Tax Prep/Filing, Tax Planning & Tax Resolution Services

Yes, it is important to catch up on years of tax returns that were not filed. Typically, the IRS only goes back three years of filed tax returns for audits unless they find fraud taking place.

However, if you have not filed tax returns, the IRS can go back indefinitely to audit outstanding tax debt and collect. All outstanding amounts can incur penalties and interest; for example, if you owe $10k over 10 years ago, with penalties and interest accruing, it can become a costly bill when the IRS comes to collect.

There are multiple deductions and credits; if you qualify, you can utilize to reduce your taxable income. Speaking with a trusted tax specialist is beneficial to maximize your tax services. We offer tax planning services and work with your financial advisors to help our clients reduce their tax liabilities. Schedule a free consultation to see if we can help you.

Both are beneficial to reduce the amount of taxes owed. Although, they are different in how they reduce your tax liability. A tax credit reduces the amount of tax owed to the IRS. For example, if you owe $10,000, a tax credit of $1,000 would be applied to the amount owed. Your new tax bill would be $9,000 owed to the IRS.

A tax deduction would reduce your taxable income. For example, if your taxable income is $65,000 and you have a tax deduction, your taxable income would be reduced to $64,000. The amount of tax savings would vary based on the tax bracket of your taxable income and filing status, meaning you can save between $0 to $500 compared to the $1,000 from a tax credit. 

You can only write off repairs that are done or affects the office space. For example, if you replace windows in your home but not your home office, you cannot deduct the window repairs as a part of the home office expense. However, if you qualify for the energy efficiency tax credit on your personal return separate from your home office deductions.

While Turbo Tax or other online tax software’s provide easy to use tax filing systems and is beneficial for simple W2 returns, we offer a comprehensive overview to help assist in providing tax guidance with our services. 

The IRS allows you to deduct unreimbursed expenses for qualifying medical expenses if they exceed 7.5% of your adjusted gross income or AGI. These expenses can come from:

• Preventative care
• Medical treatments
• Surgeries
• Dental and vision care
• Psychologist and psychiatrist visits
• Prescription medications
• Prescription appliances (glasses or contacts, false teeth, hearing aids, etc.)
• Travel expenses paid to receive this medical care (mileage, bus fare, and parking fees)

How much you can deduct depends on your income and whether you itemize your deductions. For example, if your AGI is $50,000 and you itemize your deductions, you can deduct any unreimbursed medical expenses in excess of 7.5% of your AGI, or $3,750 (7.5% of $50,000). If you had $5,000 in unreimbursed qualifying expenses, you can deduct $1,250 ($5,000 – $3,750).

For federal returns you can call 866-730-2274 and follow the prompts for text alerts about your refund. Or you can go to myfederalcheck.com, you will need your SSN and date of birth.