Individual Tax Services for Your Unique Needs
In an ever-changing and complex tax regulatory environment, personalized tax planning and income tax preparation are keys for your financial success. Our tax professionals will work closely with you to develop tax strategies that aim to reduce your taxes while ensuring compliance with the tax law.
Our team has extensive experience and knowledge in preparing both federal and state tax returns. If you do business in multistate, we can help you use differences in state income tax regimes to lower your state tax burdens. Trust us to handle your taxes accurately and efficiently, giving you peace of mind and more time to focus on what matters most to you.
Who are our Individual Tax Services For?
Our individual tax services are for a diverse range of individuals seeking tax expert assistance in reducing their tax burdens. Our specialized offerings are for customers with complex tax needs, such as:
Business owners and executives
U.S. Real Estate Investors
Non-resident individuals, Form 1040NR
Americans living abroad
Individuals working in more than one state.
Individuals working outside the U.S.
Individual Income Tax FAQs
Most people do not like taxes and hate the process of gathering all the relevant paperwork, filing out the forms, and calculating how much they owe. However, it does not have to be that way. By understanding the basics of taxation, you can make the process easier for yourself. Below are some of the most common questions about individual income taxes.
Income tax planning involves strategies such as deferring income, maximizing deductions, timing income and deductions, and investing in tax-advantaged accounts. Here are the basic personal tax planning strategies to help you reduce your taxes:
Reducing your taxable income: This involves investing in tax-free vehicles such as municipal bonds, maximizing your retirement contributions, deferring capital gains and other similar income, selling properties in installments, and arranging for like-kind exchanges
Increase your deductions and credits: This involves taking advantage of all of the deductions and credits that you are eligible for. This includes knowing what expenses you can deduct, such as business expenses, and claiming any available tax credits, such as the child tax credit
Timing income and deductions: You can minimize your tax liability by timing your income and deductions, so that you are in a lower tax bracket. For example, if you know you will be in a lower tax bracket next year, you may want to defer some income into the following year. Alternatively, if you are in a higher tax bracket this year, you may want to accelerate some deductions into this year
Finally, knowing the tax laws: It is important to stay up-to-date on the latest tax law changes. Working with a tax professional, you can take advantage of every tax break in the code
What is income tax planning?
The tax law has a set of rules that determine whether or not you are required to file a tax return. Generally, if you have income (from employment, self-employment, interest, dividends, etc.), then you are required to file a tax return. There are a few exceptions to this rule, so it's always best to check with a tax consultant to be sure.
How do I know if I have to file a tax return?
If you don't file your taxes and you owe the IRS taxes, the IRS may file a tax return on your behalf, and you will be responsible for the taxes, penalties, and interest on that return. On the other hand, if you have an overpayment of taxes, you have three years to file taxes and receive a refund. You won’t receive your tax refund until you file your taxes, and if you don't file your taxes, you will lose your refund.
What happens if I don't file my taxes?
You can notify the IRS of your new address by filing Form 8822. If this change also affects the mailing address for your children who filed income tax returns, complete and file a separate Form 8822 for each child. If you or your spouse changed your name because of marriage, divorce, etc., complete line 5. Also, be sure to notify the Social Security Administration of your new name, so that it has the same name in its records that you have on your tax return.
How do I notify the IRS that my address has changed?
The estate tax is a tax imposed on the transfer of property at death. The tax is imposed on the value of the property, less any debts and expenses of the estate. The estate taxes are assessed on the estate's fair market value (FMV), rather than what the deceased originally paid for their properties. The estate tax can be as much as 40% of the net estate value.
What is the estate tax?
The gift tax is a tax on any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return. The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts:
Gifts that are not more than the annual exclusion for the calendar year
Tuition or medical expenses you pay for someone (the educational and medical exclusions)
Gifts to your spouse
Gifts to a political organization for its use
Gifts to qualifying charities
The tax applies whether the donor intends the transfer to be a gift or not. The United States imposes a gift tax on transfers of property made by individuals who are residents of the United States. However, nonresident taxpayers pay gift tax on gifts from properties situated in the US.
What is the gift tax?
There is no one specific thing that will trigger an IRS audit. However, there are certain red flags that may increase the chances of being audited. These include:
Not reporting all of your income: The IRS receives copies of 1099s and W-2s, so they know how much income you should be reporting. If you don't report all of this income, it will raise a red flag
Deducting expenses that are considered "luxuries." If you deduct a lot of expenses that are considered luxuries, such as travel or entertainment, this may trigger an audit
Taking large deductions: if you take large deductions, such as business expenses or charitable donations, this may also trigger an audit
What triggers an IRS Audit?
You may request an appeal by filing a written protest. Complete your protest and mail it to the IRS address on the letter that explains your appeal rights. Don’t send your protest directly to the IRS Independent Office of Appeals (Appeals); this will only delay the process and may prevent Appeals from considering your case.
Before sending your case to Appeals, the IRS Examination or Collection Office that made a tax assessment or initiated collection action will consider your protest and attempt to resolve the disputed tax issues. If that office can’t resolve your issues, they will forward your case to Appeals for consideration.
When you come to Appeals, you may represent yourself or have a professional represent you. Your representative must be:
An attorney
A certified public accountant
An enrolled agent authorized to practice before the IRS
How can I appeal the results of my IRS audit?
If you don't respond to the audit notice, the IRS will just adjust your return as desired. Then, the IRS will send you a description of the changes, and it will outline the additional federal tax that you owe, plus any interest and penalties that have been added to your account.
What are the consequences of not complying with an IRS audit?
If you can’t afford to pay in full, here are the main options:
Payment plan: The IRS allows qualifying taxpayers to take up to six years to pay off back taxes
Offer in compromise: If you prove that you can’t afford to pay in full or make monthly payments, the IRS may let you settle for less than you owe
Partial payment installment agreement: The IRS lets you make payments on a settlement, but if your financial situation improves, you may have to pay the full balance
Currently not collectible (CNC): If you can’t pay due to your current financial situation and the IRS agrees you can’t both pay your taxes and your basic living expenses, the IRS may place your account in Currently Not Collectible (CNC) status. The IRS may collect the balance you owe if your financial situation has improved when they conduct an annual review of your income. The IRS can attempt to collect your taxes for up to ten years from the date they were assessed. The IRS won’t suspend interest and penalty charges, even if it stops trying to collect the balance due. You may want to consider other possible payment options within your means before asking the IRS to place your account in CNC status. While the taxpayer is in non-collectible status, the 10-year statute of limitations still applies within this context. However, if after 10 years the IRS still cannot collect the tax, then the tax debt will expire
Bankruptcy: This option should only be used in extreme situations, and you should consult with a bankruptcy attorney because only some tax debts can be discharged.