We are booking appointments now. There have been quite a few changes maybe you need someone who keeps up on the laws to help you this year and someone who will not charge you hundreds of dollars to take care of your paperwork.
Give us a call and set an appointment.
Rates vary: Simple 1040 W-2’s, 1 state 1 city will cost you $85.00.
All returns are filed electronically with your refunds going to your bank or you can have the checks mailed to your home. It is hard to quote prices because we don’t know what you will need done. City forms need to be mailed.
If you have children and qualify for any credits, there are more forms that now need to be done, so of course your fee is going to go up.
As you know, the “Tax Cuts and Job Act” (ACT) was passed and will now affect your taxes from 2019 through 2025. This ACT is one of the largest and one of the greatest tax cuts with more than 130 new provisions. What does this mean to you? It means that in one or another it will affect you. Below is list of a few things that may or may not affect your return:
- People who have only W-2 income will see little or no change. You will see a different form look. The IRS implied that the returns will comprise of less forms and take less time to fill out. THIS IS NOT TRUE!! It will take longer to prepare your return with an additional 6 forms being added to the 1040.
- Taxpayers who itemize may find it to their advantage to use the standard deduction this year which is: Married filing jointly $25,000 – Single is $12,550 and Head of Household is $18,800. If you have itemized in the past, please bring in all the information for this year so we can determine if the standard deduction is the best way to go on your taxes.
- Personal exemptions are no longer available, in theory, is included in the NEW standard deduction. However, you will need to provide information on any new members to the family or on the removal of a dependent.
- Tax rates were lowered for every taxpayer.
- The 2106 form used by many over the road truck drivers and traveling salesperson will no longer be permitted.
- There are larger tax credits for children under the age of 17.
- The taxes you pay to the State and City are still deductible on the Schedule A but limited to the first $10,000.
- There is also a NEW tax credit for those engaged in business, including partnerships and S Corporation with a profit. You may be eligible for NEW 20% DEDUCTION. The 20% deduction is quite complex, thus making our jobs a little more complex and will require more time for us to work on this.
- If you have rentals, a small business, a child in college, qualify for EIC credits, have taken money out of your retirement fund, have children that qualify for any extra credits on your tax return, plus so many more things, the paperwork has to be done and that means our fees have to go up.
The IRS has decided if we don’t ask a bunch of personal questions, they will fine us $540 for each credit you claim that you are not entitled to. So please don’t get mad when we tell you that you must prove that your child lives with you. How do you do that? Well you show us school records, health records, court papers, etc. something with your child’s name and address on it. If you are head of household, we will need to ask questions and possibly see a utility bill, a rent receipt, or possibly a lease. Sorry, we really hate having to do this, but we don’t want a fine and we know you don’t want to pay the fine for us.
Thank you for understanding.