Serving Dallas-Fort Worth Metroplex
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Serving Dallas-Fort Worth Metroplex ~
Tax Preparation
■ Tax laws are complex and ever-changing, making it challenging for individuals and small business to navigate through the process confidently. Attempting to file taxes independently or with consumer grade tax prep software can result in confusion and lead to more questions than answers. Without the proper expertise, taxpayers may overlook deductions and credits they are eligible for, ultimately costing them money or leaving them susceptible to audits. Seeking assistance from a professional CPA can provide peace of mind that your taxes are filed accurately. When our clients choose us to prepare their taxes the benefits include:
○ A highly qualified Certified Public Accountant preparing their taxes from start to finish.
○ Confidence knowing we use state-of-the-art professional tax software (not mass-produced consumer software).
○ Confidence knowing that we utilize authoritative sources for tax laws and guidance;
○ E-filing of their taxes for a faster refund.
○ Overall peace of mind that their taxes were handled with the utmost importance and attention to detail.
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E.g. 1040, 1041, 1040SR and more.
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E.g. partnership (1065), c-corporation (1120), s-corporation (1120-S).
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E.g. sole proprietor schedule C (1040), partnership schedule E pass-through income/loss (1040), s-corporation schedule E pass-through income/loss (1040) and more.
Tax Prep Above & Beyond
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Did you hit the jackpot for the first time?!! If so, you most likely received form “W2-G,” alongside your cash winnings. Just like income from your job, the casinos report your winnings to the IRS. You are required to report your winnings in your tax return. In addition, you are required to report/file taxes in the state that you won for that year. At Williams CPA PLLC, we can prepare state returns for all 43 states and the District of Columbia that levy incomes taxes.
■ Oftentimes individuals receive unfamiliar tax forms, it is important to understand each document’s purpose and significance. The common tax forms that most people encounter include the W-2, 1099s, 1098s, and K-1s.
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There are multiple instances in which someone might be required to make estimated quarterly tax payments. Some examples include self-employment income, capital gains, interest income, dividend income and cash and/or property prize winnings. At Williams CPA PLLC, when we prepare your tax return, we can also calculate your estimated tax payments and provide you with the payment vouchers in order for you to remit payment to the IRS.
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Are you considering investing in stocks or other assets? Wondering what the tax effects would be on your tax return? If you have recently made a sale of assets, you might have or will receive IRS Form 8949. Contact us today for assistance with navigating the tax effects of your investments.
■ Each form serves a different function, and if you receive a tax form that you do not recognize, it is recommended to consult with a tax professional to ensure proper reporting on your tax return and avoid any potential issues with the IRS.
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Every year millions of American citizens fail to file a tax return for various reasons such as a misunderstanding of the filing requirements, procrastination, and tax evasion. In the past, the IRS was lagging behind several years due to a shortage in manpower, and could take years before they acknowledged that you hadn’t filed a particular year’s tax return. Often times, these non-filers relied on the statute of limitations to pass in hopes of running out the clock and not being caught. However, what a lot of non-filers didn’t and still do not realize is that there is not a statute of limitations for people that do not file a tax return. Which means the IRS can always come after you for failing to file a tax return. Due to recent legislation, the IRS now operates on a larger budget in order to vastly increase manpower. At Williams CPA PLLC, we can assist you in first determining if you need to file a prior year return, and if so, we can assist you in filing that return.
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Did you discover an error on your tax return? Does the error in question have a material effect on your return? Whether the effect is in your favor or in the favor of the IRS, you may need to file an amended return for the tax year in which the error occurred. Some examples of potential errors include incorrectly reported: filing status, dependents, total income, deductions, and credits. At Williams CPA PLLC, we can assist you in filing your amended return in a timely matter.
■ At Williams CPA PLLC, we utilize state-of-the-art tax software that includes an extensive library of over 6,000 tax forms.
Speak with a Certified Public Accountant
Have questions? Send us a message, you can expect a fast response. We look forward to hearing from you! Have an issue or urgent question? Call the office main line at: 972-632-0500.