A DIVISION OF CASH FLOW U
TAX PREP “PLUS”
Specializing in Ministerial, Business & Individual Tax Returns
Our Company At a Glance
The Tax Professionals at Tax Prep “PLUS” prepare taxes in ALL 50 states, “Plus” provide strategies to maximize your refunds as well as Tax Planning for the Future.
Some of the benefits we offer:
A tax practice with over 30 years of experience
A free no-obligation discussion about your tax requirements
Professional tax preparation & secure e-filing
Strategies to maximize your refunds, minimize your tax liability and reduce/eliminate future taxes
Our P4 Tax System
PREPARATION
We Prepare taxes in ALL 50 States!
PLANNING
We legally create deductions based on your present expenses!
PROBLEM RESOLUTION
We resolve all tax issues with the IRS or your State!
PRIOR YEAR (AMENDMENTS)
We will review your prior years tax returns at no charge, and if it makes sense, amend up to 3 years of Tax Returns for a fee!
Here’s how Tax Prep “PLUS” increases your cash flow:
We maximize 2023 refunds through various strategies, including looking at every way you spend money and creating a plan to make them tax deductible.
We get 2024 refunds NOW by doing tax planning & increasing allowances.
We can possibly get prior year refunds if you've overlooked key tax deductions.
Our Services Include
Your Clergy Taxes Simplified
As an Ordained Minister for over 16 years & a retired CPA, I understand Clergy Taxes. Ministers are considered EMPLOYEES for income tax purposes but are considered SELF-EMPLOYED for Social Security tax purposes.
This dual status is why clergy taxes are so complicated. As an employee many benefits can be tax free (e.g., health insurance & retirement) while being self-employed many deductions for business owners are deductible for the clergy (e.g., miles & study materials) WOW!
The Church Coalition, through our Tax Prep Plus Division, prepares federal and state tax returns for ministers and their families and keeps the process simple.
No matter your denomination or State, we can help!
Your Business Taxes Simplified
As a business owner for over 30 years & a retired CPA, I understand Business Taxes.
Here is our powerful tax philosophy – we “teach” you how to look at every way you spend money and create a way to make it legally tax deductible when possible – WOW!
We even help you select the Best Tax Entity to reduce taxes
With proper planning & documentation the following items could be tax deductible:
- Children’s Allowance
- Car Interest
- Family trips
- Portion of your home
- Retirement
- Computers
- Children’s College Tuition
Your Individual Taxes Simplified
We understand how taxes affect your everyday life, 365 days a year. So as we prepare your taxes, we also provide financial solutions to your financial problems.
Once your taxes are professionally prepared, we are able to see your full financial position and make simple but powerful recommendations that will put NEW MONEY into your family’s pocket on a monthly basis.
2024 New Tax Law Changes
2024, there was a unique tax year due to the major tax law changes that will impact your taxes. Changes such as:
Retirement Plan Emergency Withdrawals - You can now withdraw up to $1,000 from your retirement plan for emergencies like medical bills or car repairs without penalties. However, taxes may still apply.
Dependent Claim Dispute - If multiple people claim the same dependent, the IRS will process refunds but resolve the matter later.
Higher Tax Brackets & Standard Deduction - Tax bracket thresholds and the standard deduction have increased, reducing taxable income for many.
Retirement & Health Savings Increases - Contributions limits for retirement accounts and health savings (HSAs) have increased.
1099-K & Tax Credits Changes - The 1099-K reporting threshold is now $5,000. The refundable portion of the Child Tax Credits increased, along with updates to the Earned Income Tax Credits (EITC) and Adoption Credit.
The Overall Plan
Housing Allowance
10 Misconceptions
What People Are Saying
William’s Tax Prep Plus service reduced our taxes over 50% & they were able to amend our personal & S Corp taxes for thousands in refunds!
They converted us to an S Corp, and even when income increased over $500k we still paid less taxes.
Get In Contact
Address:
Cash Flow University
701 Green Valley Road
Suite 100 #222
Greensboro, NC 27408
Phone: 336-272-7373
Email: [email protected]
Websites: www.williamvthompson.com
www.cashflowu.org