Tax Return Preparation Services
Tax Return Preparation Services is a universal process for all citizens of USA. Every single individual and business organization has to go through this process every fiscal year, as is required by the law. The Tax code is varied and applies to every individual or organization differently. In fact, U.S. Tax Code is among the most complicated law codes written in the world. There are so many different categories, addendums, points and forms that an ordinary citizen can go mad trying to understand it all. This difficulty in its understanding and complication has given rise to tax planning services.
Tax Return Preparation Services can be done in multiple ways. A taxpayer can choose to do the tax preparation by him or herself, or they can take assistance from a dedicated service. If they choose to do it by themselves, they can take assistance from tax preparation software. However, there are plenty of dedicated services in the market who can prepare taxes for you online, or in person.
A licensed professional such as an attorney, a certified public accountant (CPA) can offer you their services for a fee, or you can choose the help of a professional tax planning service. A service which has plenty of experience, takes responsibilities for its action, provides its clients with actionable opportunities and makes them aware of their rights and obligations while ensuring no deadline is ever missed because of potential errors.
The Need to Seek Help
The tax code of United States is very complicated. There are numerous problems faced by those tax payers every year who chose to do this by themselves, such as;
- Location of Relevant Data. For those inexperienced in the art of tax preparation often miss certain documents that should be attached with the returns. The processing of all the data, arranging it in properly, submitting it to the relevant authority is a tedious process.
- Policy Changes. The Tax code is not absolute. There are some changes made to it in almost every administration. New politicians come with the promise of better policies all the time. An average individual does not pay attention to all the minute details in a changed policy.
- New Businesses. The development of new businesses models prompts the tax authority to ask questions related to depiction of income. For instance, the emergence of new digital products, softwares or services make it difficult to properly assess all the payments and income. The evolution of 3D printing creates further complications.
That is why it is preferable to hire a dedicated service which provides tax planning near you. According to a survey done by the federal government, more than 60% of American taxpayers hire paid services to complete and submit their tax returns.
TAX RETURN PREPARATION
We can be your reliable partner as a bookkeeper, accountant and business advisor to deliver you a full range of bookkeeping and accounting services.
WHAT OUR CLIENTS SAY
I have referred my family members, friends and even various clients to SG INC CPA. They are the best for providing Tax Return Preparation services. They have fulfilled not only my own, but all of my other referred people’s needs. If anybody asks me for a referral, I always direct them towards SG INC CPA.
I am a real estate agent and the co-owner of a real estate agency. I changed my accounting firm to SG INC CPA few years ago because of their more reasonable rates. I have referred several of my own clients to them since. Their service is flawless and their dedication is admirable. I can’t find anything to complain in their conduct or Tax Return Preparation service providing ethic.
I have made several referrals to SG INC CPA over the years because I personally liked how they handled my personal Tax Return Preparation. I frequently keep in contact with my friends. None of them have ever called me to say the services they received were not good enough. Thank you for not spoiling the trust my friends place in me.
Steps for Tax Preparation Returns
A taxpayer’s job does not end by just choosing a dedicated service and dumping all responsibility upon them. There is still some work you must do. Following are the steps you must go through to effectively prepare tax returns, or help the tax preparer do it on your behalf;
- Choose a Tax Preparer
The first step is deciding which tax return preparation services should you choose for yourself. There are several factors which determine which service would suite you better. You must see ensure the service you hire has a good reputation in the market. Its customers must also give it a positive feedback. Ensure that they have a Preparer Tax Identification Number (PTIN). If you can, choose to avoid using a firm with exceptionally high fees and standards, as they are usually a waste of money and you can gain the same level of service from cheaper firms who have a lot lesser red tape. Instead, choose an agency which offers lesser cost of tax return preparation services.
Note: Proximity is an issue if you are not using an Online service. If I was in your place, I would choose a tax return preparation service near me.
There is an online IRS directory where all the firms are sorted with their credentials and locations. You can check that directory out to choose the one most suitable to you.
SG INC CPA offers the best professional tax return services in Texas. We fulfill all above mentioned requirements and more.
- Gather Your Documents
For the purposes of tax return preparation services, you should receive all the pertinent forms and documents. You can receive them from your employer, bank, brokerage firm or other business associates, by the end of January. While the tax preparer will ensure that the information in each of the documents matches your private records, you must recheck the information yourself as well so nothing is missed. Common forms in regards to tax preparation are;
- Form W-2. It is for those who are employed on a job.
- The various 1099 forms. It is to report extra income you might
- Form 1098. Its purpose is to report any mortgage interest.
- Form W-2G. This form is to report any gambling winnings.
- Collecting the Receipts
Gathering of the receipts depends wholly upon whether the you wish to itemize his or her deductions, or go through the standard route. This option is presented to all taxpayers by their tax preparation services. You must choose a route which grants a greater write-off in terms of taxes.
The only way to know which route is more profitable, is to add your itemized deductions and compare them with the standard deductions. The receipts for services which are not covered or reimbursed by any insurance, such as medical expenses which are not covered under a general health plan of an individual may be worth your time to collect and submit to the tax preparer for review. If they are substantial enough, it may be worth your while. A receipt for any donation to a charity must also be presented for review to see if it is substantial enough to qualify for charitable donations clause.
You must also present all the documents to the tax return preparation services pertaining to the income and expenses of your business. Better organized records take substantially lesser time for processing, which makes the whole process cheaper.
- Provide your Personal Information
Any tax planning and preparation service requires your Social Security Number, including those of you claim as dependent. The addresses and important details of any properties you own or rent are also necessary. Any personal large-scale transaction with its details must also be provided.
- Requesting an Extension
An extension can be requested from the IRS to October 15 if the taxpayer feels it is necessary. However, there is a provision attached to this extension which directs the taxpayer to calculate and pay an estimated amount by April 15, or risk penalties. If there is an overpaid amount, it can be refunded later.
- What to do with a Refund
A tax refund can be handled in various ways. Such as;
- You can apply some or all of the refund toward next year’s taxes.
- You can receive it in a cheque or a deposit in your account.
- You can contribute it to certain types of accounts such as, IRAs, Heath Savings, Education Savings. You can even buy Savings Bonds.
What We Offer
SG INC CPA provides Professional Tax Return Services in Texas. For over 15 years our employees have kept up with the constantly changing tax codes and times to keep our clients up to date with latest issues. We work hard to ensure maximum savings on part of our clients while making the tax returns timely and accurate. We put our knowledge, skills and experience on the line for our clients whether it be for their business or their family. We have your best interests at heart. Our tax planning strategies are second to none.
We offer our services at very cheap cost.
We have tremendous amount of practice working with clients from different states and their local tax matters across the nation, with detailed expertise in many states and the knowledge and resources to work in every jurisdiction.
The Services We Provide
Following is a list of services we provide to our clients;
- Individual Income Tax Return Preparation
- Corporation Income Tax Return Preparation
- Partnership Income Tax Return Preparation
- Trust and Estate Income Tax Return Preparation
- Compensation Planning
- Representation before the IRS and State
- Taxing Authorities
- Business Acquisition and Sale Strategies
- Choice of Entity Strategies
- 1031 Tax Free Exchanges
- Net Operating Loss Utilization
Our specializations include;
- Farm and Ranch
- Family Limited Partnerships
- Oil and Gas
- Family Businesses