Income Tax Return Preparation

Federal and State Income Tax Preparation and electronic filing (e-file) for individuals, sole proprietors and small businesses:
 

     

• Filing Requirements for Taxpayers (Federal & All States)

• IRS Form 1040-EZ (used for single and joint filers with no dependents and if no adjustments to income and tax credits are being claimed except for the standard deduction and personal exemption)

• IRS Form 1040-A (used if educator expenses, IRA deduction, student loan interest deduction, education tuition/fees being claimed)

• IRS Form 1040 (used for all other credits, adjustments, and Schedules A, C, B, D, E)  

• Filing Requirements for Dependents (single and married)

• Filing Status Clarification: Single, Head of Household, Married Filing Jointly (MFJ) vs. Married Filing Separately (MFS), Qualifying Widower

• Personal Exemptions & Dependent Exemptions, Qualifying Relatives 

• Qualifying Child or Qualifying Relative Tests (Relationship test, Age Test, Residency Test, Support test, Joint Return)

• Income tax returns for W-2 salaried employees

• Income tax returns for 1099 sole proprietors, independent contractors and small businesses

• Reporting other sources of income: Stock Sales Proceeds (1099-B), Capital Gains from Sale of Real Estate & 1031 Exchanges (1099-S), Interest Income (1099-INT), Dividends from Stocks (1099-DIV), Retirement & Pension Income (1099-R) 

• Earned Income Credit (EIC) for dependents (children and students < 24 yrs of age)

• Child & Dependent Care Credit, Child Tax Credit and Additional Child Tax Credit

• Qualified Adoption Expenses Credits (Form 8839)

• Noncustodial parents claiming child as exemption (Form 8332) / custodial parent claiming child as dependent and taking the EIC   

• Injured Spouse Allocation (Form 8379) - one spouse has problems with the IRS (tax liens, owes the IRS, etc) but the other spouse doesn't

• Education Credits - (scholarships, grants, tuition) American Opportunity & Lifetime Learning Credits (Form 8863). IRS Publication 970

• Retirement Savings Contribution Credit (Form 8880)

• Schedule A (itemized deductions). Home Mortgage Interest, Real Estate Taxes & Homeowner Insurance deductions; Medical and Dental deductions

• Schedule B (Interest & Ordinary Dividends)

• Schedule C (Net Profit or Loss from Business)

• Schedule D (Capital Gains & Losses) & Form 8949

• Schedule E (Supplemental Income & Loss - rental real estate, partnerships, estates, trusts)

• Schedule K-1 (Form 1065) for Partnerships 

• New for Tax Year 2014 Affordable Care Act (ACA) or "Obamacare" medical insurance tax "penalty" and credit issues. Individual Shared Responsibility, Health Insurance Marketplace or "Exchange" (Form 1095-A), Premium Tax Credit (Form 8962), Health Care Coverage Exemptions (Form 8965) 

• Reporting Foreign Income (Form 2555) and Foreign Tax Credits (Form 1116) 

• Tax Implications for Resident and Non Resident Aliens, Dual Citizenship and Students, reciprocal Tax Treaties (Publication 519) 

• Sale of Home or Principal Residence

• Capital Assets (gain or loss) from the sale, trade, acquisition or other disposition of stocks short term & long term (Form 8949)

• Donating Your Vehicle (Form 1098-C)

• Non-cash Charitable Contributions < or = $5,000; property donated over $5,000 including vehicles, securities, intellectual property, equipment, art, firearms, collectibles, jewelry, sports memorabilia, books, etc. - (Form 8283) 

• Tax Return filings for dependent children who have earned income from wages or self employment.

• "Kiddie Tax" - tax on a child, or full time student age 19-23, who has unearned income greater than $2,000. Unearned income includes investments such as interest, dividends and capital gains (Form 8615) 

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Helpful Links:


IRS Website

Understanding Tax Return Preparer Credentials & Qualifications

General Income Tax Information (IRS Publication 17)

Check the Status of Your Federal Refund

Check the Status of Your Virginia Refund