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Individual Tax Preparation

Individual tax preparation involves gathering financial information, calculating taxable income, and filing a tax return with the IRS

Individual Tax Services
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Our team ensures accuracy, compliance, and timely filings — so you can focus on what matters most.

Individual Tax Preparation

Individual tax preparation involves gathering financial information, calculating taxable income, and filing a tax return with the IRS (or equivalent tax authority in other countries). It’s typically done annually for income taxes, but can include quarterly estimates for self-employed individuals. The goal is to accurately report income, deductions, credits, and payments to minimize tax liability or maximize refunds while complying with laws.

Key Steps in Preparing Your Taxes

  • Gather Documents: Collect all relevant records, including W-2s (wage statements), 1099 forms (for freelance or investment income), receipts for deductions (e.g., medical expenses, charitable donations), and records of any tax payments made throughout the year.
  • Choose Filing Status: Decide on single, married filing jointly/separately, head of household, or qualifying widow(er) based on your situation. This affects tax brackets and eligibility for credits.
  • Calculate Income and Adjustments: Report all taxable income (wages, tips, interest, dividends, etc.). Subtract adjustments like IRA contributions or student loan interest to arrive at adjusted gross income (AGI).
  • Determine Deductions and Credits: Use the standard deduction (e.g., $14,600 for single filers in 2023) or itemize if higher (e.g., mortgage interest, state taxes). Apply credits like the Earned Income Tax Credit (EITC) or Child Tax Credit to reduce tax owed.
  • Compute Tax Liability: Use IRS tax tables or software to calculate federal and state taxes. Subtract withholdings and payments to find if you owe or get a refund.
  • File the Return: Submit electronically (e-file) via IRS Free File, tax software, or a preparer. Deadlines are typically April 15 (or October 15 with extension).
  • Pay or Claim Refund: If owed, pay via check, EFT, or credit card. Refunds are issued by check or direct deposit.

Tools and Resources

  • Free Software/Apps: TurboTax, H&R Block, or IRS Free File for guided preparation.
  • IRS Website: irs.gov for forms, publications (e.g., Publication 17: Your Federal Income Tax), and calculators.
  • Tax Calculators: Use IRS withholding estimator or online tools to check quarterly payments.
  • Professional Help: Certified Public Accountants (CPAs), Enrolled Agents, or tax attorneys for complex situations (e.g., self-employment, investments).
Common Mistakes to Avoid
  • Underreporting income or overclaiming deductions, which can lead to audits or penalties.
  • Missing deadlines, resulting in late fees.
  • Not accounting for state taxes, which vary widely.
  • Forgetting to update withholding if life changes (e.g., marriage, new job) to avoid surprises.

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