Professional State and Federal Income Tax Preparation
Preparing your own income tax return can be a task that leaves you with more questions than answers. With the 2017 changes to the tax law along with temporary changes in recent COVID-related stimulus and recovery acts, preparing your own taxes can be a difficult and confusing task. New York State Tax Returns can be even more confusing as New York State did not extend some tax deductions that the federal government gave to taxpayers in areas like unemployment.
If you attempt to prepare your own taxes, you may not know about certain deductions or write-offs that a Tax Preparation Account will know about. Even worse, you may leave off income or deduct more than you are entitled which could lead to being contacted by the Internal Revenue Service informing you of additional taxes owed along with penalties and interest.
Tax Expertise All Year Round
Our tax season runs all year. We will help with everything from tax planning to tax prep. We know taxes are confusing, so we will answer any questions you have.
Filing Late is Better Than Never Filing at All
Filing your Income Taxes is legally required. However, many people feel high levels of stress and anxiety when it comes to paying taxes. We understand how stressful it could be, and we try to make it as easy as possible. If you feel you owe more than you pay at once, there are options available to you. You can set up a payment schedule and pay your taxes off over time. There are also options if you owe a high amount of back taxes, including the possibility of an Offer in Compromise. This is a program that may reduce the amount you owe. Call our office to see if you qualify to get your taxes reduced.
Do not ignore tax filing deadlines. It may take a couple of years for the IRS and New York State to realize you have not filed, but they will realize it, then you will have to deal with taxes, penalties, forfeiture of refunds, and you may even face criminal charges.
If you have not filed your taxes this year or for several years, we will help you get caught up and do everything we can to make paying your taxes as easy as possible.
Tax Cuts and Jobs Act of 2017
The Tax Cuts and Jobs Act of 2017 made significant changes to the tax code. Before the TCJA, the last major update to the Tax Code was in 1986. Some of the changes included in the TCJA include:
Reducing Tax Rates for Individual and Businesses
Increasing the Standard Deduction and Family and Child Tax Credit
Eliminating personal exemptions, making itemized deductions less beneficial
Limiting deductions for State and Local Income and Property Taxes (SALT)
Reducing the Alternative Minimum Tax (AMT) for individuals and eliminating it for corporations
Reducing the number of estates impacted by the estate tax
Canceling enforcement of the penalty related to the individual mandate aspect of the Affordable Care Act (ACA; Obamacare)
Changed the tax burden for Alimony payments to the payor with the receiver of alimony no longer responsible for tax on the amount received.
The changes to the tax law were vast and far-reaching. As a result, preparing your state and federal tax returns on your own is no longer recommended. Instead, it would be best if you worked with the tax professionals at Certainty Tax Advisors to ensure that your taxes are prepared correctly. We will ensure you receive the greatest possible benefit by lowering your tax burden as much as legally possible.
Tax Preparation Software is No Guarantee
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 tax preparation software, there's no substitute for the assistance of an experienced tax professional.
Let Certainty Tax Advisors Take Care of Your Taxes
Here's what you get when you work with Certainty Tax Advisors.
Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
Your tax return can be filed electronically so you will get a refund back quicker.
Our staff will show you how to adjust your payroll withholding to get more money back each week. Also, why give the IRS an interest-free loan for up to 16 months.
We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability.
Tax Preparation for Small and Medium-Sized Businesses
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.
If you'd like to receive more information about our Tax Preparation Service, call our office at 718-676-4185 or contact us through our website.