Reliable and Accurate Tax Preparation

Call Us for a Free Quote!

Based in North Chesterfield, VA, Serving Clients Across the Country

If you are in need of an experienced and reliable tax advisor, you’ve come to the right place! Adams Enterprises Professional Tax Preparation, LLC offers exceptional tax preparation services to individuals and small businesses. Based in North Chesterfield, we are licensed in all states and have clients all over the U.S.A. We pride ourselves on our commitment to accuracy, quick response rates, competitive prices, and communication with our clients.

When you’re working with us, you will never feel lost.

Choose Adams Enterprises,
then sit back and relax as your refund rises.

Get To Know Adams Enterprises

With over 41 years of experience, Adams Enterprises is a trusted facet of the North Chesterfield, VA, community. We continually stay up-to-date on training and education so we can properly serve our clients. We are locally-oriented and love serving the people that make up our community. We specialize in military tax returns and small businesses, but we will help anyone we can–if we can’t help you, we won’t charge you!

In 1983, Josh Adams was approached by IRS Auditors looking for people to help with military tax returns. A military veteran himself, Josh completed the training at the top of his class. Because of this, he was able to become licensed to do the returns that didn’t qualify for the free services. Since then, Adams Enterprises has been providing top-quality tax preparation services to the people of North Chesterfield and beyond.

Tax Services

At Adams Enterprises, we want to make the tax process as seamless as possible for you–we offer free quotes, free phone calls, and fast turn around times, so you never have to worry. On every tax return we complete, we guarantee accuracy and success. Additionally, every return comes with a free copy of the return and three years of audit assistance.

Personal Tax Preparation

Need assistance with your personal taxes? We know that every client has unique needs, so we are committed to providing you with personalized services. We will help you get the most out of your return as possible. As a veteran-owned business ourselves, we proudly work with active duty and retired veterans and specialize in military tax returns.

Small Business Tax Preparation

We’re here to help remove the stress from tax season. As a locally-owned small business, we know how important it is to have accurate tax reports. We are happy to serve other small businesses in the North Chesterfield area. We specialize in home-based businesses, LLCs and S-Corps, but are happy to help anyone we can!

Have questions about our tax services?

Contact us at 804-675-4593 today!

Pricing

We are happy to provide some of the lowest prices on tax services in the area. Additionally, we will provide price matching if you happen to find a better rate! Prices include federal and state return preparation and are available as E-filing, direct deposit, or direct debit.

Schedules and return attachments are available for an additional cost.
They are priced according to the complexity of the schedule. Current client rates may differ from above.

Tax Tips From Josh

Tax Credits do not always result in a refund!

Salesperson: Congratulations on your Solar Installation. You will be receiving a $12000 federal tax refund! Taxpayers often hear this from many salespersons. Unfortunately, this information is incorrect. What this taxpayer would actually receive is a $12000 federal energy tax credit. Credits reduce your taxes. If your taxable income is zero, then you will not get any of the credit that year. You don’t lose it. It carries over to the next tax year and so on until the credit is used up. However, the finance companies that these solar installers use are expecting that $12000 payment when you file your taxes. If you fail to make the payment, they will re-amortize your loan often resulting in a much higher monthly payment and a higher APR. Residential Energy Tax Credits are Non-refundable meaning that they can only reduce your tax to zero whereas a refundable tax credit results in a tax refund even if the amount owed is below zero. An example of this is the additional child tax credit or the earned income tax credit. Below is a link for all the new updated tax credits for tax year 2023. https://www.energystar.gov/about/federal_tax_credits/non_business_energy_property_tax_credits Adams Enterprises will answer any questions you may have concerning tax credits. Give us a call and let us help you!

IRS Letters

There are 5 General Types of IRS Notices and letters: Collections Audits Return Errors Return Requests General Letters   The IRS sends notices and letters for the following reasons: You have a balance due. You are due a larger or smaller refund. We have a question about your tax return. We need to verify your identity. We need additional information. We changed your return. We need to notify you of delays in processing your return.   Some IRS notices are sent via certified mail, such as the Notice of Intent to Levy, while others are mailed via regular post, like changes made to your tax return. Read all IRS letters and notices you receive, both certified and via regular mail. CP = Computer Paragraph - (CP) numbers (3-digit number for BMF AND IRAF, 2-digit number for IMF) are located in the upper right corner of the notices and letters. CSP = Classification Settlement Program - allows taxpayers and tax examiners to resolve worker classification cases as early in the administrative process as possible, reducing taxpayer burden. 5071C – Suspected Identity Theft. It requires you to verify your identity. CP11 – The IRS has corrected one or more mistakes on your Tax Return, often resulting in a higher tax balance. CP12 – The IRS has corrected one or more mistakes on your Tax Return, often resulting in a higher refund amount. CP27 – The IRS is notifying you that you may be eligible for the Earned Income Credit (EIC) but you didn’t claim it on your Tax Return. CP14 – You haven’t paid your taxes and the IRS is notifying you of the outstanding debt. This is always followed by a CP501 notice reminding you that you have unpaid taxes due. You will receive CP503 as your last reminder before the IRS starts getting serious. CP21A – This is a response to an amended tax return you filed. CP90 – This is a written notification, required by law, to inform you that the IRS intends to place a levy on federal payments due to you 30 days after the date of the letter. CP05 – A notice that your refund is being held while the IRS verifies the accuracy of the tax credits, income tax withholding, or business expenses have been verified. CP515 – The IRS did not receive a tax return from you by the due date. Adams Enterprises will assist you if you receive an IRS notice, even if you are not a client!

How to legally lower your tax liability

You’ve lived a good life.  You’ve set aside money in retirement accounts.  Then you receive a letter from your finance company stating that you are now required to start taking Required Monthly Distributions (RMDs) from all of your retirement accounts.  You do the math and quickly realize that this amount of money could cause you to have to pay income taxes.  You contact your Tax Professional and they tell you how the money will affect your tax situation.  There is a legal way that you can reduce your taxes and help your favorite charities at the same time.  Example:  A Married Couple over age 72 drawing only Social Security who always takes the standard deduction.  Your financial advisor tells you that your RMD is $3500 per month or $42000 per year.  Your total social security earnings for the year are $32185. What does this RMD do to your tax situation?  Without the RMD, your taxable income is $0 meaning you pay no taxes and you get no refund.  The first way is you receive the funds and you give $41000 to your church or a favorite charity.  The result is your retirement income is $42000 which causes your Social Security to be taxed at $17979. That makes your Adjusted Gross Income $59979.  You gave $41000 to your church and you were able to itemize your deductions with a deduction of $41550 making your Taxable Income $18429. The Tax on this amount is $1843. In this scenario, you would be paying the IRS $1843. Your Virginia Taxes would be $0.  Ouch!  $1843 tax on the money you didn’t need but were forced to take!  What could you have done to avoid these taxes?  There is a legal way to reduce the taxable amount of these RMDs by making a Qualified Charitable Distribution (QCD).  You still have to take the $42000 only this time you instruct your financial advisor to send $41000 of the $42000 to your Church.  By making a QCD, your retirement income is only $1000 which eliminates the taxes on your social security.  You get the Standard deduction of $28400 because you no longer need to itemize.  Your Taxable income is now $0.  You pay $0 in taxes and you did the exact thing with the RMD money!  This difference is how that money was given to the church.  In the first scenario, you get the money; you write the check to the church and take the deduction.  However, the entire $42000 is taxable income.  By taking the QCD route, your financial advisor sends the check directly to the church on your behalf.  The church sends you the statement at the end of the year and you get the deduction (if needed).  Adams Enterprises will advise you on how to legally reduce your taxes.  A QCD is just one method.  Ask questions! As you can see, it can keep you from having to pay taxes.

Get help with your taxes from Adams Enterprises in North Chesterfield, VA

Get In Touch with Adams Enterprises

At Adams Enterprises, we are committed to solving all of your tax preparation needs at a price you’ll love! Based in North Chesterfield, VA, we proudly serve individuals and small businesses beyond Chesterfield County and across the United States. We pride ourselves on our commitment to quality and customer satisfaction. When you need an experienced tax firm with personalized services and a quick response rate, give us a call!

Contact Us

*Note: Messages sent using this form are NOT confidential. Avoid sending highly confidential information or private information through this system.

Adams Enterprises Professional Tax Preparation, LLC

2950 Courthouse Rd

North Chesterfield, VA 23236

Adams Enterprises-Professional Tax Preparation BBB accredited business profile
BBB RATING: A+
18
Live visitors
192
Visitors Today

Phone: 804-675-4593

Email: joshadams@verizon.net

Hours:
By Appointment Only