Personal Tax Advisory Services

Generally, such tax services will involve reviewing prior years’ tax returns, advising on potential tax strategies, preparing tax returns for individuals, businesses or trusts and estates.

Individual/Joint Tax Prep

The base package includes filing a simple return for clients with straightforward income and minimal deductions.

Included in the Base Package:

  • Preparation and filing of Form 1040.

  • Reporting of W-2 income only.

  • Application of the standard deduction (no itemized deductions).

  • Basic credits such as the Earned Income Tax Credit (EITC) or Child Tax Credit (CTC), if eligible.

  • Electronic filing and direct deposit setup for refunds.

  • Phone or email support for questions during the filing process.

Add-On Services at additional cost.

Clients can add the following services as needed, exact costs will be itemized on AdvicePay proposal invoice.

State Returns:

  • Single State Return: Preparation and filing for one additional state tax return.

  • Complex State Return (e.g., California, New York): Covers filing requirements for states with unique tax codes or additional schedules.

  • Multiple State Returns: Preparation and filing for each additional state beyond the first state return.

Additional Income Sources:

  • Self-Employment or Contractor Income (1099-NEC, 1099-K): Covers income reporting for freelancers, gig workers, or contractors, including a basic review of deductible expenses.

  • Social Security or Unemployment Income: Adds reporting of Social Security benefits and/or unemployment compensation.

Investment Income and Capital Gains:

Interest and Dividend Income Reporting (1099-INT, 1099-DIV)

  • Includes filing for clients with income from interest or dividends.

  • Includes reporting for sales of stocks, bonds, or mutual funds with minimal transactions.

Comprehensive Capital Gains Reporting (more than 2 accounts or higher frequency of trades)

  • Covers detailed reporting of investment accounts with multiple transactions, including Schedule D preparation.

Simple Capital Gains/Losses Reporting (up to 2 investment accounts)

 

Itemized Deductions:

Basic Itemized Deductions

  • For clients who exceed the standard deduction, including mortgage interest, state and local taxes, and charitable contributions.

Advanced Itemized Deductions

  • For clients with extensive deductions, such as medical expenses, unreimbursed business expenses, or large charitable contributions.

Retirement Accounts:

Retirement Contributions (e.g., IRA contributions): Includes reporting and review of contributions to retirement accounts for tax benefits.

Retirement Distributions (Form 1099-R): Covers reporting for retirement account withdrawals, including required minimum distributions (RMDs).

Rental Property Income (Schedule E):

Single Rental Property: Includes reporting for rental income, basic expenses, and depreciation for one rental property.

Additional Rental Properties: Adds reporting for each additional rental property with income, expenses, and depreciation.

Additional Tax Credits:

Education Credits (e.g., American Opportunity Credit, Lifetime Learning Credit): Review and application of education-related credits for clients or dependents.

Energy Tax Credits (e.g., residential solar, energy-efficient improvements): Applies eligible credits for energy-efficient home improvements or renewable energy installations.

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