Tax preparation is a year-round planning service, not an annual event culminating in a surprising result in the form of a refund or balance due. It is predictable and controllable, especially if you enlist the help of a New York certified public accountant (CPA). The key to this process is understanding that tax liability, the amount of tax due based on your income and deductions, is not the same as the resulting refund or balance due on the tax return. We can determine your projected tax liability based on the income and deductions expected for the current year, including any changes or events that happen during the year. Tax liability is paid by withholding taxes from income sources such as your salary or pension or by paying estimated taxes. When these calculations are done accurately, you can decide whether you want your tax return to result in a large refund, a break even, or anything in between; you are completely in control when you have professional guidance.
The accumulation of information for your tax return is a personal process, and we want to collaborate in a way that works for you. For some, this means that they gather documents and prepare schedules to send to us and await our contact for questions and discussion. For others, a guided meeting is more comfortable. As New York CPAs, our goal is to ensure that this process is as efficient as possible for you.
As we learn about your income sources from employment, royalties, retirement, and investments, we create our checklists for your W-2s, 1099s, K-1s, and other documents that will recur annually. We work with you to determine related deductions for this income such as employee business expenses, investments expenses, and your itemized deductions, including charitable donations. With each specialized area such as rental properties and self-employment, we provide detailed recommendations for tracking the needed information.
Our secure web portals give us the ability to exchange information with little to no paper. You can upload your accumulated information or forward the paper to us and we will scan and upload it for you. When your tax return is complete, your return is e-delivered via this secure, cloud-based web portal. Your copy of the return and the source documents remain on the portal so that you have access to an electronic copy from anywhere that has access to the internet. For assistance with tax prepartion, contact our firm today!