Business, Individual & Estate Taxes

Novak | Costello provides clients with meaningful, proactive tax planning and consulting services for business taxes, individual taxes, as well as trust and estate taxes. We aim to minimize taxes, retain higher levels of earnings, and achieve enhanced financial success.

In our view, the act of preparing a tax return is just that; a mere exercise of compliance. It is an after-the-fact transcription of a set of numbers and figures entered into a pre-determined tax form. While tax compliance is a very important issue, in our opinion it is not the most important issue.

The tax accountants at Novak | Costello strongly believe that it is in the planning where our clients receive the greatest value. It is certainly where we find our greatest satisfaction. Effective tax planning includes a focus on the structuring of the transactions and related business events that drive tax results.

In our view, the value of advanced planning cannot be overestimated. A well-executed tax plan is possible only through a mutual commitment to on-going, open dialogue held throughout the year.

Members of the firm possess the expertise necessary to navigate the ever-changing tax rules and regulations. We have built a reputation, particularly in the real estate sector, for devising creative solutions to complex issues. We strive to deliver sound, practical advice, based on solutions that enhance tax benefits for our clients.

Business Taxes

Novak | Costello provides tax planning and compliance services for all types of business structures including corporations, S-corporations, limited liability companies (LLCs), partnerships and sole proprietorships.

Business taxes can have a significant affect on a firm’s bottom line and the returns that flow to business owners. With proper planning, foresight, and innovative solutions, Novak | Costello provides tax minimization strategies that maximize the share our clients keep.

Business tax services include:

  • Business income tax return preparation
  • Cost segregation and depreciation planning
  • Entity structuring – planning and selection
  • Excise taxes
  • Executive compensation structuring
  • IRS representation
  • Like-kind exchange planning
  • Tax credits
  • Tax projections and year-end planning

Individual Taxes

A complex tax code, coupled with frequent changes to the tax law, make it ever more challenging for individuals to prepare tax returns that effectively take advantage of available tax credits and deductions.

The tax accountants at Novak | Costello collaborate with executives, business owners and multi-generational families to plan for and implement tax solutions designed to enhance cash flow and protect assets.

Individual tax services include:

  • Tax return preparation
  • IRS representation
  • Stock option planning
  • Tax disputes
  • Tax projections and year-end planning
  • Technical tax issue review and resolution

Trust and Estate Taxes

With proper planning, the experienced tax specialists at Novak | Costello aim to help clients reduce or even eliminate the estate tax burden. We work with our clients’ estate attorneys to ensure that a well-thought-out plan has been structured to protect wealth, assets, and prized possessions.

Estate tax and planning services that we provide include:

  • Fiduciary income tax returns (trusts and estates)
  • State inheritance or estate tax returns
  • Business succession plans
  • Charitable planning
  • Distribution of assets
  • Generation-skipping transfer tax (GST) planning
  • Gift tax returns
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