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office@taxsherpa.com

(678) 944-8367

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Benefits of a Discovery Call:

1. Personalized tax assessment
2. Expert strategies tailored for you
3. Potential to discover significant tax-savings opportunities

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Discovery Call with Serena Tax Sherpa

20 Mins
What to Expect During Your Tax Discovery Call Hello, Thank you for setting up a Tax Discovery Call with us. Our aim during this call is not only to respect your privacy and earn your trust but also to gather essential information that will help us prepare a free, tailor-made Tax Blueprint for you. This blueprint is our way of showing you exactly how we can assist with your specific tax needs. Preparing for the Call: Have in mind any specific questions or topics you'd like to discuss. Consider your financial goals for the upcoming year. Remember, no documents are needed for this initial call. Your Privacy and Our Commitment: We deeply respect your privacy. The information you provide during this call will be used solely for creating your Tax Blueprint. We handle all your data with the highest confidentiality and security standards. This call is the first step towards a customized tax strategy designed specifically for you. We are excited to demonstrate how we can assist in optimizing your tax situation. If you need to discuss anything before our call, please don't hesitate to contact us. Looking forward to our conversation,

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Frequently Asked Questions

Q:

What's the difference between tax advisory and just filing my taxes?

Filing your taxes each year is a necessary task, but it is always backwards looking. Tax advisory works with you throughout the year to make sure that you are on the right track when it comes to your taxes and have strategies in place to save money now.

Q:

I've heard about tax write-offs for small businesses. What exactly can I write off, and how does it benefit my business?

Tax write-offs, also known as tax deductions, are expenses that a business incurs that can be subtracted from its revenue to reduce the amount of taxable income. Common write-offs include office supplies, mileage, rent for a business location, and advertising expenses, among many others. By writing off legitimate business expenses, you can significantly reduce your taxable income, which can lead to a lower tax bill. It's essential, however, to maintain proper records and ensure that the expenses are truly business-related.

Q:

What's the difference between a tax deduction and a tax credit?

A tax deduction reduces the amount of your income that is subject to taxation, which in turn can lower your tax liability. Common deductions include expenses like mortgage interest, student loan interest, and business expenses. A tax credit, on the other hand, is a direct reduction of your tax bill. This means if you owe $1,000 in taxes and have a $200 tax credit, your tax due would be reduced to $800. Some popular credits include the Child Tax Credit, the Earned Income Tax Credit, and credits for energy-efficient home improvements.

Q:

I'm thinking of hiring an independent contractor instead of an employee. Are there different tax implications for each?

Yes, there are significant tax differences between hiring an employee and an independent contractor. When you hire an employee, you're responsible for withholding federal and possibly state income taxes, Social Security, and Medicare taxes from their paychecks. You also typically pay unemployment taxes on wages paid to employees. Independent contractors, on the other hand, are responsible for their own taxes. As a business owner, you'd provide them with a Form 1099-NEC (if you pay them $600 or more during the year) instead of a W-2, and they would be responsible for their own self-employment taxes. It's important to correctly classify your workers, as misclassifying can lead to penalties.

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Disclaimer: The content presented on this website is intended for informational purposes only and is not tailored to the needs of any specific individual or entity. It should not be considered as financial, investment, or tax advice. The information provided is general in nature and does not account for individual circumstances or financial positions. Before making any financial or tax-related decisions, we strongly advise consulting with a qualified professional who can provide guidance tailored to your individual situation. All information on this site is provided in good faith, but we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on the site. Use of this site and reliance on its content is solely at your own risk.

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Contact Us

  • office@taxsherpa.com

  • (678) 944-8367

  • 3900 CROWN RD SW STE 16709

  • Monday - Friday, 10:00 am - 5:00 pm

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