Individuals and small businesses in Bronx, NY area now have a new resource for planning ahead for their next tax filing deadlines. Extended Services Group, LLC a tax preparation and filing firm based in Bronx, NY has opened a new office at 753 Burke Avenue Bronx, NY 10467 to serve the needs of its growing client base. Extended Services Group, LLC offers a no-obligation consultation program, which enables potential clients to get to know the firm, discuss how the firm can help them and review the related fees.
With the filing season quickly approaching, it is important that taxpayers contact the tax professional at Extended Services Group, LLC early to reserve a convenient time for an appointment. A taxpayer's tax return can be done more accurately and in a shorter period of time if all of the information is available at the initial appointment, so being organized can help both the taxpayer and the tax preparer.
Start preparing early for the tax appointment by compiling a list of the documents expect to be received based on last year’s statements and this year’s activities. If a taxpayer is not sure of what documents are needed, call the tax preparer to discuss. As taxpayers start receiving tax documents in the mail (usually around the end of January), mark them off a list and put them in a tax folder with the list to stay organized.
If employed, include a W-2. If a taxpayer received income from interest, dividends, pensions, self-employment, government payments or the sale of property, the taxpayer will receive a Form 1099. It is helpful to bring the actual statements to the appointment. Remember that not all forms will look alike; be sure to check the bottom of year-end statements that may be substitute 1099s. Also, don’t forget to include any Schedule K-1s received from a partnership, an S corporation or estate. If a taxpayer had any income not reported on the forms listed above, make a note for the tax preparer to include it.
If any stock was sold during the year, you will receive a 1099-B as described above that includes the gross proceeds. However, the price paid for the stock, the cost basis, may not be listed on the 1099-B. If the stock was received as a gift or inheritance, other means of determining the cost will be necessary. For every stock sold, include the basis for the tax professional to calculate the net gain/loss.
For home owner, it is probable that deductions can be itemized. Each year, bring the property tax bill and the mortgage interest statement to the tax appointment. Medical expenses are deductible if they exceed 7.5% of adjusted gross income (AGI). Prescription drugs, doctor, dental, hospital bills, medical insurance premiums and the mileage to and from the doctor’s office enter into this category. Charitable contributions are a good source of deductions. Contributions can be cash, property or out-of-pocket expenses paid to do volunteer work. Driving to and from the volunteer work, the actual cost of gas and oil can be taken or use the standard rate of 14 cents a mile. You need a receipt for any donation you claim.
This article contains general tax information for taxpayers and is not all-inclusive. Each tax situation may be different, so do not rely upon this information as a sole source of authority. Contact John Odocha at Extended Services Group, LLC for professional advice on a tax situation. John is a professional who keeps current on tax law changes as well as a member of National Association of Tax Professionals. John can save you time and offer insight on how to use the tax breaks available to taxpayers. Visit http://www.extendedservices.com for contact information.