Tax Services
We go beyond Tax Return preparation to provide Tax Planning.
Proper planning helps individuals and businesses pay only the necessary taxes.
“I am proud to be paying taxes in the United States. The only thing is — I could be just as proud for half the money.”
Individuals and Small Business Needs
The vast majority of Somerset Tax Partners, LLC clients choose to engage a tax professional because they feel that tax regulations are more complex than their comfort level. No one wants to pay more tax than is necessary. Many clients also want to make sure they are maximizing available deductions. The old saying by Benjamin Franklin may be true, “Nothing is certain except death and taxes,” but paying more than the law requires is avoidable.
Navigating today’s tax laws can be challenging. Whether you’re handling business tax returns or personal taxes, staying compliant with IRS regulations can feel overwhelming. With numerous critical details to manage, mistakes or omissions can lead to penalties, fines, or other issues with the IRS.
Services Overview
At Somerset Tax Partners, LLC, led by R. Joseph Ritter, Jr. CFP® EA, we cater to both individuals and businesses, ensuring compliance with ever-evolving tax laws and regulations. Our comprehensive tax services not only cover current returns but also help you plan ahead to maximize eligible deductions and tax credit opportunities.
Individual Tax Preparation
Our individual tax preparation services focus on accuracy, compliance, and tax efficiency.
While anyone can prepare a tax return, working with a licensed professional helps ensure your return is prepared correctly, reflects current tax laws, and supports your financial goals.
Somerset Tax Partners, LLC is led by an Enrolled Agent and CERTIFIED FINANCIAL PLANNER® professional, providing experience, accountability, and peace of mind.
Small Business Tax Preparation
Our small business tax preparation services help ensure your business remains compliant, efficient, and protected from penalties.
We work as a trusted advisor, handling complex tax regulations so you can focus on serving customers and growing your business. Professional tax support saves time, reduces risk, and helps protect your profitability.
Tax Planning
Tax preparation looks backward—tax planning looks ahead.
Our proactive tax planning services help clients make informed decisions before year-end, identify deductions, and improve tax efficiency.
Our goal is simple: help you save more through planning than the cost of the service itself.
Estate & Trust Tax Services
Estate and trust tax returns require specialized knowledge and careful attention.
Our team provides accurate, compliant, and professional support to help trustees and beneficiaries meet filing requirements with confidence and peace of mind.
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FAQ’s
Q&A With R. Joseph Ritter, Jr. CFP® EA
Q: How did you get started in the tax and accounting field?
From a young age, I have been interested in numbers, calculations, and forms. In high school, I took an accounting class for the first time, and in college, I took five accounting classes as part of my major. In my junior year of college, because I was interested in law school, I applied for a legal assistant job at a tax and estate planning law firm. I ended up working for the same attorneys for 15 years and ultimately worked my way up to the rank of senior paralegal. My specialty included tax research, preparing legal documents to carry out tax-related decisions, reviewing tax returns, preparing correspondence to the IRS, communicating with accountants we engaged, fiduciary accountings, and gathering documents for audits and examinations. Not going to law school is one of my biggest regrets from my youth.
Q: Do you have an area of expertise or specialize in a particular area of tax issues?
Beyond ordinary tax matters, three key tax topics in which we specialize are Marketplace Premium Tax Credits for health insurance, real estate investments, and cryptocurrency. I started my own practice in 2014 when the Affordable Care Act was new, and to understand the new law, I sought out as many continuing education classes as I could find. We have carved out a name for ourselves locally as a problem solver for health insurance tax issues. We have taken bold and creative (but legal) positions on tax returns to help clients navigate the complexities of health insurance and reduce their tax burden. Our work has held up under IRS examination.
Cryptocurrency is especially complex because of ongoing attacks by the federal government and the nature of the transactions. Again, we strive to stay on top of changes in tax law as well as court cases to help our clients remain compliant on tax returns. Real estate investments are also complex because they are often used specifically to generate tax deductions. However, the rules are complex, and deductions are easy to miss.
Q: What documents do I need to provide for accurate tax preparation?
We will provide to you a Tax Organizer which includes a questionnaire. The Tax Organizer document will help you gather the documents necessary for tax return preparation.
Q: How can I maximize my tax deductions and credits?
My number one rule of thumb is to keep good records of transactions. This is especially true for businesses, and it applies to individuals as well. For example, if you want to itemize deductions with medical bill expenses, we will need documentation to support the amount claimed. The same is true for real estate sales when capital improvements are factored into the capital gain calculation. I cannot stress enough the need for documentation.
Q What should I do if I receive a notice from the IRS or state tax authority?
Please bring notices to our office. We can assist in responding to the notice. Some notices require prompt a response, while other notices may simply acknowledge that you submitted a document. Errors in notices are also a possibility, and we can review the notice to determine if it is accurate. Best practice is to not delay in responding to a notice. As time passes and deadlines are missed, the opportunity for a favorable outcome may decrease.
Q: How can I amend my tax return if I discover an error or missed deduction?
Not all revisions or errors require an amended tax return be filed. We recommend that you have the revision or error evaluated to determine if an amended tax return should be filed. If an amended tax return would result in an additional refund, the amendment must be filed within three years of the original due date. For additional taxes due, the IRS generally does not assess a penalty, however, there may be interest on the additional tax payment.
Q: What are the implications of changing my filing status or dependents?
Once a tax return is filed, we do not recommend changing the filing status. Dependents may be added through an amended tax return. Changes such as filing status or dependents should be expected to trigger an audit or letter from the IRS. Married couples filing jointly cannot just undo a filed tax return and change to married filing separately. A superseded tax return is required, and the due date is April 15th (or the filing due date, if different in a particular year). Otherwise, a joint tax return is permanent. The reason for this is that the tax liability is joint and several as soon as the tax return is filed. A married filing separately tax return may be amended to a joint tax return. We recommend consulting with our office on the desired change, so that we can better understand the need behind a change.
Q: How should I prepare for a tax audit?
The best preparation for an audit is during tax return preparation. We assemble documentation to support items reported on the tax return. If there are questions or documentation is missing, we will discuss these items with you before completing the tax return. Once the documentation is assembled, copies must be preserved for at least three years. We recommend forever, but that is not always practical. In the event of an audit, you already have the documentation ready to submit as a response. We recommend providing the audit notice to our office before doing anything.