Income Tax Return Preparation done for you
Most people find themselves confused when filing income tax returns. How much can I claim? Do I have to file? Can someone else file for me? These are only some of the questions that may arise, but this doesn’t mean you should let them go unanswered. On a yearly basis, people spend countless hours preparing their own taxes, only to find that more deductions or credits are available. If you find yourself confused or overwhelmed by your income tax return preparation, don’t despair; hiring a professional can help save time and money!
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Professional Income Tax Preparer
Income Tax Returns Preparation can be a daunting task, but with the help of a professional preparer, it doesn’t have to be. Gilbert Tax Preparation Service is a professional tax preparation service that can take the hassle out of preparing your taxes. We will work with you to ensure that you get the most out of your tax return. So don’t go through the stress and hassle of preparing your own taxes-hire a professional!
For over 30 years, Gilbert Tax Preparation Service has been providing people with accurate tax return preparation services they can rely on. We are experienced with all types of income tax returns including corporate, business, partnership, trusts & estates, rental properties, and more. We have been a BBB accredited business our number one goal is your complete satisfaction. Gilbert Tax Preparation Service is dedicated to providing you with the individual attention to detail that your tax return deserves. Our Tax Professionals such as Cindi Crenshaw are highly experienced and will work hard to ensure that all aspects of your tax preparation needs are met.
What does an income tax return mean?
Understanding what your income tax return means, means understanding the basics of taxation. The government requires that citizens pay taxes on their income to help maintain state infrastructure and other projects that benefit the community. There are different brackets for different income levels, which will determine how much you owe in taxes. Income tax returns also allow individuals to take advantage of tax deductions and credits.
The income tax return itself is a statement of your yearly earnings as well as how much you were taxed on those earnings. The government wants to know how much money you earned, where you earned it from, and if they required any sort of taxes from that money. There are two components to the income tax return: the 1040 form and the required schedules.
What is a 1040 Tax Form?
Your income tax return must include a copy of your 1040 form, along with any necessary schedules that are associated with it. The 1040 form is the main statement of your yearly earnings as well as how much you were taxed on those earnings. This includes information about your wages, salaries, tips, and other taxable income.
The 1040 form is the main portion of the income tax return which will be given to you by your preparer. It can also be found online at www.irs.gov. The entire 1040 form is made up of six sections: personal information, exemptions, deductions, credits, income, and adjustments to income.
Personal Information
Filling this out is as easy as supplying your name, address, and Social Security Number which you should have already supplied to your preparer.
Exemptions
Exemptions are an integral part of the income tax return because they reduce your taxable income. The number of exemptions that you may claim depends on numerous factors such as yourself, your spouse, and your dependents.
Deductions
Deductions are certain expenses that can be deducted from your taxable income in order to lower the amount on which you are taxed. These deductions are what help make tax preparation so complicated because there are many rules and regulations about who is allowed to claim particular deductions. For example, if you own a home but claim rent on your income tax return, you will not be able to claim deductions for the interest paid on a mortgage or for property taxes.
Credits
Credits are considered an “overpayment” of your taxes and they directly reduce the amount that you owe (instead of lowering the amount on which you are taxed). For example, if you paid $500 in taxes but were entitled to a $300 credit, your taxes owed would be reduced to $200. The amount of credits available to you depends on various factors such as income level and dependents.
Income
This section consists of all the money that was earned throughout the year including regular wages, self-employment earnings, interest, dividends, capital gains, retirement income (IRA distributions), alimony, social security benefits, and more.
Adjustments to Income
As the name implies, this section adjusts your taxable income by subtracting certain items such as business expenses or moving expenses. These deductions are considered “above-the-line” because they do not require any documentation in order for you to claim them.
The required schedules are also included in your 1040 form and will vary depending on a variety of different factors such as your tax-filing status, dependents, income level, and deductions. These schedules include but are not limited to Schedule A (itemized deductions), Schedule B (interest and ordinary dividends), Schedule C (profit or loss from business), Schedule D (capital gains and losses), and Schedule E (supplemental income), and more. All of this information is then passed along to the taxpayer in a tax return form which will record all of your information as well as give you an idea of how much money you owe or will be receiving back from taxes.
What are Tax Schedules?
In order to more accurately report your yearly earnings and tax information, you will need to attach schedules to your 1040 form. Schedules are used to break down specific types of income and expenses that may not be included on the 1040 form. There are different schedules for different types of income and expenses- for example, there is a Schedule C for those who have self-employment income, a Schedule E for those who receive supplemental income, and so on. As mentioned earlier, the required schedules will vary depending on your individual tax situation. Our expert tax preparers at Gilbert Tax Preparation Service in Gilbert, AZ will be able to tell you which schedules you need to file, so contact us today!
How much does it cost to have someone do your taxes?
According to the National Society of Accountants’ 2018–2019 Income and Fees Survey, the average tax preparation cost for a tax professional to prepare a Form 1040 and state return without itemized deductions is $188. The typical cost rises more than $100 when itemized deductions are included, reaching $294. Gilbert Tax preparation Service offers professional Income Tax Return Preparation services at an affordable price. You can get in touch any time by calling us today. We do custom tax return preparation for individuals, self-employed business owners, corporations, and partnerships.
Can you do your own taxes?
Yes, it’s possible to do your own taxes. However, be aware that doing it yourself will most likely not give you the same level of expertise as using a professional tax preparer.
One advantage is that once you’ve done them they’re yours and can be accessed for future years’ returns (you’ll want an online backup though as you don’t want to lose any of the data). If you do your own taxes, we recommend using tax preparation software. These programs guide you through the process and calculate your return for you. You still have to double-check everything and complete all of the necessary forms though. And remember: always consult a CPA first and foremost. If you have any questions about completing your tax returns, contact Gilbert Tax Preparation Service in Gilbert, Arizona today!
Why consider hiring Gilbert Tax Preparation Service to prepare your income tax return?
While income tax returns preparation is doable by yourself, it is more than advisable to get the services of Gilbert tax preparation service.
Gilbert Tax Preparation Service has many years of experience in income tax return preparation and can guarantee that you will get your maximum refund by using our expert knowledge. This also relates to cases where you owe money because Gilbert Tax Preparation Service can give you valuable tips to get rid of this.
To save you a lot of time and effort, Gilbert Tax Preparation Service also gives you the option to fill in your tax return forms online via our website. You can then just print out the completed return form and send it off with all the necessary attachments. You can rest assured that you will receive your return as quickly as possible. With Gilbert Tax Preparation Service there is no waiting for months for your return to arrive and you can be sure that it is prepared perfectly by one of our experts.
Advantages of a professional tax preparation service
There are a number of reasons why a taxpayer should consider hiring a tax preparation firm to submit their income taxes. Some of the most important benefits include:
- Preparation and submission of all necessary forms, enclosures, and schedules
- Statement of refund or amount due at filing
- Guidance on payment options, installment agreements with IRS, and audits
- Assistance with filing amended returns
- Provide knowledge of tax code provisions that affect individual taxpayers
- One-on-one personal service with a dedicated representative throughout the year, not just during tax season
- Professional advice in all areas of taxation including restructurings, estate planning, retirement planning, etc.
Hiring a tax preparation service reflects an investment in your future financial well-being with all these benefits, including professional financial analysis, financial audit preparation, and more. And Gilbert Tax Preparation Service has the experience and qualifications to help you.
Contact Gilbert Tax Preparation Service Experts Today!
If you are looking for a tax preparation service in Gilbert, AZ contact us today for a free consultation. We are always available to answer your questions or concerns about income taxes, bookkeeping, accounting, and more. We are always here to help you find the best solution.
FAQs About Income Tax Returns
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You don’t have to go through the tax season alone. Gilbert Tax Preparation Service is here to help. Contact us today to schedule a free consultation and see how we can make tax season a little less stressful.