Tax Planning & Preparation For Individuals

Never fall into the misconception that tax planning is only for wealthy individuals and owners of mega-successful businesses. Tax planning can benefit any person that wants to increase their income by minimizing their tax liability. Whether you are a U.S. resident or citizen, U.S. expatriate, or the owner of an international business, tax planning will likely benefit you or your business in more ways than one.

Every U.S. state, even those without a state income tax, has a state taxing authority. This agency oversees the annual collection of state tax. Taxpayers file individual state tax returns unique to the state. Most state tax returns assess and calculate tax concerning line items from the federal tax return.

KEY TAKEAWAYS
  • Form 1040 is what individual taxpayers use to file their taxes with the IRS.
  • The form determines if additional taxes are due or if the filer will receive a tax refund.
  • Personal information, such as name, address, Social Security number, and the number of dependents, are asked for on Form 1040.
  • A filer also needs to report wages, salary, taxable interest, capital gains, pensions, Social Security benefits, and other types of income.
  • Taxpayers may need to file supplemental tax 1040 forms depending on their situation.
Here’s what TaxAccountPro do for you

1) Tax preparation, filing, and returns.
2) Prepare accurate tax returns that are filed on time.
3) Calculate estimated taxes for self-employed small business owners.
4) Electronic filing and direct deposit for a faster tax refund
5) File extensions and calculate estimated tax to avoid interest and penalties
6) Annual income tax planning
7) Financial planning

Benifits of Filing Individual Tax Return

1) Avoid added interest and penalties.
2) Avoid losing future refunds. Part or all of any refund is first used to pay any back taxes owed.
3) Safeguard credit. If the IRS files a tax lien against a taxpayer, it could affect credit scores and make it harder to get a loan.
Tax-free exchanges

Why do you need TaxAccountPro Services?

Time Benefit – Allows to plan round the clock operations.
Cost Benefit – Lower cost of operations by 40%.
Staff Benefit – Right Level staff for different requirements.
Business Benefit – Save on Infrastructure and Technology for outsourced staff.

If you need a fast, accurate tax professional to prepare your tax return this year give us a call today or fill out the contact form below.

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