We go beyond Tax Return preparation to provide Tax Planning. Proper planning helps individuals and businesses pay only the necessary taxes.
"I am proud to be paying taxes in the United States. The only thing is -- I could be just as proud for half the money."
The vast majority of Somerset Tax Partners, LLC clients choose to engage a tax professional because they feel that tax regulations are more complex than their comfort level. No one wants to pay more tax than is necessary. Many clients also want to make sure they are maximizing available deductions. The old saying by Benjamin Franklin may be true, “Nothing is certain except death and taxes,” but paying more than the law requires is avoidable.
Navigating today’s tax laws can be challenging. Whether you’re handling business tax returns or personal taxes, staying compliant with IRS regulations can feel overwhelming. With numerous critical details to manage, mistakes or omissions can lead to penalties, fines, or other issues with the IRS.
At Somerset Tax Partners, LLC, led by R. Joseph Ritter, Jr. CFP® EA, we cater to both individuals and businesses, ensuring compliance with ever-evolving tax laws and regulations. Our comprehensive tax services not only cover current returns but also help you plan ahead to maximize eligible deductions and tax credit opportunities.
Our individual tax preparation services are designed to help you maximize your returns.
Anyone can prepare a tax return…not just anyone can do it right!
You want your tax returns to be correct. The value of a licensed professional is a comprehensive understanding of tax regulations, tax planning and your goals. While there may be a fee involved, professionals often earn their fees through tax savings you might have missed and knowledge of tax regulations.
Taxpayers are not shielded from unqualified return preparers. The only requirement to prepare tax returns is to obtain a Preparer TIN (PTIN). While the IRS offers several educational and registration opportunities, the National Taxpayer Advocate reported that, for tax year 2018, 53% of individual tax returns were prepared by unenrolled preparers – meaning they hold no particular license and may not have any competency, educational or continuing education requirements. An astounding 76% of income tax returns by paid preparers claim the EITC and are prepared by unenrolled preparers. This means lower income households are affected the most.
With tax regulations changing frequently, you want a tax return preparer who
To earn the Enrolled Agent license and CERTIFIED FINANCIAL PLANNER(TM) Professional credential, R. Joseph Ritter, Jr. sat for four separate examinations with at least 900 questions. At least 102 continuing education hours must be completed on a 3-year cycle. We follow national and regional averages for return preparation fees. Both the IRS and the CFP Board of Standards hear client grievances and impose disciplinary procedures in the event of malfeasance. The CFP Board of Standards require the fiduciary standard in client interaction.
Building a relationship with a tax preparation firm that truly understands your business is crucial. As your trusted advisor, we ensure you meet all tax obligations, helping you avoid penalties and fees that can impact your profitability.
As tax professionals, we know that business owners are very good at what they do. Whether your business is a trade, service, retail or anything else, you’ve carved out an important niche. Your customers also expect you to respond when they need you.
Don’t look at a tax professional as a “wish-list” item when you have more money. What we offer is navigating tax regulations for you, so that you can focus on your customers and generating income. Every hour you spend trying to navigate business taxes on your own is an hour of income lost. How many hours does it take you now, and how much lost income is that?
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Navigating the complexities of income tax returns for trusts and estates can be challenging. Our team includes professionals skilled in all aspects of trust and estate administration, adept at handling the unique tax and accounting issues involved.
A: From a young age, I have been interested in numbers, calculations and forms. In high school, I took an accounting class for the first time, and in college, I took five accounting classes as part of my major. In my junior year of college, because I was interested in law school, I applied for a legal secretary job at a tax and estate planning law firm. I ended up working for the same attorneys for 15 years and ultimately worked my way up to the rank of senior paralegal. My specialty included tax research, preparing legal documents to carry out tax-related decisions, reviewing tax returns, preparing correspondence to the IRS, communicating with accountants we engaged, fiduciary accountings, and gathering documents for audits and examinations. Not going to law school is one of my biggest regrets from my youth.
A: Beyond ordinary tax matters, three key tax topics in which we specialize are Marketplace Premium Tax Credits for health insurance, real estate investments, and cryptocurrency. I started my own practice in 2014 when the Affordable Care Act was new, and to understand the new law, I sought out as many continuing education classes as I could find. We have carved out a name for ourselves locally as a problem solver for health insurance tax issues. We have taken bold and creative (but legal) positions on tax returns to help clients navigate the complexities of health insurance and reduce their tax burden. Our work has held up under IRS examination.
Cryptocurrency is especially complex because of ongoing attacks by the federal government and the nature of the transactions. Again, we strive to stay on top of changes in tax law as well as court cases to help our clients remain compliant on tax returns. Real estate investments are also complex because they are often used specifically to generate tax deductions. However, the rules are complex, and deductions are easy to miss.
A: We will provide to you a Tax Organizer which includes a questionnaire. The Tax Organizer document will help you gather the documents necessary for tax return preparation.
A: Please bring notices to our office. We can assist in responding to the notice. Some notices require prompt a response, while other notices may simply acknowledge that you submitted a document. It is best not to delay responding to a notice. As time passes and deadlines are missed, the opportunity for a favorable outcome may decrease.
A: Not all revisions or errors require an amended tax return be filed. We recommend that you have the revision or error evaluated to determine if an amended tax return should be filed. If an amended tax return would result in an additional refund, the amendment must be filed within three years of the original due date.