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Tax and Audit Resolution Services

Best Tax Services in Fair Lawn, NJ

Our tax services are crucial for business because taxation is a critical aspect of financial management that directly impacts profitability, compliance, and overall individuals and business operations. Without proper tax planning and compliance, individual and businesses may face a myriad of challenges including unexpected tax liabilities, penalties for non-compliance, and missed opportunities for tax savings. And our tax services aim to solve these problems by providing expert guidance and support in various areas of taxation. We assist companies in navigating the many tax laws and regulations so they can minimize their tax obligations while maintaining compliance with all legal requirements.
Through strategic tax planning, we identify opportunities for tax savings and optimization, helping individual and businesses maximize their financial resources and improve their bottom line. Additionally, our services include assistance with tax preparation, filing, and resolution of tax-related issues, alleviating the burden of tax administration, and allowing individual and businesses to focus on their core operations. In essence, our tax services serve as a vital resource for Individuals and businesses, offering the expertise and support needed to navigate the complexities of taxation with confidence and ease. Businesses can reduce risks, maximize their tax results, and attain better performance and financial stability by working with us.
Audit Resolution services in Fair Lawn NJ

Tax Services

Our professional tax services in Fair Lawn, NJ help individuals and businesses plan, pay, and minimize taxes. We can prepare

Individual:

  • Form 1040 and other supporting forms, worksheets, credits, and schedules for individuals, small business owners filing form 1040, Schedule C, and landlords filing Schedule E for rental property.
  • Form 1040 - Is used by U.S. taxpayers to file an annual income tax return; to complete the tax return other supporting forms, worksheets, credits, and schedules (A, B, C ,D, E, and other) may be needed.
  • Form 1040-Schedule C - Reports Profit or Loss from business operated or profession practiced as a sole proprietor; includes related forms.
  • Form 1040-Schedule E - Reports income or loss from rental real estate, or royalties.

Small Business:

  • Form 1040, Schedule C - Profit or Loss From Business for LLC, Self-Employed, Independent Contractor, and business owner.
  • Form 1041 - Profit or Loss From Business for LLC, Self-Employed, Independent Contractor, and business owner.
  • Form 1041 -Use this form if you are the fiduciary of a domestic decedent's estate, trust, or bankruptcy estate to report the income, deductions, gains, losses, etc. of the estate or trust.
  • Form 1120 - U.S. Corporation Income Tax Return
  • Form 1065 - U.S. Return of Partnership Income.
  • Form 706 - U. S. Estate (and Generation- Skipping Transfer) Tax Return.
  • Form 709 - U.S. Gift (and Generation-Skipping Transfer) Tax Return.

Advisory Services

To help our clients reduce their tax liability and comply with the rules and regulations of tax authorities, our professional tax advisory services in Fair Lawn, NJ provide tax advice for:
  • Accounting
  • Amended tax returns
  • Audit Resolution
  • Bookkeeping - Manage daily transactions
  • Charitable contribution deductions
  • Education savings accounts
  • Health savings accounts
  • Investment income, taxable and non-taxable
  • Medical deductions
  • Planning - Reporting and advice to support growth
  • Rental property income and deductions
  • Retirement Income
  • Small business entity determination
  • Small business income and deductions
  • Tax law

Small Business: ADD 1120S below

  • Form 1040, Schedule C - Profit or Loss From Business for LLC, Self-Employed, Independent Contractor, and business owner.
  • Form 1041 - Profit or Loss From Business for LLC, Self-Employed, Independent Contractor, and business owner.
  • Form 1041 -Use this form if you are the fiduciary of a domestic decedent's estate, trust, or bankruptcy estate to report the income, deductions, gains, losses, etc. of the estate or trust.
  • Form 1120 - U.S. Corporation Income Tax Return
  • Form 1120S - U.S. S-Corporation Tax Return
  • Form 1065 - U.S. Return of Partnership Income.
  • Form 706 - U. S. Estate (and Generation- Skipping Transfer) Tax Return.
  • Form 709 - U.S. Gift (and Generation-Skipping Transfer) Tax Return.

Audit Resolution Services

If you receive an IRS or State tax authority letter, don’t panic and choose our reliable audit resolution services in Fair Lawn NJ. Give us a call at (201)791- 1050 to resolve your tax audit issues.

Common IRS and state(s) Audit Letters:

While most returns are accepted as filed, some are selected for review to determine if income, credits, and/or deductions are being reported accurately. The notice proposes additional tax liability.
  • Notice CP2000 (or Letter 2030) is sent to propose a change in tax.
  • Notice CP2501 (or Letter 2531) - The IRS sends because your tax return doesn’t match the payer they have on file for you.
  • Other IRS and State notice letters and issues.
  • Note, the Tax Authorities do not send a notice when allowable deductions and credits were not taken to reduce tax liability or balance due.

The IRS and its authorized private collection agencies generally contact taxpayers by mail that additional taxes are due. The IRS or States will never contact you by phone. Most of the time, all the taxpayer needs to do is read the letter carefully and take the appropriate action of contacting Wraga Tax and Financial Services to
resolve your tax audit letter and issues.

With Wraga Tax and Financial Services, we will:

  • Review and resolve IRS and state’s tax authority letters, issues, and discrepancies.
  • Discover, advise, and correct missed income. deductions, credits, and discrepancies per audit letter(s).
  • Discover and advise missed deductions and credits not mentioned in the letter resulting in a possible refund of taxes, or reduced tax liability, or zero balance due.
  • Amend return(s) to resolve the audit letter.

If necessary, we will:

  • Obtain Power of Attorney to represent you in audit.
  • File appeals.
  • Complete IRS offer in compromise.
  • Complete IRS installment agreement, levy, and garnishment release.
Audit Resolution services in Fair Lawn NJ

Other Services

Personal and Small Business Advisory

Strategic counsel tailored to drive business growth and prosperity, ensuring informed decisions at every turn.

Tax and Audit Resolution Services

Professional tax planning and compliance services to reduce obligations and maximize financial efficiency.

Bookkeeping

Meticulous reporting and record-keeping of finances, guaranteeing correctness and openness in financial administration.

Working Hours
Mon-Thu: 9 AM - 5 PM
Friday: 9 AM - 3 PM
Saturday: By appointment only
Sunday: Closed
Get In Touch
Hamlin Ct Fair Lawn, NJ 07410
Elaine@WragaTax.com
(201) 791-1050
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