INDIVIDUAL TAX PREPERATION

 

Individual tax preparation service involves assisting individuals in preparing and filing their personal income tax returns. This service is tailored to meet the unique tax needs and obligations of each person, ensuring compliance with the tax laws and regulations.

 

 

Here's what this service typically includes

 

• Gathering Financial Information: Collecting all necessary financial documents such as W-2 forms, 1099 forms, investment income statements, and other relevant financial records.

 

• Identifying Deductions and Credits: Determining eligible tax deductions and credits to minimize the individual's tax liability. This includes standard or itemized deductions, education credits, child tax credits, and more.

 

• Filing Status Determination: Helping the individual determine the most beneficial filing status, whether it's single, married filing jointly, married filing separately, head of household, or qualifying widow(er) with dependent child.

 

• Completing and Filing Tax Forms: Accurately completing the appropriate tax forms, such as Form 1040 and its schedules, based on the individual's income, deductions, credits, and other tax-related information.

 

• Electronic Filing: Submitting the tax return electronically for faster processing and quicker refunds.

 

• Dealing with Special Situations: Addressing specific tax situations like self-employment income, rental property income, capital gains, foreign income, and other complex tax issues.

 

• Providing Tax Planning Advice: Offering advice on how to plan for the next tax year, including tips on reducing taxable income, increasing deductions, and other tax-saving strategies.

 

• Responding to IRS Inquiries: Assisting with responses to any inquiries or audits from the Internal Revenue Service (IRS).

 

• Amending Returns: Preparing amended returns if necessary, to correct any errors or include information not previously reported.

 

• Year-Round Support: Offering support and answering tax-related questions throughout the year, not just during the tax season.

 

 

Individual tax preparation services at Sterling Tax and Accounting are provided by certified public accountants (CPAs), enrolled agents (EAs), or other qualified tax preparers.

 

These professionals stay updated on the latest tax laws and use their expertise to ensure accurate and efficient tax filing, aiming to maximize refunds or minimize tax liabilities for their clients.