Individual Services
Annual Tax Preparation and Filing
Many people dread the weeks that lead up to April 15, and for good reason. Taxes can be confusing, time-consuming, and expensive. Even though tax preparation software keeps improving, tax software is really only best suited to people with the most basic financial situations. Let JW Accounting + Tax help with your individual taxes. We can help you:
Save Money
There is no one “best” way to file taxes. The many particulars of each person’s life situation, income sources, and expenses need to be taken into account. Rely on our experience and thorough knowledge of the tax code to make the right filing decisions for you and to find the deductions that will lower your tax liability as much as legally possible.
Save Time
The Internal Revenue Service has estimated that an average individual tax filer needs 16 hours to finish all the tasks needed to complete a typical tax federal form 1040. Aren’t there other things you’d rather be doing with your time?
Reduce Headaches
Even simple tax returns are fraught with complex decisions. Complexity increases if you have children, rental properties, business sidelines, mortgage, investments, travel for work, charitable contributions, and more. Allow us to assess your tax situation, and you won’t have to feel overwhelmed by the complexity.
Peace of Mind
In case the IRS ever picks you out for an audit, you’ll know your returns were filed by professionals with experience and integrity.
Retirement Tax Planning
All retirement savings vehicles owe their existence to their tax advantages, including 401(k) plans, regular and Roth IRAs, and other qualified plans. Understanding the details of these plans and deciding how to use them in your own life and financial situation is a confusing endeavor. Call on JW Accounting + Tax to figure out your best course of action based on your age, employment, assets, income, and other personal factors.
Additionally, if you’re a retiree, you may receive income from a variety of sources, including Social Security and distributions from pensions, annuities, IRAs and other retirement plans. These income sources naturally are taken into consideration when we handle tax planning for you.
Tax Planning for College
If you’re saving for your child’s college education and not using a tax strategy, you’re leaving money on the table. Your tax planning options can include education savings plans, education credits, deduction of educational expenses, education savings bonds, education loans and other alternatives. Ask JW Accounting + Tax, LLC to sort through the options that will work best for you and your family.
Rental Properties
If you own a rental property, you should take advantage of all the available deductions. Most of your expenses are deductible, including mortgage interest, real-estate taxes, maintenance, property management, and even transportation costs to visit the property. You may also deduct depreciation over a period of time defined by the IRS. The professionals at JW Accounting + Tax LLC can find new ways to decrease your tax liability on rental income.
