Taxes

• Tax Planning
  We are also happy to advise you on setting up your business, as well as an accounting systems and payroll in Madison, WI, that will work for your business both now and in the future. We can provide QuickBooks support and training and tax planning strategies.
• Tax Services
  We offer comprehensive tax preparation and related services in Madison, WI. If you are facing a complicated tax return, unsure about the new tax laws or need to represent a new change in your location, employment or marital status, we’ll help you work through the complicated preparation process and optimize your deductions to make your tax return work for you. We can assist you in filing late tax returns, amend prior year returns, filing internationally if you live internationally, and deceased clients. We are designated registered tax return preparers and Authorized IRS e-file Providers.
• Tax Deductions
  It is up to you to provide documentation for the tax deductions that you took on your tax return. Your Representative has to work with what you are able to provide to take to an audit. The IRS wants documents such as bank statements, receipts, cancelled checks, mileage logs, automobile receipts with odometer readings, settlement statements, etc.
• Income Tax
  Another important consideration is that your worldwide income will always be subject to U.S. income tax, regardless of where you reside now. You may have US tax filing obligations if you have personal income such as wages, salary, commissions, tips, consultancy fees, pension fund, alimony, U.S. or foreign social security, interest, dividends, capital gains, rental property, farm income, royalties, inheritance, or payment in kind in the U.S. or abroad. You may have U.S. tax filing obligations even if you haven’t been to the U.S. or left several years ago, and all of your income is from “Foreign” (non-U.S.) sources. However, income that you earned while living abroad, can qualify for significant tax credits that may reduce, or even in some cases eliminate your entire U.S. tax obligation.
• Tax Return Preparation
  We offer tax return preparation for partnerships, corporation and LLC’s. This would include forms 990, 1120, 1120S, 1065 and Schedule C which is part of your personal tax return.
• Business Tax Return Preparation

Investment

• Mutual Funds
  If you own or have signature authority over any foreign financial accounts (including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account) that have a total aggregate value exceeding certain thresholds at any point during the tax year, you will be required to file a “Report of Foreign Bank and Financial Accounts” commonly referred to as an “FBAR” with the IRS, although some possible exceptions exist.

Accounting

• Accounting Services
  Consulting Services Tax and Accounting will provide professional, timely, comprehensive accounting services to our clients. We can provide QuickBooks, support and training so whether you’re a small, growing entity looking to outsource your bookkeeping, or a larger established business searching for an expert to optimize your outcomes. Consulting Services specializes in both small and large business accounting needs. We become a partner to our clients and know that there may be complications along the way. We will propose innovative solutions as issues arise. We work with you to help make meaningful business decisions, manage business growth and handle complex financial requirements. We want you to look to us for advice and consulting assistance.
• Payroll Services
  Call 608-233-9769 today and make an appointment to learn how our accounting and payroll services can help your business.
• Bookkeeping Services
  Consulting Services Tax & Accounting is a full service agency. We offer in-house accounting, professional payroll services to help you manage payroll, health insurance plans, flexible spending accounts, and bookkeeping services. Call us today, and we will be happy to give you a free strategy session before we begin to work together.

Planning

• Financial Planning
  Call today to learn more about how your organization can benefit by partnering with Consulting Services for all of your tax, accounting and financial planning needs.
• Living Trusts
  A trust must be created by an attorney. A trust is an entity created to hold assets and can be created while a person is alive and referred to as a living trust. The trust may also be created according to instructions in a will (Testamentary trust). The trust tax return is also Form 1041 and is required to be filed if there is gross yearly income of $600 or more. A trust may be set up to stay open for many years. Either the trust pays the taxes on the income or the income from the trust can be distributed to specified beneficiaries each year. A tax return is filed each year reporting the income from the assets. Any beneficiaries would receive a K-1 form from the trust reporting their share of the income.