Tax Services for Individuals
View Each Service Below
- Prior Years Returns
- Free Second Look
- ITIN Applications
- FBAR Filing
- Offer in Compromise
- IRS Payment Plan
- Penalty Abatement Removal
- Innocent Spouse Relief
- Social Security Maximization
INDIVIDUAL TAX PREPARATION AND PLANNING
(Forms 1040, 1040A, 1040EZ)
Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government’s General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional.
We will accommodate your busy schedule and get your income taxes prepared and submitted to IRS in the most efficient way possible:
- Drop off your documents at our office for convenient pick-up within 48-72 hours;
- Submit your documentation via our website or fax or email for secure electronic delivery within 48-72 hours.
No matter what option you choose, we will not file with IRS without first discussing an outcome with you and making sure that you are completely satisfied with the results.
We file your tax return electronically for a secure and timely refund. Plus, our services do not stop when your tax return has been completed, we are here to answer your tax questions all throughout the year. Talk to us and see what we can do for you!
Our services are not limited to traditional tax return preparation. We can help you with:
- Tax Planning and compliance
- Audit Protection and Identity Theft Protection offered at an additional cost.
- Multi-state taxation
- Tax Filing Extensions
- Adoption Credit and Adoption Taxpayer Identification Number
- FAFSA Financial Aid Forms
Please use our Tax Preparation Checklist to help you get organized. Please contact us for documentation requirements for special situations.
Tax Preparation Checklist
Step 1: Gather your documents
- Driver’s License and Social Security Card for all adults in your household.
- W-2s for each job held for each person in the household, this form reports your name, wages, and other tax information to the IRS.
- 1099s showing other income (unemployment, social security, school loans, health care reimbursement, state tax refund, gambling winnings, contract work) that is reported to the IRS.
- 1098s showing payments you’ve made (school loans, property tax).
- Income/interest statements received for any savings account/investments.
- Bank account numbers: a voided check or your bank or credit union’s routing number and savings or checking account number for your refund to be deposited automatically into your account through direct deposit.
- Last year’s tax return (if you have it).
Step 2: Collect information for everyone in your household
- Social Security cards all dependents (including children and elderly relatives for whom you provide care).
- Date of birth and relationship (son, daughter, mother, etc.).
- Current address (it may be different from the address on your employment records).
Step 3: Gather additional items to get a larger refund
- Childcare expenses: name, address, Tax ID or Social Security Number of the child care provider.
- Business expenses and assets: if you’re self-employed or have a small business
- College: loans and/or scholarships received, and bills for technical/community college or university (Forms 1098-T/
- Educator expenses for teaching grades K-12 (school supplies and materials used in the classroom).
- Charitable donations: list of contributions and amounts, receipts for contributions over $250.
- Vehicles: vehicle sales tax, personal property tax statement for each car you own, total miles driven for the year and/or total miles driven for business.
- Homeowners: mortgage interest statement (Form 1098), real estate taxes paid.
PRIOR YEARS RETURNS
Every day the massive computer center at the IRS is getting more sophisticated, it’s just a matter of time before they catch up with you.
This is not a situation to take lightly; failing to file your tax returns is a criminal offense. If you do not file, you can be prosecuted and punished with potential jail time, one year for each year not filed. Why risk potentially losing your freedom for failing to file your tax returns!
Let us give you the peace of mind you deserve by helping you get in compliance with the law. If you voluntarily file your delinquent returns you’ll likely avoid further problems other than having to pay the interest and penalties.
Please contact us for documentation requirement for special situations.
FREE SECOND LOOK / AMENDED TAX RETURNS
We provide our new clients a complimentary review of their prior year’s tax return. Based upon our past experience with existing clients, many of these reviews result in increased tax savings. While we don’t guarantee these results for everyone, the fact is that many common deductions and credits are not fully utilized by the average part-time paid preparer or self-preparer, regardless of their use of tax preparation software.
Once we have completed the review, we will provide you our estimate of the total tax savings, if any, and an estimated cost to prepare the amended return(s).
If you believe you may have paid too much income tax, then let us provide you a complimentary review. For more information, please contact us today!
INDIVIDUAL TAXPAYER IDENTIFICATION NUMBER (ITIN) APPLICATIONS
As Certified Acceptance Agents, we are licensed by IRS to help taxpayers not eligible for social security numbers obtain Individual Taxpayer Identification Number (ITIN). You, your spouse or any of your dependents who cannot have a Social Security number must apply for an ITIN in order to be included on a tax return.
Additionally, if you have dependents living in Mexico or Canada and you send them more than 50 percent of the money they need to live, you can apply for an ITIN for each of them and claim them on your tax return. This may help you get a bigger tax refund or may decrease the amount you owe in taxes.
Some banks, credit unions and financial institutions accept ITINs to open savings and/or checking accounts that pay interest. You may also be able to apply for car and home loans with an ITIN. The IRS does not share information about ITIN taxpayers with the Bureau of Citizenship and Immigration Services or Immigration and Customs Enforcement (ICE).
Form of identification required for ITIN application:
- Original passport, OR
- Two of the following unexpired documents (including at least one photo identification and an identification from your country of origin):
- National Identity Card (with photo, name, current address, date of birth and expiration date)
- Birth certificate
- Driver’s license from the U.S.
- Driver’s license from your country of origin
- State identification card
- Voter registration card from your country of origin
- Military identification from the U.S
- Military identification from your country of origin
- ID card with USCIS photo
- Medical records (only for dependents 14 years old and under)
- School records (only for dependents and/or students 18 years old and under)
FBAR Filing and Compliance
An annual FBAR (Foreign Bank Accounts Report) must be filed with the Treasury whenever a taxpayer has an interest in, or signature authority over, a foreign financial account with a value over $10,000 any time during the calendar year. It makes no difference if the average amount in the account during the year is less than $10,000 or all the money is withdrawn by the end of the year. If the account held more than $10,000 any time during the year, the FBAR must be filed. Additionally, the FBAR filing requirement is not limited to foreign accounts containing cash. You’re also required to file a FBAR if a foreign account has non-monetary assets of more than $10,000. For example, the cash surrender value of a life insurance policy is such a non-monetary asset. The penalties for failing to file FBARs are very severe. There is a minimum $10,000 penalty if your failure to filewas inadvertent and non-wilful. However, if you are found guilty of willfully not filing a FBAR, the minimum fine is $100,000 or half the value of the account, whichever is greater. La Rusa experts will help you stay compliant and avoid heavy penalties for a failure to file FBAR.
OFFER IN COMPROMISE
Did you know that you can settle your debt with the IRS for just pennies on the dollar with their Offer in Compromise program? The program allows taxpayers to settle with the IRS on tax debt that has been incorrectly assessed or for liabilities they cannot afford to pay.
The IRS Code states: “We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential…” (Internal Revenue Code section 7122).
Often it is possible to fully and completely eliminate the taxes you owe – including all penalties and interest – at an enormous discount. There is no preset bottom limit that the IRS will accept to settle your debt especially if your offer is done “right.”
If done correctly your debt may be settled for only 5-15% of what you presently owe. The key is to determine the least amount that the IRS will accept from you before you make the offer. We will help you minimize your tax debt via an offer in compromise by evaluating your situation, advising you on your options, and working with you to prepare and submit the required documentation for this common form of tax settlement.
IRS PAYMENT PLAN
If you don’t qualify for the IRS Offer in Compromise program, a Payment Plan may be the way to resolve your problem. Setting up a payment plan with the IRS gives you a little more time to pay off your tax debts. Unfortunately, penalties and interest will continue to be charged on your outstanding balance as you pay the debt off. You are required by law to pay the interest on your tax debt. The good news is that there’s a chance we can get your tax penalties removed.
PENALTY ABATEMENT REMOVAL
There are many conditions under which late penalties and interest fees can be reduced or minimized. We will help you navigate through the complex forms, procedures, and requirements of getting the penalty abatements you need to bring your tax problems under control. Get the help you need, starting today.
INNOCENT SPOUSE RELIEF
Did you know that you can get out of the tax debt due to the misdeeds or fraud committed by your spouse? Innocent Spouse Relief was designed to alleviate unjust situations where one spouse was clearly the victim of fraud perpetrated by their spouse or ex-spouse. If you qualify for Innocent Spouse Relief, you may not owe any tax.