Tax Preparation for Individuals
Each year we prepare hundreds of income tax returns for people from all walks of life, from Advertising Executives to Zoologists, from low income to wealthy. All federal and state returns are prepared on a computer, and bear Jim Clark's signature as the Paid Preparer. If you want a return that is professionally prepared so that you will pay the legal minimum in income tax, we will be happy to help.
Electronic Filing
If you have a substantial refund coming, you may want to consider having your return electronically filed. When I transmit your return directly into the IRS computers, your refund is processed much more quickly and it virtually eliminates any possible errors by IRS employees who manually key in returns. When you choose to have your refund directly deposited to your bank account, it normally arrives in 8-15 days! Our fee for this service is $35.
Refund Anticipation Loans
Sometimes situations arise that require even faster processing of your refund. We also offer Refund Anticipation Loans (RAL) through Republic Bank. Provided you meet the requirements, this service can put your tax refund in your hands in 1-3 days, and all tax preparation and RAL fees are deducted from your check, so there are no up-front costs! This is a loan, and the fees charged by the bank are relatively high, so we only recommend this when you really need the money right away. We offer the service to make sure that we are here to help you, whatever your needs may be!
Estimated Payments
The IRS requires that you pay at least 90% of the current year’s tax or 100% of the prior year’s tax, whichever is lower, during the year. In other words, they don’t want to wait for their money! If you have income that is not being taxed, such as work as an independent contractor, investment income, or unemployment income, it is likely that you will owe the IRS some money when you file your return. You will be charged a penalty, which can be substantial, if you fail to meet the percentage requirements above. If you are in this situation, you need to make Estimated Payments. The payments dates are April 15, June 15, September 15, and January 15, and payment vouchers can be obtained here. When you make an estimated tax payment, you are not required to provide any information about your income. You are simply making a payment that will be applied to your tax when you file you return. Calculating that amount to pay can be quite complex, and not knowing what to expect when you file can be stressful and worrisome, so if you need assistance, please contact us!
Electronic Filing
If you have a substantial refund coming, you may want to consider having your return electronically filed. When I transmit your return directly into the IRS computers, your refund is processed much more quickly and it virtually eliminates any possible errors by IRS employees who manually key in returns. When you choose to have your refund directly deposited to your bank account, it normally arrives in 8-15 days! Our fee for this service is $35.
Refund Anticipation Loans
Sometimes situations arise that require even faster processing of your refund. We also offer Refund Anticipation Loans (RAL) through Republic Bank. Provided you meet the requirements, this service can put your tax refund in your hands in 1-3 days, and all tax preparation and RAL fees are deducted from your check, so there are no up-front costs! This is a loan, and the fees charged by the bank are relatively high, so we only recommend this when you really need the money right away. We offer the service to make sure that we are here to help you, whatever your needs may be!
Estimated Payments
The IRS requires that you pay at least 90% of the current year’s tax or 100% of the prior year’s tax, whichever is lower, during the year. In other words, they don’t want to wait for their money! If you have income that is not being taxed, such as work as an independent contractor, investment income, or unemployment income, it is likely that you will owe the IRS some money when you file your return. You will be charged a penalty, which can be substantial, if you fail to meet the percentage requirements above. If you are in this situation, you need to make Estimated Payments. The payments dates are April 15, June 15, September 15, and January 15, and payment vouchers can be obtained here. When you make an estimated tax payment, you are not required to provide any information about your income. You are simply making a payment that will be applied to your tax when you file you return. Calculating that amount to pay can be quite complex, and not knowing what to expect when you file can be stressful and worrisome, so if you need assistance, please contact us!
Our firm is a tax and accounting practice, working for individuals and businesses. We understand our clients' needs and wish to ensure their financial success, through clear and responsive communication, that we might further their interests. We use professional and trustworthy approaches to minimize our clients' tax payments while maximizing their income.