Income Tax Services

Keep More of Your Income with Income Tax Services

It’s a common myth that dealing with your income is the simplest part of dealing with your taxes, so income tax services aren’t necessarily needed. Although some people definitely have it simpler than others, it is essential that you seek out income tax services if you’re serious about keeping as much of your income as possible.

Internet programs and websites are now able to file your taxes after you answer a few prompts, but these offer an incomplete picture of your tax situation. If you really want to get your questions answered and enjoy a bigger refund check, you should hire a professional CPA to help.

Dealing with multiple incomes

Whether you’re filing individually, with your family, or you’re filing on behalf of your business, taxes get more and more complicated the more sources of income you have. Even if you only have one official income from a full or part-time job, there are likely other less formal sources of income that may or may not need to be taken into account when filing your taxes.

From alimony and child payments to retirement income, freelance work, and beyond, getting all those sources of income organized can be challenging. Not only can a professional help you assemble all the necessary information, they can help you file it properly.

Stress less about income taxes with professional help

There are many ways a professional can help you when it comes to income tax services. Not only can they help you get all your sources of income in order, a CPA in Long Beach will also be able to help you with:

  • Amended tax returns
  • Electronic tax filing and status checking
  • Estate tax returns
  • Extensions and late filing
  • Federal and state tax returns
  • Individual and business tax returns
  • Payroll tax returns
  • Payment plans
  • And more

Although you should definitely seek income tax services from a professional to ensure you’re filing your information properly, hiring a CPA is even more compelling when you consider the fact that it can provide you with peace of mind. A professional can help you stress less about whether you filed your taxes properly, and if you did everything you could to get the most back on your federal and state returns.

To learn more about all the ways a professional can help you with professional income tax services, click here.

Income tax services FAQ

What documents should I receive from my employer?

In order to file your taxes properly, you have to have all the information from your employer. In most situations, you’ll receive a W-2 in the mail that outlines your income for the year, as well as any withholdings, which includes taxes that have been paid. If you’re self-employed and provided services to customers and clients, you should receive a 1099-MISC from the companies you worked for.

Do I have any income to claim if I’m unemployed?

You’ll likely have at least one source of income that you need to file if you’re unemployed. Alimony and child support are common sources of income that need to be mentioned. If you received unemployment income, you will receive a 1099-G form and you will be responsible for paying taxes on that amount. There are other sources of income that should be taken into account, so make sure you divulge all income sources with your tax professional.

What documents do I need if I’m self-employed?

Things get a bit more tricky if you’re self-employed. You will likely have to file a Schedule C using IRS Form 1040, which is a bit different than the basic form that you might be used to. Depending on your particular situation, you may have to file additional forms as well. You will also have to make quarterly payments based on your estimated earnings. Income tax services are a good idea if you’re self-employed in order to ensure you file your taxes properly.

What paperwork should I bring to my appointment

Having all the necessary paperwork will ensure your appointment goes smoothly. A few things you should bring to your appointment include:

  • W-2s from your employers
  • Interest (1099-INT or substitute)
  • Dividend slips (1099-DIV or substitute)
  • Stock sales (1099-B or broker statement)
  • Self-employment income and expenses
  • Sale of a personal residence
  • Rental income and expenses
  • Sale of any business assets
  • Gambling or lottery winnings (W-2G in some cases)
  • State income tax refund (1099-G)
  • Pension income (1099-R)
  • Estimated taxes paid
  • Social Security or Railroad Retirement (SSA-1099 or RRB-1099)
  • IRA or 401(k) distribution (1099-R)
  • Unemployment compensation (1099-G)
  • Miscellaneous income (1099-MISC)

In order to ensure you have all the necessary paperwork, ask your CPA for a complete list before your scheduled appointment.

Do I have to pay taxes on monetary gifts or money that has been inherited?

You do not have to pay taxes on money that was given to you as a gift. You should not have to pay taxes on money that has been inherited either. However, if that inherited money results in interest, dividends, or rents, those amounts can be taxed.