Tax Services

Tax planning and preparation are two important activities for any individual or business. With up to date knowledge on the new tax laws and legal issues, Norstar Group can help design and implement individualized, effective tax strategies to minimize taxes due and maximize refunds. Norstar Group provides consultation and assistance throughout the year, always available to give advice on tax decisions that will impact you or your business.

Individuals

Tax rules change every year and using online or off-the-shelf tax software may not minimize your tax liability. Given all the complexities in federal and state income tax laws, your tax return may not be as simple as you think. There could be deductions and credits you might be missing out on by not consulting with a tax professional. In addition to preparing and filing your tax returns, we provide you with tax minimization strategies based on your specific situation. This will help you make sure you have more dollars going into your pocket for your personal needs and goals. Our team of tax professionals will prepare and guide you through your tax returns and we are available throughout the year to answer your questions or help you resolve tax problems. Tax preparation need not be a worrying experience!

Businesses

Time is a valuable and limited commodity, for all of us, especially for business owners and operators. By working with us to help you with your tax needs, you can spend your time on managing, growing and increasing the value of your business. The numerous tax rules and regulations requires the assistance of professionals to make sure that tax issues and problems do not get in the way of achieving the strategic goals you have set for your business. By minimizing your tax liabilities, you have more dollars to reinvest in your business and to pay yourself. Whether your business is already matured and stable or is in its growth phase, we are here to help you comply with and navigate the complexities of tax rules and regulations. Not paying taxes will eventually result in retaliation from the IRS

Payroll Tax Issues

It is the legal obligation of an employer to withhold payroll taxes and hold them in trust for later payment to the IRS. If an employer fails to do so, knowingly or unknowingly, it becomes an issue that requires some professional assistance. Whether it is from not filing, not remitting all withholdings or not paying penalties, the IRS will use all of its enforcement power to collect what it deems is owed. Fortunately, we are there and is well suited to help find options to address the matter. Also dealing with tax problems, personal or business related, is not something we take lightly. You need to make sure you have a support team that understands the IRS tax codes and issues.

Not-for-profit Organizations

Many small and mid-size not-for-profit organizations focus their time raising funds or doing charitable activities. Our firm can help you dedicate more of your time on your core activities by handling your tax requirements such as the preparation and filing of annual form 990s with the IRS. We can also help in applying for a tax-exempt status for your organization or restoring your organization’s tax-exempt status if it has been revoked by the IRS.

Tax Planning

Have you thought about quitting your job to start your own business or becoming an independent contractor? Planning to buy a house? Looking forward to retiring in the next few years? Planning to work or retire overseas? Considering whether to use retirement money to pay for your house or to make home improvements? These and many other questions are examples of situations that require careful tax planning. Most people think of the tax impact of their decision after the fact, usually when they prepare their tax returns (at that point, it is too late to do anything). More often than not, they are totally unprepared and/or surprised about the tax impact of their decision. Careful tax planning can help you evaluate whether it’s the right decision, prepare for the tax consequence of your decision and possibly minimize the resulting tax liability. Give us a call to schedule a consultation.