Tax Planning and
Compliance Services
Tax Planning and Compliance involve two distinct but interconnected concepts. Tax compliance refers to the taxpayer’s responsibility to adhere to tax laws and pay taxes on time, ensuring the avoidance of costly penalties and legal issues. Effective tax planning, on the other hand, helps minimize total tax liability while maximizing return on investment. At MDA Professional Group, P.C., our experts identify tax-saving opportunities and investments throughout the year, ensuring compliance with all federal and state tax laws and regulations. Explore our key service categories below:
Federal Tax Compliance
Federal tax originated in the 1860s to raise funds for the Civil War and was ratified into law in 1913 with the 16th Amendment. Today, the Internal Revenue Service (IRS) levies federal income tax on individuals, corporations, trusts, estates, and other legal entities. All income is taxable unless specifically exempted by law, and taxes are calculated in layers called “tax brackets.” Failure to comply with federal tax law can result in costly penalties and interest. MDA tax specialists can help you understand the income tax system, ensuring you pay only what you truly owe.
State and Local Tax (SALT) Compliance
State and Local Tax (SALT) encompasses a variety of taxes levied by state and local governments, including sales and use tax, employment tax, income tax, and personal property tax. MDA has the expertise to determine which taxes apply to your business and how to prepare your tax forms accurately to maximize any applicable credits or deductions. Consult with an MDA SALT specialist to navigate the complexities of state and local tax compliance.
Tax Planning
Effective tax planning is essential for minimizing tax liability and preserving more of your income for your financial goals while staying compliant with all tax regulations. MDA professionals offer tailored tax-saving strategies that go beyond simple tax preparation. Contact an MDA specialist today to see how strategic tax planning can benefit you and your business.
Business Incentives & Credits
Business incentives and credits are designed to support business growth, create new jobs, and encourage economic development. These incentives can include tax credits, deductions, exclusions, grants, subsidies, low-interest loans, utility rate reductions, sales/use tax abatement, and other benefits. Current incentives for small businesses include the Small Business Health Care Tax Credit, the Work Opportunity Credit, and the Employee Retention Tax Credit. Financial grants to small businesses do not have to be repaid. Contact an MDA expert to discuss your eligibility for these lucrative tax breaks and simplify the application process.
Transaction Consulting
Transaction consulting assists businesses in navigating complex transactions such as mergers and acquisitions, divestitures, joint ventures, and business restructuring. These transactions may also include initial public offerings and capital market activities, encompassing valuation, tax advice, and financial due diligence. MDA professionals provide expert guidance and support throughout the entire transaction process, from structuring the deal to post-merger integration. Let our team help you successfully navigate your business transactions with confidence.
At MDA Professional Group, P.C., we are committed to providing reliable, innovative, and practical tax planning and compliance solutions.
Let us help you achieve your financial goals with our comprehensive
range of services tailored to meet your unique needs.
range of services tailored to meet your unique needs.