Tax Preparation Information

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 US Government's General Accounting Office last year, most taxpayers (77% of 71 million 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 your get...

Books a Mess: No Problem!
If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year.

Income

Dependents

Homeowners

Landlords

Business Owners

Record keeping requirements
Suggested Holding Periods for Tax Records:

  1. It is a good policy to save copies of your 1040 and supporting schedules indefinitely.
  2. The IRS requires record retention as long as they are important for Federal Tax law. Generally this means:
    • 3 years from the date the return is filed...or
    • 2 years from the tax payment date...or
    • 6 years, if income is under-reported by more than 25% (whichever is later)
  3. Keep ALL--bank statements, checks, receipts and other financial records for at least three years, especially those documents that will support your tax return figures.
  4. HOLD INDEFINITELY

All papers and receipts that deal with any purchase, sale and major improvement of your current and all previous principal residences.

All IRA records, investment purchases and sales, and 1040 returns filed for each year.

The key filing Dates of Income Taxes
January 15th 4th Quarter Estimated Tax Due
April 15th Individual Tax Returns due
April 15th 1st Quarter Estimated Tax Due
June 15th 2nd Quarter Estimated Tax Due
August 15th Extension Filing due (1st Extension)
September 15th 3rd Quarter Estimated Tax Due