Tax Services

Currently Filing Individual and Corporate Taxes

Somich & Associates helps individuals save money on taxes through careful tax preparation and planning. It is also important to us to educate you throughout the process to make sure you fully understand your filing and how to prepare for filings in years to come. If you’re suffering from tax problems, have an IRS audit or unresolved notices, we can help with that as well. Don’t wait, these issues do not go away on their own. At Somich & Associates we also offer a wide range of tax services for small to mid-sized businesses. We take a realistic approach to making your small businesses successful. We help you manage your cash flow, develop practical budgets and select entities that will bring you the most tax advantages based on the type work you do. Our valuable insight will not only allow you to manage your finances better but will guide your business to long-term growth and increased profitability. Discover how working with a seasoned CPA firm with a solid understanding of how your business operates can develop strategies that will help you achieve your goals.

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Insights

Tax Consequences of Virtual Transactions

As social distancing turns convenience into necessity, the number and types of activities moving to the internet is exploding. It’s important to remember that these virtual events often trigger real-world tax implications. Here are some things to keep in mind:...

Review Financial Decisions When Interest Rates Change

Interest rates are expected to increase this year in response to inflation that is running at a 40-year high. How will you be affected? Any interest rate revision can cause a ripple effect throughout the economy. Accordingly, the Federal Reserve’s actions probably...

Tax Saving Tips for Parents and Grandparents

Leveraging the kiddie tax rules With careful tax planning, you can use the kiddie tax rules to reduce your tax obligation. Here’s what you need to know. Background The term kiddie tax was introduced by the Tax Reform Act of 1986. The rules are intended to keep parents...