Tax Return Preparation

Tax season can be a bit overwhelming.  Our tax return preparation can help ease the stress and make sure you’re in compliance with all your tax obligations. Preparing an individual tax return involves gathering receipts, completing the IRS 1040 form, e-filing or mailing it off, and filing all necessary documents related to income sources. Gather your W2s, gambling income, Social Security income, as well as your tax credits earned throughout the year – such as the Earned Income Tax Credit – to get started on preparing your taxes correctly. Tax returns are time sensitive and should be filed by April 15th each year – so act fast! With careful preparation, filing your taxes can go much smoother than expected.

Generating financial reports is an essential accounting task for any small business. Doing so helps to provide clarity and insight into business operations, making it easier to manage the financial aspects of running a business. QuickBooks online accounting software offers well designed financial reporting tools that allow small businesses to easily and accurately generate quarterly and year-end financial reports. Such reports can include total income and expenses, taxes paid, sales records, and more. With QuickBooks Online accounting software, managing accounting tasks to stay on top of finances has never been easier. Businesses can rest assured knowing their accounts are always up-to-date and accurate.

If you have a business or even a side gig like driving ride share or freelancing, you’ll need to complete an IRS 1040 Schedule C. The IRS 1040 Schedule C is used  to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if  our primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and regularity. If you have a partnership, C-corporation or an S-Corporation, you will need to file different tax forms. We can help you with that as well.

If you participate in the sale or exchange of a capital asset such as stocks and bonds, you will need to file IRS Form 1040 schedule D.  IRS Form 1040 schedule D is also used to report gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit, capital gain distributions not reported directly on Form 1040 (or effectively connected capital gain distributions not reported directly on Form 1040-NR). and nonbusiness bad debts. 

If you need to report supplemental income, you will need to use IRS 1040 Schedule E. For instance you may need \ to report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in real estate mortgage investment conduits (REMICs).

Crypto and NFT sales, now referred to as ‘digital assets’, need to be reported on your IRS 1040 income tax filing. Digital asset transactions can be difficult, since some transactions are classified as ordinary and some are capital gains and losses. We can assist you with your digital asset sales. We usually partner with ZenLedger to perform the analysis. If you have started with ZenLedger, you can invite us in as your accountant and we can merge their work with the rest of your tax return.

If you have a partnership, S-corporation or C-corporation you will need to file a seperate tax return and possibly issue K-1s. We can prepare both. Your situation will need to be evaluated so please contact us or schedule a consultation so we can discuss in detail. 

Trusts and estates are a special form of tax preparation. Your situation will need to be evaluated so please contact us or schedule a consultation so we can discuss in detail.