Tax Preparation Services in Wayne PA

MGS LLP has significant experience with complex situations including stock and mutual fund investments, multi-state issues, exercise of stock options, alternative minimum tax, rental properties, sole proprietorships and other matters. Tax Organizers are sent to our individual clients at year end to help gather the information necessary for tax return preparation. We encourage an early start to the return preparation process to assist in a timely turnaround. MGS LLP also provides complimentary client portals to provide secure file transfer of your documents to our professionals.

MGS LLP has significant experience with planning and tax return preparation for limited liability companies (LLCs), partnerships and both S and C Corporations. Additional consideration is given to state and local tax issues, as well as township business privilege taxes. We can work in connection with your attorney to help you with your choice of business entity to maximize your tax savings while preserving your liability protection.

MGS LLP can walk trustees through the tax process and to give you peace of mind as you manage the trust, understanding which tax filings are needed and how it may impact beneficiaries.  Trusts report their income and expense on Form 1041- Income Tax Return for Estates and Trusts. In some cases, the trust pays any tax that is due. In other cases the beneficiaries pay the tax. We can help you understand your specific tax situation and prepare these returns along with the issuance of any K-1s.

MGS LLP has experience working with executors and personal representatives of an estate.  We will take you through the tax process and help give peace of mind and reduce stress as you handle your loved one’s affairs.  Some estates are required to file Form 706 which requires you to include all estate assets including bank accounts, financial investments, real estate, IRAs, pensions, annuities and more.  Some estates may also need to file a tax return that reports the income earned from the date of death to the date assets are distributed to the heirs. This is called Form 1041. Finally, estates must prepare the final individual income tax return. This return reports the income earned from January 1st until the date of death. We can help evaluate your unique situation to determine which filings are needed and prepare the returns.

MGS LLP can assist with the filling for Nonprofit tax-exempt organizations.  Most of these organizations will be required to file annual tax returns even though most tax-exempt nonprofit organizations do not pay federal taxes.  These filings are mostly an informational return with the IRS and is called a Form 990. We will help you determine who has to file it, who is exempt and when the filing must be completed.

Whether for a small business or if filing as an individual, preparing your own income tax return can leave you with more questions than answers and a mountain of stress. MGS, LLP can relieve any uncertainty created by today’s complicated tax laws.

Let us handle your tax filing needs:

• Form 1040 (Individual)
• Forms 1120 (Corporation), 1120F (Foreign Corporation ), 1120S (S -Corporation), 1065 (Partnership and LLCs)
• Trusts (Form 1041), Estates (Form 706) and Gifts (Form 709)
• Tax-exempt entities (Forms 990) and Private Foundations (Form 990-PF)
• Excise Tax Returns
• State and local tax returns
• And more

We will help you stay on top of regulatory changes and file with confidence. Our experience, expert analysis and detailed research allow us to seize financial opportunities that can make a difference to your bottom line for you, your household or your business.