Individual Tax Preparation Service Near Me
Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the Federal Government’s General Accounting Office, most taxpayers believe they benefited from using a professional tax preparer.
Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional.
Here’s what you get:
- Your tax return will be checked and rechecked by our experienced staff to identify potential problems and maximize your benefits
- Our staff will help you understand your payroll withholding to cover your annual taxes without overpaying
- Help you estimate your tax liability for the following year and calculate estimated tax payments if needed
- Your tax return can be filed electronically so you will get a refund back quicker
Cryptocurrency Tax Preparation
Yes, your Bitcoin, Ethereum, and other cryptocurrencies are taxable. The IRS considers cryptocurrency holdings to be “property” for tax purposes, which means your virtual currency is taxed in the same way as any other assets you own, like stocks or gold.
AirBNB Rental Tax Preparation
Do I have to report my income if I rented out my home for less than 14 days?We have helped pur clients anwser these questions and MORE!
Working through the complexities of Airbnb income can be a headache for some. Unlike other shared economy platforms, Airbnb income requires you to have a deep understanding of rental property income, various state and local room and board taxes, not to mention identifying the potential tax deductions that are available to you. For these reasons, we decided to heavily investigate these tax issues and came to better understand the tax law to help mitigate your tax liability. Through this, we’re confident in our skills to best service you and limit any unnecessary tax exposure.
Schedule C Tax Returns
If you’re self-employed and set up your business as a sole proprietorship, you should file Schedule C with your Form 1040 to report the profit or loss for your business. An activity qualifies as a business activity if it is operated with the intent to make a profit and is operated regularly and continually. That means you don’t need to use a Schedule C to report income from a hobby.
Schedule C collects the following business information:
- Product or service activity
- Employer Identification Number (EIN) if applicable
- Accounting method
- Gross receipts or sales
- Cost of goods sold
- Business expenses
UBER Driver Tax Preparation
One of the things a lot of new drivers for the best gig jobs and food delivery services overlook when they’re just getting started is taxes. Taxes as an independent contractor might seem scary, but First Refund LTD makes them simple.