Task Description: Individual Tax Preparation & Filing Services

Scope of Work:

Provide comprehensive tax preparation and filing services for individual taxpayers, including wage earners, self-employed individuals, freelancers, investors, and high-net-worth individuals. Ensure compliance with IRS and state tax regulations, maximize deductions and credits, and facilitate electronic filing for a hassle-free tax experience.

Services Included:

1. Individual Tax Return Preparation (Form 1040)

✅ Wage Earners (W-2 Employees)

• Gather income data from W-2s, 1099s, and other income sources.
• Identify deductions and credits (e.g., Child Tax Credit, Earned Income Credit, Student Loan Interest Deduction).
• Prepare Form 1040 with appropriate schedules (e.g., Schedule A for itemized deductions).

✅ Self-Employed Individuals & Freelancers (Schedule C Filers)

• Analyze business income & expenses for accurate tax reporting.
• Prepare Schedule C (Profit & Loss from Business).
• Calculate self-employment tax (SE Tax) and estimated tax payments.
• Optimize deductions such as home office, vehicle expenses, and business-related costs.
• Assist with Qualified Business Income Deduction (QBID) eligibility.

✅ Rental Property Owners (Schedule E Filers)

• Report rental income and expenses (e.g., mortgage interest, property taxes, repairs, depreciation).
• Prepare Schedule E (Supplemental Income and Loss).
• Calculate capital gains or losses for property sales.

✅ Investors (Capital Gains & Dividends)

• Report capital gains and losses from stock/mutual fund sales (Schedule D).
• Handle investment income from dividends, interest, and crypto transactions.
• Apply tax-loss harvesting strategies where applicable.

✅ High-Income & High-Net-Worth Individuals

• Implement tax-saving strategies such as retirement contributions and tax-efficient investments.
• Assist with Alternative Minimum Tax (AMT) compliance if applicable.
• Maximize charitable contributions and estate tax planning opportunities.

✅ Retirees & Social Security Recipients

• Calculate tax liability on Social Security benefits and pension withdrawals.
• Optimize IRA & 401(k) distributions for tax efficiency.
• Ensure compliance with Required Minimum Distributions (RMDs).

2. Tax Deductions & Credits Optimization

• Evaluate whether to use Standard Deduction vs. Itemized Deduction.
• Maximize deductions & tax credits, including:
  • Mortgage interest deduction.
  • Medical expense deduction.
  • Student loan interest deduction.
  • Education credits (American Opportunity Credit, Lifetime Learning Credit).
  • Child Tax Credit & Dependent Care Credit.
  • Energy-efficient home credits.

3. IRS & State Tax Compliance

• Ensure compliance with federal and state tax laws.
• Calculate quarterly estimated tax payments for self-employed clients.
• Handle multi-state tax filings for individuals with income in multiple states.
• Apply for state tax credits and deductions where applicable.

4. E-Filing & Submission

• Electronically file federal and state tax returns for faster processing.
• Provide clients with filing confirmations & payment vouchers if taxes are due.
• Assist in setting up direct deposit for refunds.

5. Post-Filing Support & Tax Planning

• Assist with IRS notices, audits, and tax return amendments.
• Offer tax planning strategies for reducing tax liability in future years.
• Provide recommendations for retirement planning, tax-deferred investments, and estate planning.

Deliverables:

• Completed & filed individual tax return (Form 1040 and applicable schedules).
• E-file confirmation from IRS & state tax agencies.
• Personalized tax summary & recommendations for future tax planning.
• Tax payment vouchers (if applicable).

Timeline:

• Tax return preparation: Typically 3-7 business days after receiving all required documents.
• Filing deadlines:
  • April 15 – Individual tax return deadline.
  • October 15 – Extended tax return deadline (if applicable).
• Extensions available upon request (Form 4868).

Required Documents:

To begin tax preparation, clients must provide:
✅ W-2s (Wage Statements).
✅ 1099s (Freelance, Contract, Investment Income).
✅ Business income & expenses (for self-employed individuals).
✅ Rental property income & expenses (if applicable).
✅ Investment statements (stock, mutual funds, crypto, etc.).
✅ Mortgage interest statement (Form 1098).
✅ Student loan interest statement (Form 1098-E).
✅ Health insurance documents (Form 1095-A, B, or C).
✅ Prior-year tax returns.
✅ IRS correspondence (if applicable).

Pricing & Engagement

• Quote will be provided based on the information provided

Why Choose Our Tax Services?

✅ Certified Tax Experts with experience in personal tax matters.
✅ Maximized Deductions & Credits for optimal tax savings.
✅ Fast & Secure E-Filing for quick IRS processing.
✅ Year-Round Tax Planning Support beyond tax season.