Henry V. Kaelber

Everyone at our Firm enjoys helping people with their accounting, tax compliance and other financial challenges In addition to helping many clients in the greater Charlottesville, Virginia community, our CPA Firm provides accounting and tax services in multiple states We serve US citizens working abroad (Ex-patriots) who bring unique U S tax issues And, we assist international clients who have investments in the United States meet their U S tax compliance needs

While helping clients through complex accounting and tax challenges, we seek to simplify complexity and reduce stress We prefer assisting clients with whom we can enjoy comfortable and constructive dialogue When time permits, we have conversation to get to know our clients and learn better ways to assist them Yet, despite this easy going demeanor, our CPA Firm approaches work in a very thorough and meticulous manner

Our CPA Firm provides a variety of individual and business tax preparation, accounting, and consulting services to meet your needs

Individual, Trust & Estate Tax Services

In addition to the general tax preparation rules that apply to all individuals, your tax profile may subject you to special tax rules These special rules may apply because of your occupation, investments, or life events If income from your employer is pretty much the extent of your financial world, you take the standard deduction and haven’t had any big life changes, we may not be the most cost effective alternative for you However, our Charlottesville, Va CPA firm can certainly add value if your financial situation is a little more involved

Here are just a few examples of special situations where we can provide a special level of tax preparation expertise:

• You are a sole proprietor or single member LLC business owner
• In addition to your income tax returns, we can help with any other required tax filings
• Own commercial or residential rental properties
• We can help you navigate the maze of complex real estate tax rules
• Purchased or sold a primary residence and/or relocated to a new town or city
• We handle filing your multi-state, part-year returns
• Recevied K-1 income from a partnership, S-corporation, trust or have K-1 income from hedge funds or other types of investments
• We labor every entry on your K-1 so you don’t have to
• Earned foreign income as a result of being assigned to work abroad
• We can determine if you qualify and maximize the amount income that you can exclude
• Have an interest in foreign bank accounts or own assets in countries outside the USA
• We can alert you to your required filings and get them filed
• Are you required to file returns for multiple states?  We prepare returns for more than a dozen states and for Washington, DC filers as well
• Need help with IRS or State Tax Department notices?  We represent clients undergoing tax audits and provide help with responding to notices

In order to help expedite your Individual Income Tax preparation, we have a “Tax Organizer” for you to download and complete In it you will find a guide to gathering and organizing all the information necessary for us complete your tax return Please see the link at top of our home page for a current Tax Organizer

We can help with your trust or estate tax preparation

Estates and irrevocable trusts must file income tax returns just as individuals do, but with some important differences Trusts have their own income tax rate schedule for income the trustee chooses to retain rather than distribute to beneficiaries To prevent trusts from being used as tax shelters, higher tax rates kick in at much lower income levels than for individuals When a trust makes a distribution, it deducts the income distributed on its own tax return and issues the beneficiary a tax form called a K-1 Our Charlottesville CPA Firm can help with the trust’s income tax preparation

There are two kinds of taxes owed by an estate: One on the transfer of assets from the decedent to their beneficiaries and heirs (the transfer tax), and another on income generated by assets of the decedent’s estate (the income tax) We often see the attorney helping the family settle the estate prepare the “transfer” tax returns And, our Charlottesville, Va CPA Firm helps with the estate’s income tax preparation

LLC, Partnership & Corporation Tax Services

Our Charlottesville, Va CPA Firm provides quality tax services to LLCs, Partnerships and Corporations

Businesses generate taxable income when they have a profit after all allowable deductions are subtracted from their total revenues However, when the allowable deductions exceed  total revenues, then a deductible loss is generated In some instances the loss can’t be deducted in the current tax year and is deferred As the tax rules change, we advise our clients on how to qualify their allowable deductions

The tax form used usually depends on how the business was organized

• Partnerships file a Form 1065 information return;
• C Corporations file a Form 1120 income tax return;
• S Corporations file a Form 1120S income tax return;
• Sole Proprietorships file a Form 1040 Schedule C; and,
• LLCs might file anyone one of the above forms

All business entity types, except for Form 1120 corporations, pass through profits and losses to the owners personally We assist our clients in understanding how to make the most of the organization type they’ve selected And, when given the chance early enough, we can help with the selection process

In addition to the income taxes on profits, a business owner may be subject to the Self-Employment tax The Self-Employment tax (SE tax) is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves You usually must pay self-employment tax if you had net earnings from self-employment of $400 or more