Tax Preparation & Filing

Tax Preparation and filing for Businesses and Individuals:

We prepare tax returns for:

• Form 1120 C Corporations
• Form 1120S S Corporations
• Form 1065 Partnerships and LLC
• Form 1040 Individual Taxes
• Form 1041 Trusts and Estates
• Form 990 Non-Profit Organizations
• Form 5500 Retirement Plans
• Payroll Forms 941, 940, W-2, W-3, 1099 and all other state and local forms

Can I use form 1040EZ to file my indivdiual taxes? Only if you meet all the following criteria:

• Your total income is less than $100,000
• Your interest income is less than $1,500
• You only have income from wages, interest, unemployment compensation.
• If you file your taxes jointly, both you and your spouse must be under 65 years old.
• You tax filing status must be either single or married filing jointly. in other words, not head of household or married filing seperately.
• You do not have any adjustments to income.
• You are only claiming the standard deduction.
• You can still claim the Earned Income Credit.
• But, you are not claiming any other tax credits.

Can I use form 1040A to file my individual taxes? Many taxpayers can qualify to use this form but only if your meet all the following criteria:

• Your total income is under $100,000
• Can use for any age and any filing status (unlike Form 1040EZ above)
• You have income from wages, interest, dividends, capital gain distributions, IRA or pension distributions, unemployment compensation, or Social Security benefits.
• You claim any one of the following adjustments (ie subtractions) from income: penalties for early withdrawal of savings, IRA contributions, student loan interest, jury duty pay given to your employer.
• You claim any of the following tax credits: Child and dependent care credit, child tax credit, earned income credit, credit for the elderly and disabled, education credits, retirement savings contribution credit
• However, you can't use Form 1040A if you want to itemize your deduc tion (Schedule A)

Which then leave the final tax form choice of 1040, also know as the "long form" Keep in mind that any taxpayer can choose to use the long form 1040 although it will take longer to complete. Form 1040 can handle any individual tax situation regardless of complexity. In fact, you must use form 1040 if any of the following situation apply:

• You have income in excess of $100,000
• You are itemizing deductions such as medical expenses, tax payments, mortgage interest and charitable contributions.
• You have any income from a rental property, business, farm, S-Corporation, partnership, LLC or trust.
• You have any foreign income, paid foreign taxes that you need to claim a credit for, or are claiming tax treaty benefits.
• You sold any investments such as mutual funds, bonds, stocks or other property.
• You are claiming any adjustments to your income for things like education, moving expenses, health costs as self employed, educator expenses.
 

We prepare any state business or individual tax returns as well as local returns.

We prepare taxes all year long - not just January through April.

• Are you a small company that outsources its accounting and tax functions?
• Do you need to fill a void in your accounting department during a staff transition?
•  Are there special accounting or tax projects that require a higher level of expertise or indepth research?
•  Are you an individual who's tax situation has become more complicated requiring a higher level of expertise than you have used in the past?
• Have you recently relocated?
• Have you recently been subject to penalties and want to avoid their re-occurance in the future?

These are just some of the reasons you should consider calling us or you can contact us here for a private personal reply to your tax question or to schedule an appointment.