Individual Tax Preparation - Form 1040
We prepare a wide range of individual income tax returns for clients with diverse financial, professional, and family circumstances. Our experience includes working with self-employed individuals, parents with household employees, working professionals contributing to retirement accounts, employees with income in multiple states, retirees with retirement distributions, families with investments, individuals who own multiple rental properties, and more.
Individual tax preparation often involves more than simply reporting income. We work with clients to help ensure all relevant tax documents, deductions, credits, and filing requirements are properly addressed while identifying opportunities for tax efficiency and long-term planning. Our process is designed to ensure that no income or deductions are missed. Because tax laws and reporting requirements change frequently, our team stays current on annual federal and state tax law updates to provide reliable, up-to-date guidance.
We understand that every client’s financial situation is unique, and we strive to provide personalized service tailored to each individual’s needs and goals. Our aim is to complete personal tax returns accurately and efficiently year after year while building long-term relationships with our clients.
Sole Proprietorship Tax Preparation
Sole proprietorships are unincorporated businesses owned by a single person. The owner reports income and expenses on a Schedule C on their individual tax returns, not a separate business filing. The owner also must include Schedule SE on their return and pay self-employment tax. Taxpayers commonly have a sole proprietorship for a side business, like consulting, freelancing, or contract work, but a sole prop can also be a large full time business with employees.
We provide bookkeeping services for clients with Sch C businesses, including monthly reconciliations; 1099-MISC preparation; tax preparation handoffs; financial statement preparation; and cash flows.
Gift Tax Preparation - Form 709
Each U.S. citizen can gift up to $19,000 per recipient without filing a gift tax return. Married couples can gift up to $38,000 to a recipient without filing a gift tax return. Gifts in excess of these amounts require filing a Form 709 gift tax return and these will count against the lifetime estate exclusion. Medical expenses and tuition are generally exempt from these rules.
FBARs
U.S taxpayers with signing authority over a financial account located outside the United States must file a yearly FBAR if the total value of the account(s) exceeded $10,000 at any point in the calendar year. Accounts that may be subject to FBAR reporting include bank accounts, investment accounts, retirement accounts, and certain foreign financial assets. FBARs are filed separately from your individual tax return and have their own deadlines. We help clients determine whether they need to file, prepare the report, and submit it using FinCEN’s BSA E-Filing System. Failure to properly file an FBAR can result in significant penalties, making accurate reporting especially important for taxpayers with international financial accounts or foreign income activity.