Personal Income Tax
Who must file tax returns? In general – all US citizens and residents must file personal income tax returns on their worldwide income. What income is taxable? All income is taxable unless specifically exempted in the tax code. This is where the confusion and complexity begin.
Personal Income Tax Filing
The largest project most tax payers have to complete each year is their personal income tax returns. They agonize over the record keeping, tax planning, completing and submitting the forms. The IRS estimates that for the basic Form 1040, 16 hours would be required for all the steps. However, that doesn’t include any of the supplemental schedules and forms.
We seek to make all of this easier for our clients. As professional tax accountants, we remove the burden of preparing, reviewing, and submitting the forms. Whether you have a basic situation or a complex one, we have the expertise to assist you.
Personal Income Tax
One of the issues to keep in mind is the current year. As you are filing last year’s return you need to consider what is happening in the current year to be sure you are pre-paying the appropriate amount of income tax and not too much. If you have some of the following special circumstances, carefully estimating your current year income tax can save you penalties and excessive cash outlays:.
Personal Income Tax Filing
E-filing Income Taxes
We fully participate in the e-filing of personal income tax returns. Our software vendor sends the returns to the IRS and state(s) involved.
The benefits of e-filing are:
- Confirmation that the return(s) were timely filed
- Confirmation that the return(s) were accepted (typically within 24-48 hours)
- Secure Filing
- Faster processing particularly with direct deposit of any refund
- Fewer individual eyes on your personal information
- No depending upon careful data entry at the agency
We remove the burden of tax preparation and submitting tax forms, so you have more time for the things important to you.
The most common forms we file are:
Form 1040 – Individual Income Tax Return
Schedule A – Itemized Deductions
Schedule B – Interest and Dividend Income
Schedule C – Profit or Loss from Business
Schedule D – Capital Gains and Losses with associated Forms 8949
Schedule E – Supplemental Income and Losses
Schedule F – Profit or Loss from Farming
Plus dozens of other forms and schedules