Taxes

• Tax Planning
  Our offices are open and our staff is available for consultation and tax planning all during the year.
• Tax Services
  These tax returns are prepared for estates and trusts. Estates have the potential of paying two types of taxes. One tax is based on the asset value of the estate (form 706) and the estate begins paying taxes when this value exceeds the”unified credit” of approximately $5.5 million. The other tax is based on income and expenses that either an estate or trust incurs (form 1041) while it is operating to accomplish its objectives, similar to an individual tax. The income side usually follows an individual’s tax return (interest, dividends, capital gains and other income). The expense side usually follows those expenses that a business would incur (accounting tax preparation, attorney fees, trustee or executor fees, taxes, interest, etc.).  These returns can create K-1’s that pass income or expenses to individuals.
• Form 1065
• Income Tax

Accounting

• Accounting Services
  In addition to the above, Baughans does bookkeeping and reporting for estates and trusts as required by the county Commissioner of Account. This is to prove to the Commissioner that the requirements specified by either the trust documents or a will have been carried out by the administrator, trustee or executor. These reports can be very simple or extremely complex dependent on the transactions that must be accomplished during the time period reported.
• Payroll Services
  In its simplest form this starts with a schedule C within your form 1040 personal for sole proprietors. In addition to this, is a rental income schedule E and farmer and fisherman returns. From this point it goes to separate tax returns such as a 1065 partnership return, a 1120S small business return and finally an 1102 “large C” corporation return. We also provide bookkeeping, consulting and payroll services to assist our business owners.
• Cash Flow Analysis
• Bookkeeping Services

Planning

• Financial Planning