What you'll need to file your taxes varies largely depending upon your personal situation. For example, a single, employed individual who doesn't own property can likely file by simply reporting their W-2 information from their employer and calling it a day. But the reality is not often so simple.
The IRS requires you to report all forms of income, be it from your employer, rented properties, pension, gaming, trusts, royalties, and so on. From there, you can benefit yourself by reporting all types of possible deductions you qualify for. This can include student loan interest paid, mortgage interest paid, charity, health insurance, vehicle sales tax, retirement savings, and much more.
Understanding what forms of income are taxable and what types of savings and deduction you can qualify can be complicated. That's why the tax experts at Taxpark strive to simplify the process and handle the heavy lifting on your behalf.
We'll certainly try to save you all the money possible, but whether or not you get a refund depends on your personal circumstances.
The amount of federal income tax you're required to pay depends upon your total gross income, your filing status (single/married), and any other special circumstances the government might take into consideration. You will fall into one of the tax brackets, which is typically freshly calculated every filing year.
As an example, a single individual making between $39,476 and $84,200 in 2020 is responsible for a 22% tax rate of their income. Your tax preparer will calculate your adjusted gross income (AGI) by applying the valid deductions, and then calculating your tax responsibility from there.
You receive a tax refund only if you ended up overpaying on your tax responsibility during the working year. So long as you're not withholding additional funds for any reason, most tax-payers will end up with some form of refund.
Filing your income taxes can range from straightforward to complicated depending on a large variety of factors. It's understandable why people seek out experts to help ensure that they file accurately to avoid financial issues with the IRS.
Taxpark is happy to assist people from all backgrounds with filing their yearly income tax. Whether you're a single filer with no withholding or a married, small business owner with children, there's no tax filing that's too small or too complicated for us to handle.
If your own personal income tax filing intimidates you, then handling the complicated nature of business taxes can leave you sweating. Business tax laws are always changing and often making life more complicated, especially for small business owners. With all of the books and data to manage, you can understand why many businesses hire full-time bookkeepers to keep everything on track.
Taxpark specializes in assisting with business tax management. We work closely with you to provide tax advice and to help you understand why your business might be struggling as a result of over or underpaying. We'll help you better understand the process and learn to navigate your business expenses, payroll taxes, and everything else that goes into your IRS examination.
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Another necessary aspect of business management is effectively collecting and filing payroll taxes on behalf of your employees. It is the employer's obligation to ensure that employees have the correct paperwork to file and to deduct the appropriate amount from their respective incomes.
Taxpark offers payroll tax services on behalf of your business to ensure that the appropriate taxes are collected and submitted to the IRS each working year. This can include payment to yourself as a self-employed individual, and to ensure you don't receive fines for incorrectly submitting payroll for your employees.
To assist individuals with accurate tax filing, new tools are continuously created to help make the process seamless. We at Taxpark often rely on Quickbooks for our accounting services, and we want to help local business owners learn to use it themselves for easy tax preparation.
Whether you're brand-new to Quickbooks or require assistance with any of its various processes. Taxpark is happy to lend its expertise to those who need our advice.
The reason why we do what we do at Taxpark is to help individuals and businesses avoid the painful reality that is facing tax debt. It's a responsibility that none of us are exempt from, and the consequences can leave us drowning and overwhelmed.
Taxpark is here to help you create a plan to conquer your tax debt. We understand your rights and use those to help you create breathing room. so that you can use your time to work towards a resolution plan that finally frees you from the burden of tax debt.
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