Houston Personal Income Tax Preparation Services
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Tax Refund & Payment Options
General Tax Preparation
Getting Started With Your Tax Return
If you had net earnings of $600 or more as self employed or a contractor and the company issued you a 1099, you must file a return.
Typically if you earn $12,200 or more (The single standard deduction amount), you must file a return.
If you earn less, you are not required to, but can choose to if federal withholding is withheld and you want it back in the form of a tax refund.
If you are retired and withdrew money from your retirement account (401k), you must report that income and account for any penalties if the withdrawal was distributed prematurely.
Single – You are the only person filing your income.
Married Filing Joint – Married by law or the law of the state.
Married Filing Separately – If you lived with your spouse 6 months or more you must file a MFS return.
Head of Household – Is a single, unmarried adult, with a qualifying dependent/dependents that is responsible for more than 50 percent of the dependent’s support.
Qualifying Widower – If a spouse dies, this is the equivalent of MFJ. For the year of death you will file an MFJ. You must have a dependent and you my file this status for 2 additional years.
Your legal born son, daughter, stepchild, foster child, parent, grandparent, brother, sister, stepbrother, stepsister, half-brother, half-sister, aunt, uncle or a descendent of any of them (i.e. your grandchild, niece or nephew, who is a U.S. citizen, U.S. national, resident alien or a resident of Canada or Mexico. Other inclusions may apply.
Your dependent must be under the age of 19 at the end of the year or under 24 and is a student (defined later) and they must be at least 5 years younger than you and your spouse.
Or any age and permanently and totally disabled who did not provide over 50% of his or her own support for the year.
A tax credit is a dollar amount the government gives to reduce your tax liability and enhance low income earners.
A tax deduction is a legal expense that reduces your tax liability.
An unmarried dependent can make up to $12,200 without being taxed or claiming himself or herself as an exemption.
Taxpayers have two deduction options: A standard deduction or itemized deductions. The standard deduction is the government’s built-in amount per your filing deduction that you can take. Itemizing is composed of an individual’s deductions that together can lower the amount of taxable income you have.
Yes and No.
Yes – if the current refund exceeds the amount owed in the current installment plan. The remaining amount will be issued to you via IRS check.
No – if you still have a balance. The current refund will reduce the amount owed by you to the IRS.
Legal deductions on an itemized Schedule A form are medical expenses, real estate taxes, personal property taxes, mortgage interest, mortgage insurance, charitable contributions and casualty and theft losses caused by a natural disaster.
There are also credits such as earned income credit and child tax credit that low income taxpayers benefit from.
Some adjustments that can legally assist you in paying less taxes are student loan interest and retirement savings contributions.
Consult with your tax preparer to review the errors made to determine if an actual 1040X amended return needs to be filed.
If you do not understand what is being requested, consult with your tax preparer to assist you with what the IRS is needing to finalize the process of your return.
The IRS has set up a page for this specific question. Click Here
New Clients
For our Documents checklist, Click Here.
It gives the preparer an opportunity to review the return for consistency, errors or missing credits/deductions and retrieve your adjusted gross income needed to electronically file your tax return.
We have a secure encrypted client portal where you will be able to safely scan and upload your documents to our server.
You may also have to fax or drop the documents off at the office.
Bookkeeping
At TRC we provide the following solutions to your needs:
1. Reconciliation of bank statements
2. Categorization of expenses
3. Generating financial statements (i.e. profit and loss, balance sheets, etc)
4. Providing tax planning advice (estimated tax payment calculation) Etc.
No, there is no need to, we will include the clean up for you as a part of your initial cost and set up.
At TRC we use Quickbooks Online, and will designate the best service package for your needs.
At TRC we help you track the sales tax you collect and the filing periods you are subject to, and even file them for you.
Book a consultation with one of our tax professionals and we will review the deductibility of your expenses on an individual business basis.
