Individual Tax Services
Planning
We will review both your past and current situation, help you develop and implement a sound tax strategy for staying compliant with government requirements, and minimize your tax liability. Often the review of the past will turn up something that could have been handled better. Past errors, mistakes, missed opportunities can often be corrected with some attention today.
RETURN PREPARATION
We’ll meet with you at no charge to determine what filings you will be required to make, and how to best meet your current business and/or individual filing requirements.
PAYING TAXES
Withholding from your paycheck or other income source is the most common way most individual income taxes get paid. Too much withholding will result in the government creating a sort of forced savings account for you that earns no interest. The refund you get after the end of the year is mostly a return of your own money. Too little withholding will result in you owning tax at the end of the year, and there may even be underpayment penalties. The best idea is to try to get the correct amount of tax paid in during the year so as to minimize both refunds and amounts due. Ask us to check your withholding and prepare a new Form W-4 for you to get your withholding correct.
Estimated Tax payments may be necessary if you receive income from self employment, investments, or retirement plans that don’t withhold tax in the proper amount. Many payers don’t even offer to withhold State and local income tax. Ask us to prepare Federal or State Estimated Tax forms for you, if needed.
After the year is over and you find you owe Federal or State Tax, there are options for paying it.
- Write a check, or use direct debit of your bank account.
- Pay online with a credit or debit card
- http://www.irs.gov/individuals/article/0,,id=149373,00.html?portlet=4 is the IRS site to make an installment agreement for up to $50,000 in tax owed.
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J. Scott Avery, CPA & Co.Public Accounting, Tax, Bookkeeping, Payroll
