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Personal Tax Preparation

The average individual tax return is more complex than Turbotax or H&R Block would like you to think. There are all sorts of scenarios, situations and downright minutiae that need to be taken into account when preparing all the forms, schedules, and worksheets that make up your tax return.

Understandably, that makes pricing a tax return difficult. But, does it make it so difficult that 98% of accountants don’t put prices on their website? I don’t think so. Too many accountants want to see the size of your wallet before giving you a price.

I have condensed 99% of my tax returns into four simple packages and several add-ons for my more complex tax returns. No confusing pricing, no quotes out of thin air, and definitely no charging more because I saw your income on your W2.

First, pick a service package. Do you want a bare bones, see me once a year package? Or, maybe a little more help throughout the year? Your choice.

 

Personal Tax Return Packages

Basic –

Includes: Federal Tax Return, One State Tax Return, Electronic Filing, Two Form W2s or 1099s, Basic Healthcare Forms, Tax Season Web Portal Access

$150

Essential –

Includes: Basic Package Plus Eight Additional Form W2s or 1099s, Advanced Healthcare Forms, Interest & Dividends, Dependents, IRS/NYS Correspondence Review, Limited Email Support

$300

Enhanced –

Includes: Essential Package Plus Ten Additional Form W2s or 1099s, IRS/NYS Correspondence Monitoring & Answering, Year-round Access to Web Portal, Unlimited Email Support

$450

Premium –

Includes: Enhanced Package Plus Unlimited Form W2s or 1099s, Liaise with your Financial Advisor, Unlimited Email and Phone Support

$800

Situational Supplements

Second, pick your situational supplements. Your situational supplements are the all the major tax specifics that make up your tax return unique. They turn a simple, two-page tax return into a behemoth.

I’ve included a basic description with each supplement. Some are more confusing than others (looking at you itemized deductions) so, if you need any help, feel free to reach out.

 

Admittedly, this is a little more complicated. Obviously, you know if you own a business, rental property, or foreign bank accounts. But, do you still itemize after the Tax Cuts and Jobs Act changes? And, what are credits? Don’t worry. I’ve added some brief descriptions for the more confusing add-ons and you can always call or email for some help.

Small Business –

• businesses without legal entities
• single member LLCS

$250

Rental Property –

• rent part or all of a property you own

$250

Stock (& Other Asset) Sales –

• sold stocks, mutual funds, etc

$50

Itemized Deductions

• have a lot of medical expenses
• have a lot of charitable contributions

$100

Credits –

• family member went to college
• made very little income
• installed renewable energy tech
• have a child

$100

Due Diligence –

• had certain credits

$100

Filing Extension –

• need more time to file your tax return

$50

Schedule K1s –

• received income from a partnership, S-corp, estate or trust
• received income from a REIT or PTP

$25

Additional States –

• lived in more than one state

$150

Foreign Bank Accounts & Assets –

• had a bank account in a foreign country
• had assets in a foreign country

$250

Situational Supplements

Small Business –

Sole proprietorships and single member LLCs are included directly on your personal tax return instead of a totally separate business tax return.

$250

Rental Property –

Simple. Do you own a property that you rent to others? Then, this is for you.

$250

Stock (& Other Asset) Sales –

Usually, you know when you’ve sold stock, mutual funds, or other securities throughout the year. But, sometimes, you may have sold them without realizing. Did you sell any stock options that recently vested? Do you use a roboadvisor that automatically rebalances or harvests tax losses?

$50

Itemized Deductions –

In the past, if you owned a home on Long Island, you itemized your deductions to claim your mortgage interest and property taxes. But, the Tax Cuts and Jobs Act shook all that up with changes to the standard deduction and the SALT (state and local tax) cap. Now, it’s a bit more complicated and fewer people will be itemizing their deductions. You may still itemize if you had a lot of unreimbursed medical expenses, paid a lot of mortgage interest, or you made a lot of charitable contributions (this may not include contributions to the new New York or Long Island charitable funds).

$100

Credits –

Credits are a dollar for dollar decrease in your taxes (as opposed to deductions which are a dollar for dollar decrease in your taxable income). This makes tax credits one of the best ways to reduce your tax bill. Below is a list of all the current tax credits and a brief oversimplification of it’s requirements.

$100

Due Diligence –

Certain credits are so advantageous and require so little proof that they are frequently claimed fraudulently. Unfortunately, that means I now have to police these credits. If you’re expecting to claim these credits (or any other deductions or credits, for that matter), please bring ample proof. If I believe you aren’t eligible for these credits, I will not claim them for you.

$100

Filing Extension –

Sometimes life happens and you need more time to file your tax return. A filing extension gives you six months to complete your return. But, it does not give you additional time to pay any taxes you may owe.

$50

Schedule K1s –

Schedule K-1 reports flow through income. You may receive a Schedule K-1 if you’re part of a business structured as an S-corp or Partnership; if you’re the beneficiary of a trust; or, if you own shares of a Publicly Traded Partnership or a Real Estate Investment Trust (tax tip: own these securities in retirement accounts to avoid getting bogged down with their K1s!).

$25

Additional States –

Sometimes life happens and you need more time to file your tax return. A filing extension gives you six months to complete your return. But, it does not give you additional time to pay any taxes you may owe.

$150

Foreign Bank Accounts & Assets –

The definition of foreign bank accounts is a little tricky. Foreign banks aren’t the issue. So, if you bank at Santander because it’s so convenient, don’t worry. (Although, technically, Santander NA is a subsidiary based in Boston.) But, accounts opened, held, or maintained at banks outside the US require extra reporting. For example, a savings account that you opened in Germany at Bank of America, while you were on your Danube River cruise last summer, would require  foreign reporting.

$250

Add-Ons

Small Business –

Sole proprietorships and single member LLCs are included directly on your personal tax return instead of a totally separate business tax return.

$250

Rental Property –

Simple. Do you own a property that you rent to others? Then, this is for you.

$250

Stock (& Other Asset) Sales –

Usually, you know when you’ve sold stock, mutual funds, or other securities throughout the year. But, sometimes, you may have sold them without realizing. Did you sell any stock options that recently vested? Do you use a roboadvisor that automatically rebalances or harvests tax losses?
Other assets also include selling your home or vacation house.

$50

Itemized Deductions –

In the past, if you owned a home on Long Island, you itemized your deductions to claim your mortgage interest and property taxes. But, the Tax Cuts and Jobs Act shook all that up with changes to the standard deduction and the SALT (state and local tax) cap. Now, it’s a bit more complicated and fewer people will be itemizing their deductions. You may still itemize if you had a lot of unreimbursed medical expenses, paid a lot of mortgage interest, or you made a lot of charitable contributions (this may not include contributions to the new New York or Long Island charitable funds).

Since itemizing got more complicated, I don’t expect you to know if you itemize.

$100

Credits –

Credits are a dollar for dollar decrease in your taxes (as opposed to deductions which are a dollar for dollar decrease in your taxable income). This makes tax credits one of the best ways to reduce your tax bill. Below is a list of all the current tax credits and a brief oversimplification of it’s requirements.

Earned Income Tax Credit
(You had children and made less than $55,000.)
Child and Dependent Care Credit
(You had childcare costs so you could go to work.)
Adoption Credit
(You adopted a child.)
Child Tax Credit
(You had a younger than 18 year old child.)
Credit for the Elderly or Disabled
(You’re elderly or disabled and make very little money.)
Saver’s Credit
(You saved for retirement and make less than $60,000.)
Foreign Tax Credit
(You paid foreign taxes.)
Credit for Tax on Undistributed Capital Gain
(You received Form 2439)
Credit to Holders of Tax Credit Bonds
(You held one of several tax credit bonds.)
Residential Energy Efficient Property Credit
(You installed renewable energy tech on your home.)
Nonbusiness Energy Property Credit
(You installed new installation or energy efficient windows.)
Lifetime Learning Credit
(You or your dependent took higher education courses.)
American Opportunity Tax Credit
(You or your dependent went to college.)

$100

Due Diligence –

Certain credits are so advantageous and require so little proof that they are frequently claimed fraudulently. Unfortunately, that means I now have to police these credits. If you’re expecting to claim these credits (or any other deductions or credits, for that matter), please bring ample proof. If I believe you aren’t eligible for these credits, I will not claim them for you.

Due Diligence Credits:
Earned Income Tax Credit
Child Tax Credit/Additional Child Tax Credit
American Opportunity Tax Credit

Proof You Should Bring:
Child/Dependent Residency Proof
(e.g. school records/statements, landlord/property manager statement, healthcare provider statement (in addition to Form 1095), medical records, child care provider statement, social services statement)
Proof of Release of Exemption:
(e.g. Form 8332 from other parent)
For AOTC, Proof of College Expenses:
(e.g. Form 1098-T, receipts for tuition)

$100

Filing Extension –

Sometimes life happens and you need more time to file your tax return. A filing extension gives you six months to complete your return. But, it does not give you additional time to pay any taxes you may owe.

$50

Schedule K1s –

Schedule K-1 reports flow through income. You may receive a Schedule K-1 if you’re part of a business structured as an S-corp or Partnership; if you’re the beneficiary of a trust; or, if you own shares of a Publicly Traded Partnership or a Real Estate Investment Trust (tax tip: own these securities in retirement accounts to avoid getting bogged down with their K1s!).

$25

Additional States –

Sometimes life happens and you need more time to file your tax return. A filing extension gives you six months to complete your return. But, it does not give you additional time to pay any taxes you may owe.

$100

Foreign Bank Accounts & Assets –

The definition of foreign bank accounts is a little tricky. Foreign banks aren’t the issue. So, if you bank at Santander because it’s so convenient, don’t worry. (Although, technically, Santander NA is a subsidiary based in Boston.) But, accounts opened, held, or maintained at banks outside the US require extra reporting. For example, a savings account that you opened in Germany at Bank of America, while you were on your Danube River cruise last summer, would require  foreign reporting.

$250

Press to View List of Tax Credits

Earned Income Tax Credit
(You had children and made less than $55,000.)
Child and Dependent Care Credit
(You had childcare costs so you could go to work.)
Adoption Credit
(You adopted a child.)
Child Tax Credit
(You had a younger than 18 year old child.)
Credit for the Elderly or Disabled
(You’re elderly or disabled and make very little money.)
Saver’s Credit
(You saved for retirement and make less than $60,000.)
Foreign Tax Credit
(You paid foreign taxes.)
Excess Social Security and RRTA Tax Withheld
(You paid too much Social Security or RRTA.)
Credit for Tax on Undistributed Capital Gain
(You received Form 2439)
Nonrefundable Credit for Prior Year Minimum Tax
(You paid Alternative Minimum Tax last year.)
Credit to Holders of Tax Credit Bonds
(You held one of several tax credit bonds.)
Mortgage Interest Credit
(You received a Mortgage Credit Certificate before buying a home.)
Residential Energy Efficient Property Credit
(You installed renewable energy tech on your home.)
Nonbusiness Energy Property Credit
(You installed new installation or energy efficient windows.)
Low-Income Housing Credit (for Owners)
(You rent out affordable housing.)
Premium Tax Credit (Affordable Care Act)
(You bought insurance through the healthcare marketplace.)
Health Coverage Tax Credit
(You are a TAA recepient or PBGC payee with healthcare costs.)
Lifetime Learning Credit
(You or your dependent took higher education courses.)
American Opportunity Tax Credit
(You or your dependent went to college.)

Interested in Personal Tax Preparation? Get started now.


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