time-tested processes to help us file your taxes efficiently and accurately each year

Invested in Your Financial Success

When you trust our firm with your taxes, we'll begin by taking a deep dive into your company's tax history, including examining previous tax returns. We'll also sit down with you to discuss your business goals and where you see your company going in the future. Taking all this information into account allows us to adapt our Chula Vista business tax preparation services to bolster your company's tax strengths and improve areas that need attention.

Just as you enjoy sharing your passion with your community, we enjoy sharing our passion for taxes with you. We'll break down complex tax concepts into simple terms so that you're informed and up to speed every step of the way. Additionally, our business tax advisors enjoy answering questions and encourage you to ask any that come to mind.

Helping You Take Advantage of Tax Deductions

Tax deductions are an excellent way for businesses to save money during tax season. However, the process can be complex, and, as such, you may miss out on deductions. From sole proprietorships to S corporations, our team has extensive experience helping companies maximize their deductions. Although no two businesses' deductions are the same, some common tax deductions we'll help you claim include the following:

• Office supplies: No matter your business, you will likely purchase office supplies. Although they might seem like minor expenses, they can add up to sizable savings. The IRS characterizes office supplies as printers, pens, paper, pencils, computers, and postage. We'll help you retrieve any receipts for office supplies and ensure you don't miss a single expense.
• Business meals: Although the percentage varies based on your business entity type, most business-related meals can be deducted. However, you must keep various documentation, including receipts and the date and location of each meal.
• Work-related travel: One of the most overlooked tax deductions is for work-related mileage. If you travel from your office to a remote work site, you can deduct the cost of gasoline. There are two ways to claim work-related travel expenses: logging miles traveled or saving fuel receipts.

Business Tax Preparation FAQs

Outsourcing your business's tax preparation can be a major step. As such, it's normal to have countless questions about our services. That's why our team is here to answer your questions and provide you with the information you need. Some frequently asked questions about small business tax preparation include:

Do you use technology during the tax preparation process?

Of course. Our firm employs an online service that enables you to securely send us documents and sign off on your returns without needing to leave your office or home.

Can you help me change my business entity type?

As part of our business tax preparation services, we'll review your business entity type and determine if changing it is in your best interests.

Do you offer other tax-related services?

Yes. In addition to our business tax preparation services, we offer tax planning, accounting, and bookkeeping. Our team can help you create detailed tax planning strategies to assist you in reaching your financial goals.

Tax Preparation Services for You

At Greg Martinez CPA, we're privileged to offer excellent business tax preparation services to help take the burden of tax season off your shoulders. We have the knowledge and experience to cater to even the most complex preparation needs, including FBAR filing. Contact us today to speak to one of our accountants for your free initial consultation!

Tax Planning

Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax-saving strategies to maximize your after-tax income.

We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars.

Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.

We recommend Tax Saving Strategies that help you...

• Grow and preserve assets by keeping Uncle Sam out of your pockets.
• Defer income so you can keep your money now and pay fewer taxes later.
• Reduce taxes on your income so you keep more of what you make.
• Reduce taxes on your estate so your family keeps more of what you've made.
• Reduce taxes on your gifts so you can give more.
• Reduce taxes on your investments so you can grow your wealth faster.
• Reduce taxes on your retirement distributions so you can retire in style.

Here's Just a Few of the Tax Saving Strategies We Use

• Splitting income among several family members or legal entities to have more of the income taxed in a lower bracket.
• Shifting income or expenses from one year to another to have them taxed at a lower rate.
• Deferring tax liabilities through certain investment choices such as pension plans, contributions, and other similar plans.
• Using certain investments to produce income that is tax-exempt from federal, state, or both taxing entities.
• Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.

Remember, we work for you, not for the IRS. Many of our clients save many times the fee in reduced tax liability through careful planning and legitimate tax strategies.

Expatriate Tax Services

If you're planning a move abroad or you're already an expatriate, you have more to think about than adjusting to a new culture. Although it may be tempting, you must not ignore your U.S. taxes.

Every U.S. citizen, regardless of whether they are living in the U.S., must file a tax return with the federal government.

The tax situation for expatriates is often complicated and frustrating. Many variables affect how much expatriates pay Uncle Sam — from whether you deduct your foreign taxes to your host country and your employment situation. Fortunately, we can help.

U.S. Taxes for Expatriates - Pitfalls and Traps

To ensure a smooth tax filing process, you must be well-informed. If you take up residence in a foreign country without exploring the tax ramifications, you may find yourself paying more than expected to the U.S. government or your home state, as well as facing penalties and interest.

Some of the important considerations include:

• Amount of foreign earned income: You can deduct a substantial amount of earned foreign income from your U.S. taxes.
• Your host country: Many countries have tax treaties or conventions with the United States, which will dictate how you file your U.S. taxes.
• Which state have you most recently lived in: Some states do not have income taxes, while others make it difficult to sever your ties with that state.
• Rental income and dividends/interest from assets in the U.S.: You must pay taxes on these exactly as if you were living in the U.S.
• Whether you are self-employed: You must pay self-employment tax on your income, even if you can exclude it as foreign earned income on your income taxes.
• Your holdings in a foreign bank account: Any interest in or authority over a foreign financial account over a certain amount must be reported to the U.S. Treasury Department.

Our Expat Tax Services

Although the IRS offers numerous deductions, credits, and exclusions to expats, taking advantage of them is not straightforward. Some exclusions vary by country, while others can only be claimed for a portion of the year. In addition, each requires supporting forms and worksheets, which can be more than cumbersome to prepare. For people who are either planning a move or have already settled abroad, we offer the following tax services:

• U.S. tax returns: We prepare your U.S. income tax return, including the most common schedules and forms.
• State tax returns: Depending on which state you most recently lived in, you may need to file a state return.
• Small business tax returns: We assist small business owners, self-employed individuals, or those with significant rental property with their returns.
• Online filing: When you're living in a foreign country, it's not practical to send forms and documents back and forth through the mail. Our highly secure, fully encrypted Client Portal enables the quick, free, and safe transfer of files between our office and yours.
• Foreign bank account reporting: We file the FBAR form for individuals who have above a certain threshold in a foreign account.
• Compliance: It's not uncommon for expats to fall behind on their taxes. We help you sort through the paperwork, forms, and rules and get you back in compliance with the IRS.
• Consulting: If you're unsure of your need to file federal or state tax returns, give us a call. We help you get clear on your situation.

These are the most common expat tax services we offer, but it's not our full list. Please contact us to discuss your needs if you don't see them reflected here.

Contact Our Office Today

There's no need for expats to pay more than required or suffer from penalties and interest just because the process is more confusing for them.

Let us help you navigate the tricky waters of U.S. taxes for expats. Give us a call or send us an email today—and use more of your money to enjoy your life abroad!