Individual Tax Preparation

Individual Tax Preparation

Filing your taxes each year can be a daunting task. You can try the “Do-It-Yourself” method and risk missing out on substantial deductions that you deserve…or worse – you could end up inadvertently owing money you don’t have. Or, you can have your taxes correctly done the first time – guaranteed.

Why Choose TaxWave for Your Individual Tax Preparation

At TaxWave, our team works every day fighting the IRS and getting the best possible deals for our clients.

Whether you currently owe the IRS, are worried that filing your taxes will bring about an unwanted tax bill, or are just looking for your biggest refund possible, TaxWave will fight for your money every step of the way.

Licensed, In-House Tax Professionals – At TaxWave, we have an entire floor dedicated to our tax professionals who will tirelessly work on your individual tax preparation. Our tax preparers, CPAs, and tax attorneys know the tax code inside and out. Rest assured, we will file your taxes accurately the first time.

Free Financial Consultation – All of our clients receive a free financial consultation with a tax specialist to determine the best course of action for their specific situation. At TaxWave, we don’t believe in cookie-cutter tax prep. Every case is different, so every client receives specialized attention from our tax preparers.

Self-Employed / 1099 Misfiling

Many Americans find that they have to supplement their income with 1099 types of employment. Typically, the taxpayer, unaccustomed to the 1040-ES form and the various procedures associated with self-employed filing, will make a mistake and incur a penalty.

Filing as self-employed is considerably more complicated and involved than most other forms of filing. The discrepancy exists because self-employed individuals generally are required to file an annual return and pay estimated tax quarterly.

How Self-Employed Taxpayers Must File

It is the legal obligation for those classified as self-employed to file annual returns and pay estimated taxes quarterly. The quarterly payment of estimated taxes can cause most mistakes for filers.

In addition to your income tax, you must pay an SE (self-employed) tax. The SE tax covers Medicare and Social Security – typically withheld from regular wages.

If you are filing as self-employed for the first time, and you haven’t yet made any money from your business – you must give an estimation of how much you expect to earn from the upcoming year

Unfiled and Misfiled Consequences

Most Americans don’t realize how seriously the IRS takes tax filing mistakes, let alone how they treat unfiled taxes.

The consequences for not filing your tax returns can be severe and place the delinquent taxpayer in even more trouble.

Failure to file your taxes is considered a crime.

Refusal to file your taxes can be considered a type of tax evasion.

While the IRS may not take immediate action against delinquent taxpayers, it is best not to test your luck. The most common consequences for not filing your taxes include delayed tax refunds and late penalties. Long-term punishments include limited loan access, seizure of assets, and fines.

Bottom line, file your taxes as early as possible. Filing months before the deadline can give you time to pay off your taxes or more time to file for an extension.

What Do You Need To File Individual Taxes?

Filing your taxes can be overwhelming, but with TaxWave, it doesn’t have to be. We will assign a Case Manager who will walk you through the process and help you get all of the necessary documentation in order.

Here is a list of items you may find helpful when preparing your individual tax returns:

  • Your social security number
  • Dates of birth and social security numbers for spouse and dependents
  • The income of other adults in your home
  • Proof of Source of Income
  • Savings & Investments of Dividends
  • Other Income & Losses

How To Get Started

Let our tax pros handle your individual tax filing. Call a specialist today at (888) 421-9283 or click below to get started.

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