Taxation

Taxation is a term for when a taxing authority, usually a government, levies or imposes a financial obligation on its citizens or residents. Paying taxes to governments or officials has been a mainstay of civilization since ancient times.

Tax preparation is the process of preparing tax returns to be filed with either the State or Federal tax agencies, or both.

Tax debt, whether to the IRS or state tax agencies, can lead to aggressive collection policies. That’s the bad news. The good news is that it doesn’t have to. There are many avenues you can travel down in a search for tax relief.

A tax settlement is an arrangement between the taxpayer and the IRS, or state taxing authorities, that is acceptable to the indebted parties without placing the taxpayer in a hardship financial position.

Tax resolution is a means to turn an individual’s, or business’, tax liability situation around. In order to accomplish that, there needs to be a complete record of the state or federal tax account.

Wage garnishment is a process where a state court mandates an order regarding the redirection of a portion of your paycheck to a creditor you owe money to until the debt is resolved. 

States can garnish wages for non-payment of various “state-related” debts. 

The IRS Letter 3172 Notice of Federal Tax Lien informs you that you have an outstanding tax debt that is owed.

A bank levy is a legal seizure of your property to satisfy your tax debt. It is not something that has happened by surprise – although, it is a surprise to find out that it has happened.

FEATURES

A.I powered taxation solutions for every individual and business.

Business Taxation

IRS & CRA E-Filed corporate returns for all types of business structures.

Business Taxation

  • Business taxation is the tax on the income or capital of businesses. Businesses may pay taxes at different rates and levels, depending on their type, size, and location. Business taxes include income tax, corporate tax, employment tax, excise tax, sales tax, estate tax, and others.

Ray Hill is an Authorized IRS e-file provider and allows Americans abroad to prepare and e-file their own tax return with the IRS, giving you comfort that your tax return has been received and accepted by the IRS.

Streamline your financial reporting by e-filing your FBAR directly with FinCEN alongside your IRS tax return. Thanks to Ray Hill’s authorized transmitter status – for an even smoother process.

E-file instantly and get instant notifications about the status of your expat tax return, giving you comfort that it is accepted by the IRS.

Your general business credit for the year consists of your carryforward of business credits from prior years plus the total of your current year business credits. In addition, your general business credit for the current year may be increased later by the carryback of business credits from later years. You subtract this credit directly from your tax.

Your general business credit for the year consists of your carryforward of business credits from prior years plus the total of your current year business credits. In addition, your general business credit for the current year may be increased later by the carryback of business credits from later years. You subtract this credit directly from your tax.

Corporate tax planning is the process of arranging a company’s financial affairs in a way that minimizes its tax liability while staying within the bounds of tax laws and regulations. It involves making use of the different provisions, deductions, exemptions, rebates and benefits available to the company. Corporate tax planning is a financial plan for tax efficiency and profit maximization. It is facilitated by chartered accountants who suggest multiple ways of reducing liability compliant to regulations.

Corporate tax planning is the process of arranging a company’s financial affairs in a way that minimizes its tax liability while staying within the bounds of tax laws and regulations. It involves making use of the different provisions, deductions, exemptions, rebates and benefits available to the company. Corporate tax planning is a financial plan for tax efficiency and profit maximization. It is facilitated by chartered accountants who suggest multiple ways of reducing liability compliant to regulations.

Individual

Individual taxation refers to the levying of taxes on individual income.

Tax preparation is the process of preparing tax returns to be filed with either the State or Federal tax agencies, or both.

Tax debt, whether to the IRS or state tax agencies, can lead to aggressive collection policies. That’s the bad news. The good news is that it doesn’t have to. There are many avenues you can travel down in a search for tax relief.

A tax settlement is an arrangement between the taxpayer and the IRS, or state taxing authorities, that is acceptable to the indebted parties without placing the taxpayer in a hardship financial position.

Tax resolution is a means to turn an individual’s, or business’, tax liability situation around. In order to accomplish that, there needs to be a complete record of the state or federal tax account.

Wage garnishment is a process where a state court mandates an order regarding the redirection of a portion of your paycheck to a creditor you owe money to until the debt is resolved. 

States can garnish wages for non-payment of various “state-related” debts. 

The IRS Letter 3172 Notice of Federal Tax Lien informs you that you have an outstanding tax debt that is owed.

A bank levy is a legal seizure of your property to satisfy your tax debt. It is not something that has happened by surprise – although, it is a surprise to find out that it has happened.

Individual Taxation

  • In the United States, individual income taxes are levied at the federal level as well as in most states. The U.S. income tax is progressive, which means that tax rates increase as taxpayer income increases. Individual income tax is computed on the basis of income received and is usually classified as a direct tax because the burden is presumably on the individuals who pay it.

Estate & Trust

Build a Trust to establish legal protection for your assets.

Estate & Trust

  • Automatically present each customer with specific campaign content based on key behaviors and preferences, such as which channels they're on, what they're interested in, and how they've engaged with you.

A living trust, also called an inter-vivos trust, is a written document in which an individual’s assets are provided as a trust for the individual’s use and benefit during their lifetime. A trustee is named when the trust is established; this person is in charge of handling the affairs of the trust and transferring the assets to the beneficiaries at the time of the grantor’s death.

 

A testamentary trust, also called a will trust, specifies how an individual’s assets are designated after the grantor’s death. It is not established until after the grantor passes away.

A revocable trust can be changed or terminated by the trustor during that person’s lifetime. An irrevocable trust, as the name implies, cannot be changed once it’s established.

 

 

A funded trust has assets put into it by the trustor during their lifetime. An unfunded trust consists only of the trust agreement with no funding. Unfunded trusts can become funded upon the trustor’s death or remain unfunded. Since an unfunded trust exposes assets to many of the perils a trust is designed to avoid, ensuring proper funding is important.

 

 

Non-Profit

A nonprofit organization engages in activities for both public and private interest without pursuing the goal of commercial or monetary profit.

Non-Profit

  • Nonprofits generally engage in public or private interests without a goal of monetary profits.

Nonprofits are exempt from federal income taxes based on 26 United States Code subsection 501. 

  • Be organized and operated exclusively for charitable, scientific, religious, or public safety purposes
  • Collect income and turn over the entire amount (minus expenses) to organizations or individuals who are lawfully recognized as legitimate charities
  • Written articles of organization, legally registered and incorporated within the state it operates in

If a nonprofit organization engages in activities unrelated to its primary purpose, it must pay income taxes on that money. For example, if the nonprofit organization ABC Shelters was formed to provide shelter for people experiencing homelessness, but it makes some money selling reconditioned bicycles, it might be required to pay taxes on that income.

 

Tax-free status benefits these organizations, but nonprofits generally have less flexibility because they are subjected to greater oversight by authorities and regulators.

Tax Advisory

A tax advisor is a financial expert with advanced training and knowledge of tax accounting and tax law.

Tax Advisory

  • Tax advisors are experts in taxation who advise others on how to decrease their taxable income or increase their tax refunds.

Research tax issues and ensure you are tax-compliant.

Prepare and review tax returns, corporate and personal income taxes, sales and use tax, property tax, franchise tax, and estimated taxes.

Represent you, in tax-cases, before the IRS.

 

 

 

Review proposed legislation that would affect clients’ taxes

PRICING

A.I powered taxation solutions for every phase of your finance journey.

Nil Return

A nil income tax return filed to show the Income Tax Department that you fall below the taxable income and therefore did not pay taxes during the year.

$ 350 /return
  • federal & state
  • Extensions
  • Limited Amendments
  • E-Filing
  • self-employment

Individual Return

Individual income tax returns for Canada, U.S, U.K, and UAE.


$ 450 /return
  • rental property income expenses
  • Foreign income
  • Capital Gains & losses
  • Medical & Donations
  • Scholarships, Tuitions, & Grants

Estate & Trusts

Form 1041

Estate & Trust income tax filings for qualified estates.


$ 750 /return
  • deceased persons assets
  • Beneficiary distributive share report
  • Depreciation Summary
  • beneficiary allocation
  • Disposal Summaries

Business Return

Form 1120 , 1120-S, 1065

Business income tax filings for Partnerships, S-Corporations, C-Corporations, Sole Proprietors, & Tax Emempt Organizations.

$ 950 /return
  • financial statements review
  • earnings per share
  • state & federal
  • consolidated considerations
  • e-filing

KEY TERMS

get familiar with these key terms so we can all speak the same lingo.

Income Tax

Governments impose income taxes on financial income generated by all entities within their jurisdiction, including individuals and businesses.

Capital Gains

This type of tax is imposed on the profit of a business.






Corporate Tax

A tax on capital gains is imposed on any capital gains or profits made by people or businesses from the sale of certain assets including stocks, bonds, or real estate.

Property
Tax

A property tax is asses by a local government and paid for by the owner of a property. This tax is calculated based on property and land values.


Inheritance

A type of tax levied on individuals who inherit the estate of a deceased person.





Sales tax

A consumption tax imposed by a government on the sale of goods and services. This can take the form of a value-added tax (VAT), a goods and services tax (GST), a state or provincial sales tax, or an excise tax.

Regressive Tax

A regressive tax is a type of tax that is assessed regardless of income, in which low- and high-income earners pay the same dollar amount.


Excise Taxes

Excise taxes are levied on specific goods such as tobacco, alcohol, gasoline, and luxury items. These taxes are often added to the price of the goods and are paid by the consumer at the point of sale.

Payroll Taxes

A payroll tax includes the taxes employees and employers pay on wages, tips, and salaries. For employees, taxes are withheld from their paychecks and paid to the government by the employer.

Progressive Tax

A regressive tax system is one in which the tax rate decreases as the taxpayer's income increases. A progressive tax system, on the other hand, is one in which the tax rate increases as the taxpayer's income increases.

Proportional Tax

These two contrasting tax systems meet in the middle with a proportional tax system. It is where everyone pays the same amount in proportion to their income, regardless of how much someone makes.

Wealth Tax

A wealth tax is a tax levied on the net fair market value of a taxpayer’s assets.




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