Whether you are married or single, have children at home or in college or are retired now, we know the tax law and how to help you through it all. Self-Employed, a Sole-Proprietor, we can prepare all schedules, such as Schedule C (Profit or Loss From Business), Schedule E (Rental or Royalty Income), Schedule F (Farming income or loss). We know AMT, Sales of Business Property, Installment Sales, Income or Loss from Partnerships and S Corporations, Passive Activity Loss Limitations and dozens of other forms many people do not realize they have to file. Are you earning income from another state or a multi-state resident, no problem, we handle all state returns. Are you a non-resident or not a citizen, income from another country, we do those too. We know the rules pertaining to the new ACA requirements and the additional taxes that can apply

Did you get a late form after your tax return was already filed? Perhaps you forgot to include some income or a deduction, maybe you think there was an error on your tax return. We can review your already filed tax return, going back up to three years and fix errors.

Want to get out of the rat race? Does it seem that every year your tax documents arrive later and later? Filing your tax return can be stressful enough, you don’t have to add the stress of racing against the clock to collect all of your tax documents. Brokerage statements often don’t arrive until mid March and K-1’s can be even later, sometimes not arriving until June or August. We can save you all that stress with a simple extension, always filed for free. As long as you have paid in enough to cover your tax liability an extension can give you up to an additional six months to get everything organized. We can meet with you, go over the documents that you have, review prior years, what payments have been made to date and project what might still be owed to keep you straight with the IRS. A few extra weeks or months can make all the difference. So don’t reschedule that trip or pull your hair out over April 15th, give us a call and lose all that stress.

If you are entitled to a refund, you will receive it faster with direct deposit. Safe and easy to set up inside our software, it saves you a trip to the bank and your refund can’t get lost in the mail. If you are a snowbird or planning a trip there is no worry of watching for your refund check or having it follow you up north.

This is a free service that we offer at Legacy Tax. Our advanced software makes setting up this time saver simple and uncomplicated, relieving you of the hassle of watching the calendar for due dates to send in payments. With direct debit you will never be subject to late payment penalties because you forgot to make a payment or put it in the mail a few days late.

Many people who have a trust, have created a Revocable Living Trust, which allows them to put assets into the trust or take them out. This type of trust does not require its own tax return while the grantor or grantors are living. Once the grantor passes on, the trust will probably require its own tax return as the filing threshold is very low. Frequently such a trust is required to file a tax return for many years after the grantor dies to report income passed through to a surviving beneficiary. If you created an Irrevocable Trust or a Charitable Remainder Trust, then you will be required to file a tax return every year. We can help you work your way through complicated trust taxation rules, just give us a call.

Our tax obligations do not always stop when we leave this good earth. If a loved one has income earning assets outside of a trust, their estate may need to file tax returns for several years while waiting for probate to close. We will work with you and/ or your attorney to ensure that all legal requirements are met with the IRS.

When a person dies and leaves a gross estate, plus adjusted taxable gifts, over $5,430,000, their executor will have to file one of these. If a married person dies, their spouse will have to carefully consider filing an estate tax return even if their joint assets are not over $10,860,000, or if the deceased spouse’s assets were not over the $5,430,000 threshold. As a surviving spouse, the unused exemption of a deceased spouse can be preserved and carried forward only by timely filing a proper Estate Tax return on Form 706. To fully understand the tax saving benefit and when it is needed, we can sit with you and fully explain the process in a free consultation.

Did you give someone more than $14,000 during the year?  If you did, you are required to file a Gift Tax return and may owe tax.  Talk to us before you gift, we can help you plan your gifting to avoid as much as 40% tax on your gifts.

Even individuals that are not citizens or permanent residents might have to file a U.S. tax return if they have U.S. source income.  Did you sell property in the United States that was subject to mandatory withholding?  If you want to get your refund, you will have to file a 1040-NR to get it, and we can file that for you.

Are you in business with someone else?  Does your business activity constitute a partnership?  If you have questions, we have answers, and we can help you set up your partnership and file the paperwork you need to get started on the right foot.  We can file your Form 1065, U.S. Return of  Partnership Income, and provide K-1’s for all the partners, whether there are two or 100 partners.

Forming an LLC can add a certain amount of legal protection to separate your business activities and your personal assets, but you still need to file a tax return and there is often confusion on which one applies.  We can help you set up your LLC and determine which tax identity best suits your needs.

If you have a C corporation with multiple shareholders, we can file the 1120 for you and assist you with your accounting if you need.  Wanting to start a company and not sure if you should be a C, an S, a Partnership or a Sole Proprietor, we can help you find the best solution.

Have you formed an S-Corporation, do you know why?  There are good reasons to have one and advantages to remaining a Sole Proprietor and filing Schedule C with your regular tax return.  We can help you through the process of figuring out which is best for you and file that 1120-S if you need it.

Most condo associations fit into this category and we can help you file the appropriate return for your association, no matter how you are organized.

We can also help you keep your accounting records in order.

As a US citizen, whether you reside in the US or not, if you have a financial interest in or signature authority over foreign financial accounts with a combined value that exceeds $10,000 at any time, you need to file this report annually. That combined total includes an insurance policy with a cash value or an annuity contract with a cash value. There are stiff penalties for not filing and even the possibility of jail time. It is really a simple and painless report to file compared to the possible consequences of not filing it.

Have you received a letter from the IRS?  Are you uncertain on how you should respond?  Did you forget to file, forget to include some income or deductions, or maybe a form?  We can help you resolve issues that come up so that you can sleep at night.

No one can know what the future holds but it never hurts to consider all the known factors and make a plan. We can help you consider the potential impact of different choices so that you can try to make the best informed decisions possible, in a variety of situations:

• Tax Planning
• Estimated Tax Calculations
• Lump Sum Distributions
• Tax considerations and college funding
• Taxes during Retirement
• Choosing the most suitable type of IRA

If you are a new or start-up business, or you would prefer to devote the majority of your time and energy to the overall management of your business, Monica can assist by managing your Bookkeeping and Payroll activities. You can rely on her to structure and deliver you with the all-important financial documents and files, which allows you to focus more on the growth  and success of your business and your employees.

We all need to clean out the closet and file cabinet from time to time and our annual, free, shred-a-thon can make it so easy.  We will give you guidance on what you need to save and what is safe to securely shred.  Our next shred event is January 26, 2019, at our office from 9am- 11am.

Are you evaluating the potential of starting a business or do you need to seek financing from a lender?  A good business plan can help.  We can help you take into account all of the variables, crunch the numbers and put it all into a neat presentation.