Cloud-Based
20 Years Experience
Woman-Owned

Individual Tax

Helping Busy People Confront Tax Issues Head On

Time is precious.  The firm is standing by to take on your tax questions, simplify and explain alternatives, and recommend a plan to solve the tax puzzles in your life.

The firm’s client base represents many different walks of life and professions.  Executives and attorneys come to the firm with their tax issues to handle compensation, property, and crucial tax planning scenarios.  The firm assists digital nomads, entrepreneurs and creatives with thorny self-employment and foreign income issues.  The firm counts among its clients several military spouse entrepreneurs.

Get in Touch!

Contact the firm to see if your project is a good match.

+1 703-343-9675

candice@mcphillipslawpllc.com

Become a Client

Representative Clients

Entrepreneurs

The firm is tailored to work with entrepreneurs, digital nomads, and virtual business owners.  Tax advice is delivered on a secure, convenient, virtual platform while you continue to hustle.

Executives

Armed with 20 years of legal experience working with executives and global corporations, the firm’s founder knows how you operate, what keeps you awake at night, and how to fix it.

Military Families

The firm will help you understand the often confusing tax laws that apply to your situation as a military family or a military spouse entrepreneur, while you continue to hold down the homefront and serve our country.

Creative Professionals

Whether launching a nonprofit or business focused on design, marketing, social media, content creation, or photography, the firm can provide sophisticated tax advice on business formation and operational tax consequences.

Complex Tax Issues?

Solved.

Which State?

Researching state residency issues and filing obligations based on domicile and income source rules.

Property Transactions

Computing gains, losses and adjusted basis from property sales, like-kind exchanges, rentals and vacation homes.

Business Expenses

Determining deductibility of business, travel, home office, and employee expenses.

Self-Employment
Taxes

Handling self-employment tax estimates, business expenses and qualified business income (QBI) deduction issues.

Tax Credits

Confirming eligibility for tax credits and incentives under the current tax code.

Divorce
Consequences

Accounting for alimony, child support, other payments and property transfers made during the divorce process.

Common Military Issues

The firm can take the mystery out of the complex tax scenarios that arise for military families moving around the world.  The firm is familiar with military tax issues, overseas orders, and handling past due and amended past year return issues.  The firm can also navigate tax situations specific to military spouse entrepreneurs running their own businesses.

 

The firm is a perfect fit for the military’s mobile lifestyle, offering the convenience of online appointments, mobile updates, secure client portals and digital everything.

Military Spouse Residency Relief Act

The Military Spouse Residency Relief Act is often misunderstood or misapplied. The Act was also recently amended on December 31, 2018 – the requirement that the servicemember and the spouse have the same domicile or home of record no longer applies if you meet the other two requirements of being stationed in the state on military orders and the spouse being in the state solely to accompany the servicemember. The firm can help you understand how the Act may apply to you, assist in determining your spouse residency under the Act for tax and employment purposes, and file the necessary state returns for you as part of your return preparation.

Multi-State & Part-Year Residency

State residency rules for tax purposes are complicated enough without moving every 2-3 years for the military. The firm will advise you on your income tax filing obligations in your state(s) of residency, including state filing obligations due to business income earned in non-resident states and part-year residency situations.

Rental Properties

The firm can assist in determining proper deductions for expenses related to rental properties, impact on your properties’ basis, depreciation schedules, and passive activity loss limitation issues.

Self-Employment Taxes

The firm can save you the headache of figuring your own self-employment taxes on Schedule SE and help you calculate quarterly estimated tax payments. Handling the interplay of all of the self-employed tax issues, including social security, Medicare, additional Medicare tax, and the applicability of deductions and the Earned Income Tax Credit, is challenging to say the least. And the penalties for underestimating the tax can be heavy.

New Qualified Business Income Deduction

As part of the 2017 Tax Cuts and Jobs Act, a new 20% qualified business income deduction is available for business owners and even individuals engaged in property rental activities. The firm can determine if the new deduction applies to you and advise you on how to meet the requirements for taking the deduction.

Prior Year Taxes

The firm can help you file late prior year returns and act as your representative in correspondence tax audits and responding to assessment notices.

Planning for Future Events

The firm can provide advice and recommendations on the tax consequences of future transactions.  The firm can also create tax planning scenarios for you based on expected changes in your financial or life circumstances.

Looking for tax advice?

candice@mcphillipslawpllc.com

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