Professional Services

Tax Preparation and Compliance

Income Tax Return Preparation Services

Deonette M. Goodspeed, CPA offers a full array of federal and state income tax services helping companies at all stages of the business cycle and their owners, comply with increasingly complex tax laws. Deonette M. Goodspeed, CPA tax professionals include an experienced, multi-disciplined team of tax professionals who provide services in the areas of federal tax planning, analysis and compliance.

The primary objective of our professional tax services is to minimize a client’s overall tax burden whenever and wherever possible. In order to achieve this, our tax services are directed primarily toward constructive tax planning beginning early in the year and maintaining close contact with our clients throughout the year. We believe our success is due in large part to an added emphasis on strategic tax planning.

Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government’s General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.

Today’s ever-changing tax laws are so complicated that filing a relatively simple return can be confusing. It is easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced CPA.

Deonette M. Goodspeed, CPA provides the following tax services:

  • Individual Tax Planning and Preparation
  • Corporate Tax Planning and Preparation
  • Partnership Tax Planning and Preparation
  • Non-Resident Income Tax Return Preparation
  • Electronic Tax Filing
  • Amended Income Tax Returns
  • Review of self-prepared returns (I.e, returns completed by an individual using off the shelf software)
  • Delinquent or Prior Year Tax Return Preparation
  • State Income Tax Returns (all fifty states)
  • Installment Agreements
  • Offers In Compromise
  • Analysis of Tax Law Changes
  • Texas State Sales and Use Tax Return Preparation
  • Texas State Franchise and Public Information Report Preparation
  • Texas State Mixed Beverage Report Preparation
  • Tax Exempt (Not For Profit) Returns Completion
  • IRS Transcript Retrieval
  • ITIN Applications (Form W-7)
  • IRS Electronic Account Resolution
  • IRS Form 2290 Heavy Vehicle

Tax Planning Services

The tax services we offer include not only the preparation and review of income tax returns, but also advance planning to minimize future taxes and advice on the tax effects of proposed transactions.

Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.

We make it a priority to stay current on new tax law changes. Although our firm does not engage in selling financial products; our employees have their insurance and security licenses since many areas of tax and financial planning overlap. We also have relationships with many financial planners with whom we work in order to provide financial planning as client’s move throughout the various stages of life. In addition, we can properly respond to questions by considering both the tax and financial planning implications of our recommendations.

Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.

Here's just a few of the Tax Saving Strategies we use...

  • Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket.
  • Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.
  • Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.
  • Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.
  • Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.

IRS Audit and Notice Resolution Services

Are you having problems with the IRS? Have you received a notice or Certified Letter from the IRS and did not open it? Are you stressed and having anxiety because you know you have not filed tax returns over the last two, three, five or more years? Has the IRS placed a lien on your home or levied your wages or social security benefits? If this is your situation, read on….

Nothing strikes fear in the hearts of people more than receiving an IRS Audit letter or any IRS notice for that matter in the mail. Audits can take a significant amount of time away from your business and family; requiring you to gather and copy a large number of records to substantiate each and every item reported on your tax return and to develop a comprehensive understanding of tax law.

Many taxpayers who decide to handle a tax audit or address responding to an IRS notice themselves generally end of paying a substantial bill for a significant tax deficiency due to a lack of not knowing their rights and due to their limited knowledge of tax law when interacting with an IRS auditor.

Deonette M. Goodspeed, CPA, provides assistance at every stage of the Internal Revenue Service audit and appeals process. Rarely do clients have to talk with the IRS or take time off from work or business. We we step into your shoes and handle the complete process from inception to resolution. We're here to help you resolve your tax problems and put an end to the misery that the IRS can put you through.

We are experienced in addressing the following IRS Problems and can assist in implementing the IRS Solutions listed below:

IRS Problems

  • Have you received an IRS audit notification? As a CPA, Deonette M Goodspeed can either step in your place and represent you before the IRS or provide assistance with preparing for the audit and or your substantiating documents.
  • Haven't filed your tax returns for years? We not only prepare delinquent returns that cover several years back, we can also get the wage and income documents directly from the IRS if you have misplaced or lost your income documents.
  • Do you owe back taxes? We can assist in determining if the statute of limitations has passed for the IRS to legally collect the balance due from you. We can also help to devise and set up a repayment plan.
  • Do you have Payroll Tax Problems? We can assist with filing delinquent payroll tax returns and develop a strategy to pay or negotiate a settlement to pay the delinquent taxes and related penalty and interest assessment.
  • Has the IRS placed tax liens on your home? We can assist with getting a lien released if you need to refinance and/or sale your home.
  • Is the IRS threatening to seize your bank account and take your money out of the bank account? We can assist with getting a levy stopped and/or released.
  • Is the IRS threatening to take (garnish) your paycheck, 401(k), and other retirement accounts? We can assist with getting a garnishment stopped and/or released.

IRS Solutions

  • Owe the IRS a lot of money? - Settle for pennies on the dollar! We can assist and/or prepare an Offer In Compromise to determine if you IRS will accept less than the full amount you owe.
  • Need more time to pay. IRS has several options for monthly payment plans. We will work with you to determine the best plan for your financial situation and can also set up an installment agreement or monthly payment plan on your behalf.
  • Like to get out from under your tax burden completely. We can advise you on various options depending on your situation.
  • Like to get out of a tax debt caused by misdeeds committed by your spouse? We can advise you about the Innocent Spouse Relief. 

Small Business Planning and Consulting

Every year thousands of new businesses are started by optimistic individuals with the entrepreneurial spirit. If you are planning to be one of those starting a new business, you will need to make decisions related to your choice of business entity and ensure you understand your tax responsibilities. We provide small business planning and consulting services to address these areas as well as the following:

  • Business Entity Choice
  • Obtaining an Employer Identification Number
  • Filing an Assumed Name Certificate or Doing Business As (DBA)
  • How to properly set up and maintain your books and records
  • Selecting and setting up an accounting system
  • Correctly classifying workers and Required Reporting Responsibilities
  • How to determine and make quarterly estimated tax payments
  • When is the best time to Incorporate or File as an S-Corporation
  • Retirement Planning
  • Business Financing Options
  • Office In A Home Deduction
  • Properly Documenting and Deducting Business Vehicle Related Expenses
  • Sales and Use Tax Permit
  • Exempt Organizations Applications (Form 1023) Review and Completion

Payroll Services

We offer both full service or piece-meal payroll services by completing the payroll functions you want to outsource. Our system is designed to be efficient, stress free and covers the following payroll processing and reporting functions:

  • Setup and calculate employee payroll checks and payroll taxes
  • Print manual payroll checks or set up employee direct deposit
  • Prepare and File Federal and State Payroll Tax Returns:
    • 941 – Social Security, Medicare, and Federal Withholding
    • 940 – Federal Unemployment
    • TWC – State Unemployment
  • Remit Payroll Tax Payments via
  • Create, distribute and file Forms W-2s and Forms 1099s
  • File State Required New Hire Reporting
  • Respond to payroll tax notices from the IRS
  • Nanny Payroll Tax Processing