Services

Tax Planning & Advisory Services

Strategic Tax Planning for Individuals in the USA
Welcome to PlanoTax, where we specialize in strategic tax planning to optimize your financial situation. Our dedicated team of tax professionals is committed to helping individuals in the USA navigate the complex world of taxes, ensuring that you keep more of your hard-earned money.

Our Individual Tax Planning Services:
1. Personalized Tax Strategies:
Discover personalized tax strategies tailored to your unique financial circumstances. We analyze your income, deductions, and credits to develop a plan that maximizes your tax benefits.

2. Income Tax Optimization:
Our experts focus on optimizing your income tax situation, taking advantage of available deductions and credits to minimize your tax liability.

3. Investment Income Planning:
Navigate the tax implications of your investments with our specialized planning services. We help you make tax-smart investment decisions for optimal returns.

4. Retirement Planning:
Plan for a secure and tax-efficient retirement. Our team assists you in making informed decisions about contributions, withdrawals, and overall retirement tax strategies.

5. Estate and Inheritance Tax Planning:
Safeguard your assets for future generations. Our estate and inheritance tax planning services guide you through strategies to minimize tax burdens on your estate.

Why Choose PlanoTax?
1. Expertise: Our team comprises seasoned tax professionals with in-depth knowledge of U.S. tax laws and regulations.
2. Personal Attention: We understand that your financial situation is unique. Our personalized approach ensures that our strategies align with your specific needs and goals.
3. Comprehensive Analysis: We conduct a thorough analysis of your financial landscape to identify opportunities for tax savings and optimization.
4. Transparent Process: Stay informed about your tax plan. We believe in transparent communication, ensuring you understand the strategies implemented to benefit your financial future.
5. Results-Driven: Our goal is to deliver tangible results. We work diligently to minimize your tax liabilities and maximize your financial well-being.

Begin Your Tax-Smart Journey Today!
Ready to take control of your financial future through strategic tax planning? Contact PlanoTax today to schedule a consultation. Let our experts guide you towards a tax-efficient and prosperous tomorrow.

Need More Time? File Your Tax Extension with PlanoTax!

Don't Panic if You're Not Ready by the Due Date! Tax season can be stressful, and sometimes, despite your best efforts, you might find yourself needing more time to prepare your tax return. If you're in this situation, filing a tax extension with the IRS is a smart move to avoid potential late payment or late-filing penalties.

Why Choose PlanoTax for Your Tax Extension Filing?

1. Expert Guidance: Our team at PlanoTax consists of experienced professionals who specialize in filing tax extensions for both Federal and State returns, covering personal and business taxes.
2. Extension Benefits: Filing an extension with us allows you to extend your deadline by six months. This can provide the breathing room you need to gather necessary documentation and ensure accurate filing.
3. Avoid Penalties: By filing an extension, you steer clear of late payment and late-filing penalties, giving you peace of mind as you navigate your tax responsibilities.

What PlanoTax Can Do for You:

1. Timely Extensions: Our team comprises experts well-versed in federal, state, and city tax laws, ensuring a holistic approach to your tax obligations.
2. IRS Instalment Arrangements: We tailor our services to meet the unique tax requirements of each client, providing personalized attention to maximize returns.
3. Estimate Tax Returns: Our streamlined processes guarantee efficiency in filing your federal, state, and city taxes, saving you time and effort.

Don't Miss Out on Refunds: If you're expecting a tax refund, you may not need to file for an extension. However, if you choose to, PlanoTax experts ensure you have up to three additional years from the tax deadline to submit your return and claim your money.

Connect with PlanoTax Today! Whether it's a personal tax return or business taxes, PlanoTax is here to support you. Contact us today to discuss your tax situation, file an extension, and gain the peace of mind you deserve.

Remember, with PlanoTax, you're not alone in managing your tax responsibilities. Let us handle the details, so you can focus on what matters most to you.

US Individual Tax Filing Services

Comprehensive Tax Filing Services Across Federal, State, and City
Welcome to PlanoTax, your go-to destination for seamless and efficient individual tax filing services in the USA. We understand that navigating the intricacies of tax laws can be overwhelming. That's why our team of dedicated professionals is here to simplify the process and ensure you get the most out of your tax return.

Our Comprehensive Tax Filing Services:
1. Federal Tax Filing:
Trust our experts to handle your federal tax filing with precision and accuracy. We cover a wide range of individual and business tax scenarios, ensuring compliance with the latest federal tax laws.

2. State Tax Filing:
Every state has its own unique tax regulations. Our team is well-versed in the intricacies of state tax laws, providing you with personalized state tax filing services that maximize your returns while meeting all state-specific requirements.

3. Local Tax Filing:
Don't overlook city taxes! Our specialized city tax filing services ensure that you fulfill your obligations at the municipal level. We navigate the nuances of city tax codes to optimize your filing for the best financial outcomes.

From property taxes to other county-specific levies, we assist you in understanding and fulfilling your county tax obligations, optimizing your financial situation.

4. Maximize Your Deductions:
Discover every deduction you qualify for with our meticulous approach. Our goal is to help you keep more of your hard-earned money.

5. Tax Planning Across All Levels:
Beyond filing, we offer strategic tax planning services that encompass federal, state, and city levels. Our goal is to help you make informed financial decisions that positively impact your overall tax situation.

6. Timely and Accurate Filings:
Deadlines matter. We prioritize timely and accurate filings to prevent penalties and ensure your peace of mind. Whether it's federal, state, or city taxes, we've got your back.

Why Choose Us?
1. Comprehensive Expertise: Our team comprises experts well-versed in federal, state, and city tax laws, ensuring a holistic approach to your tax obligations.
2. Customized Solutions: We tailor our services to meet the unique tax requirements of each client, providing personalized attention to maximize returns.
3. Efficient Process: Our streamlined processes guarantee efficiency in filing your federal, state, and city taxes, saving you time and effort.
4. Transparent Communication: Stay informed about your tax situation at every step. We believe in transparent communication to empower our clients with knowledge.
5. Peace of Mind: With our comprehensive tax services, you can focus on what matters most to you while we handle the complexities of federal, state, and city tax filings.

Get Started Today!
Ready to experience a seamless tax season? Contact us today to schedule your consultation. Let us be your guide through federal, state, and city tax obligations.

FBAR & FATCA Filing

FBAR: Any United States person, whether a Citizen or Resident, who has a financial interest in or signature authority over any financial account in a foreign country must file a Report of Foreign Bank and Financial Accounts (FBAR) if the aggregate value of these accounts exceeds US $10,000 at any time during the calendar year. The filing deadline is April 15th, but there is an automatic extension available, which extends the deadline to October 15th.

FATCA: The Foreign Account Tax Compliance Act (FATCA) requires certain U.S. taxpayers to report their financial accounts held outside the United States. This involves reporting obligations on Form 8938, which must be attached to the taxpayer’s annual income tax return. If you do not have to file a U.S. income tax return for the year, then you do not have to file Form 8938, regardless of the value of your specified foreign financial assets.

FATCA Form 8938 Thresholds:

• If you are living in the United States: The aggregate value of specified foreign financial assets must exceed $50,000 on the last day of the tax year, or $75,000 at any time during the tax year.
• Married individuals filing jointly are required to report if the aggregate value exceeds $100,000 on the last day of the tax year, or $150,000 at any time during the tax year.

These thresholds are higher for taxpayers living abroad.

Please reach out to us if you need more information.

ITIN Assistance

PlanoTax is a one-stop solution for all your ITIN requirements.

Do you have a spouse or qualified dependents staying with you but do not have a valid Social Security Number (SSN)? No problem! PlanoTax can help you obtain an Individual Taxpayer Identification Number (ITIN) for your spouse and dependents.

Understand Eligibility: Generally, ITINs are issued to individuals who need a taxpayer identification number for tax purposes but are not eligible for a Social Security Number (SSN). This includes non-resident aliens, dependents or spouses of U.S. citizens or residents, and others with a federal tax filing requirement.

Form W-7: To apply for an ITIN, individuals typically need to complete Form W-7, Application for IRS Individual Taxpayer Identification Number. The form requires certain documentation to be submitted along with it, such as proof of identity and foreign status. Ensure that you have the required original or certified copies.

Submitting the Application: Once the application form and supporting documents are complete, they are submitted to the IRS. Applications can be submitted by mail or in person at designated IRS Taxpayer Assistance centers.

Processing Time: ITIN processing times can vary, but the IRS strives to process applications as quickly as possible. The processing time may be longer during peak tax season.

For more information, please reach out to PlanoTax. Feel free to contact us!

Entity Formation

In the United States, entity formation refers to the process of creating a legal structure for a business or organization. The type of entity chosen has important implications for issues such as taxation, liability, and management. Here are some common types of business entities in the USA:

1. Sole Proprietorship:
   • Simplest form of business.
   • Owned and operated by one individual.
   • No legal distinction between the business and the owner.
   • Owner is personally responsible for all debts and liabilities.
2. General Partnership:
   • Similar to a sole proprietorship but with two or more individuals as owners.
   • Partners share profits, losses, and management responsibilities.
   • Each partner is personally responsible for the partnership's debts and liabilities.
3. Limited Partnership (LP):
   • Consists of general partners (with unlimited liability) and limited partners (with limited liability).
   • Limited partners are typically passive investors and do not participate in day-to-day management.
4. Limited Liability Partnership (LLP):
   • Similar to a general partnership but provides limited liability protection to all partners.
   • Partners are not personally responsible for the debts and liabilities of the partnership.
5. Limited Liability Company (LLC):
   • Offers the limited liability of a corporation combined with the simplicity and flexibility of a partnership.
   • Owners are called members, and management can be structured as member-managed or manager-managed.
6. C Corporation:
   • A separate legal entity from its owners (shareholders).
   • Offers limited liability to shareholders.
   • Subject to double taxation: the corporation is taxed on its profits, and shareholders are taxed on dividends.
7. S Corporation:
   • Similar to a C corporation but with certain tax advantages.
   • Profits and losses are passed through to the shareholders, avoiding double taxation.
   • Limited to 100 shareholders and specific eligibility criteria.
8. Nonprofit Corporation:
   • Formed for charitable, educational, religious, or other non-profit purposes.
   • Exempt from certain taxes.
   • Contributions to nonprofits are often tax-deductible for donors.

The process of forming an entity typically involves registering with the state where the business will operate. This process may include choosing a business name, filing necessary documents, and paying fees. Additionally, businesses may need to obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) for tax purposes.

It's crucial to consult with legal and financial professionals when choosing the most appropriate entity type for a specific business, as each has its own advantages and disadvantages depending on factors such as the nature of the business, size, ownership structure, and future plans.

Small & Medium Business Tax Services

At PlanoTax, we understand the unique tax needs of small and medium-sized businesses. Our goal is to simplify the tax filing process, empower business owners with knowledge, and ensure compliance with tax regulations. Explore our comprehensive services designed for SMBs.

Services We Offer:

1. Business Structure Consultation:

   Learn about different business structures (sole proprietorship, LLC, S corporation, C corporation) and choose the one that suits your needs.

2. Tax Planning and Strategy:

   Optimize your tax liabilities with personalized tax planning strategies. Maximize deductions and credits to minimize your tax burden.

3. Bookkeeping and Accounting:

   Keep your financial records in order with our professional bookkeeping and accounting services. Stay organized and ready for tax season.

4. Tax Filing for Sole Proprietors:

   Navigate the tax filing process for sole proprietors. Understand Form 1040 and Schedule C requirements.

5. Partnership Tax Filing (Form 1065):

   File your partnership tax return with ease. Issuing Schedule K-1 to partners? We've got you covered.

6. "C" Corporation Tax Filing (Form 1120):

   Ensure compliance with "C" corporation tax requirements. File Form 1120 and optimize your corporate tax strategy.

7. "S" Corporation Tax Filing (Form 1120S):

   Pass-through taxation for "S" corporations made simple. File Form 1120S and issue Schedule K-1 to shareholders effortlessly.

Ready to streamline your small business tax filing? Contact PlanoTax for personalized assistance and expert guidance. Let us handle the complexities while you focus on growing your business.

Indian Tax Filing Services

PlanoTax, with a processing center established in India, is positioned to assist its US tax clients in fulfilling their Indian tax obligations. Let's briefly discuss each of the potential situations:

1. Wages/Salaries in India while Residing in the USA:

   Indian citizens deputed to a US employer or client locations may receive wages or salaries in India for the period spent in the USA. In such cases, filing tax returns in India is necessary.

2. Interest or Dividend Income in India:

   Individuals earning interest or dividend income from any source in India, regardless of their residential status, are required to file tax returns in India.

3. Rental Income from Property in India:

   If the individual owns a property in India that was let out during the tax year, they need to declare and file tax returns on the rental income earned.

4. Property Sale in India:

   If the taxpayer sold a property in India during the tax year and realized a profit or incurred a loss, they must report this transaction in their Indian tax return.

5. Stock Transactions in India:

   Individuals involved in stock transactions in India during the tax year need to disclose these transactions and their gains or losses in their tax returns.

6. Income from Partnership in India:

   Being a partner in any Indian partnership that generates income requires filing tax returns in India to report the partnership income.

It's important to note that the tax laws and regulations in India can be complex, and the filing requirements may vary based on the individual's specific circumstances. PlanoTax, with its processing center in India, can assist clients in navigating these complexities and ensuring compliance with Indian tax laws. This may include preparing the necessary documentation, calculating tax liabilities, and submitting the returns through the appropriate channels.

Clients should provide all relevant financial information and documentation to PlanoTax so that the tax filing process is accurate and in accordance with Indian tax regulations. Additionally, staying informed about any updates or changes in Indian tax laws is crucial for both tax filers and tax service providers.