(no title)

Announcements

We’re closed until January 22, 2024. For deductions or business filings, valid receipts via email are mandatory. Without receipts, Schedule A or C inclusion may be affected, impacting your federal/state refund. Our fees are fixed as per our rate sheet. No refunds once work begins. Contact us for clarity before payment.

Preparation Fees

Individual Returns: $140

Business Returns (Schedule C) and (Schedule A) *Valid receipts required*: $350

State Returns: $15 via debit card or $40 from refund (EACH STATE)

*Price may increase depending on the complexity of the tax*.

Common Documentation Needed to File Income Tax Returns

When preparing income taxes, it’s essential to gather comprehensive and accurate information to ensure the proper filing of taxes. Please send documentation in one email to ensure confidentiality and to keep everything organized and concise. Here’s a list of key information you should provide:

Personal Information:

1. 1. Full legal names and Social Security numbers (SSNs) of the taxpayer, spouse (if applicable), and dependents.
   2. Date of birth for all individuals listed on the tax return.

Income Documents:

1. 1. W-2 forms for wages, salary, and tips.
   2. 1099 forms for various types of income such as freelance work, contract work, interest, dividends, and retirement distributions.
   3. Records of income from rental properties or real estate transactions.
   4. Records of any unemployment compensation received 1099G.

Investment and Asset Information:

1. 1. Statements for brokerage accounts, including details of stock transactions, dividends, and capital gains or losses.
   2. Documentation of any investment-related income or losses.
   3. Details of any assets sold or purchased during the tax year.

Expense Documentation:

1. 1. 1. Receipts and records of deductible expenses, such as medical expenses, property taxes, mortgage interest, charitable contributions, and unreimbursed business expenses.
         

         ****If your expenses are less than the standard deduction you CANNOT itemize. If they are more, valid expense proof is required. Without proof, you CANNOT itemize.

         Standard deduction is $13,850 for single filers and those married filing separately, $27,700 for those married filing jointly, and $20,800 for heads of household*****

      2. Records of any eligible education-related expenses 1098T or student loan interest paid.

Retirement Accounts and Contributions:

1. 1. 1. Forms related to contributions made to retirement accounts (such as 401(k)s, IRAs, or HSAs).
      2. Details of any early withdrawals or distributions from retirement accounts.

Other Income Sources:

1. 1. Income details from side jobs, freelance work, or self-employment 1099MISC/NEC.
      

      It’s important to maintain accurate records and documentation to support the income, expenses, and deductions claimed on the return. Without copies of these documents emailed to us, you CANNOT file a business return.

      The IRS generally requires receipts or other documentation to substantiate the expenses and income reported on the Schedule C. Excel sheets detailing expenses can be helpful for record-keeping purposes, but they may not be sufficient on their own if the IRS requests documentation during an audit or review. Typically, supporting documentation such as receipts, invoices, bank statements, and other records to verify the accuracy of the figures reported on Schedule C is needed. Simply providing a blank Schedule C with amounts written in may not be acceptable if the IRS requests documentation to support those figures. It’s crucial to maintain proper records and retain receipts to substantiate the expenses and income claimed on the tax return.**

      Please read the section below for acceptable documentation for business expenses according to the IRS. 

   2. Rental income and related expenses for properties owned. Above statement applies**
   3. Alimony received or paid (if applicable).
   4. Any other miscellaneous income sources.

Tax Deductions and Credits Information:

1. 1. Documentation supporting eligibility for tax credits (e.g., child tax credit, earned income tax credit).
   2. Information on deductions like student loan interest, mortgage interest, property taxes, and other itemized deductions.

Health Insurance Information:

1. 1. Forms related to health insurance coverage, such as Form 1095-A*, 1095-B, or 1095-C. *must be included on the return*

Prior Year Tax Returns.

1. 1. A copy of the prior year’s tax return can provide valuable information and aid in identifying any changes or carryforwards.

Documentation of Changes or Special Circumstances:

1. 1. Any significant life events or changes that might affect tax filings, such as marriage, divorce, birth, or adoption of a child, etc.
   2. Any other relevant documents or information specific to the individual’s tax situation.

Gathering complete and accurate information is crucial for the proper and efficient preparation of income taxes. Please send documentation in one email to ensure confidentiality and to keep everything organized and concise.

Acceptable documentation for business expenses according to the IRS includes:

• Receipts: Original receipts, credit card receipts, canceled checks, or invoices showing the date, amount, and nature of the expense are generally considered acceptable.
• Invoices: Detailed invoices from vendors or service providers that outline the services or goods purchased, the cost, and the date of the transaction.
• Bank or Credit Card Statements: These can be used as supplementary evidence for expenses. However, they might not provide detailed information about the nature of the expense, so it’s better to have additional documentation.
• Mileage Logs: For those claiming vehicle-related expenses, a mileage log showing the date, starting point, destination, purpose, and mileage driven for business-related travel is essential. This log should be supported by documentation such as repair receipts, gas receipts, or other evidence of vehicle-related expenses.
• Contracts or Agreements: Contracts or agreements detailing business transactions or services can serve as supporting documentation.
• Electronic Records: Digital receipts, scanned copies, or electronic records of receipts and invoices are acceptable, as long as they are legible and contain all the necessary information.
• Expense Reports: If your business uses expense reports, these can be used as supporting documentation, but they should be detailed and backed up by individual receipts or invoices.

It’s important to note that the IRS doesn’t specify a single type of document as the only acceptable proof. The key is to have documentation that provides sufficient evidence to substantiate the business expenses claimed on your tax return. Always retain these records for at least three to seven years, as the IRS might audit your return within that timeframe.