Save Money with our Tax Preparation Services
Income Tax Return Completed for just $120
(State, City, and E Filing completely free)
Excludes Business & Rental Returns
Put your mind at ease when it comes to your Tax Preparer Service. For instance, we have been taking care of Taxes since 1982. Therefore, we have seen just about everything there is. Unlike some of our big-name competitors, who hire and train new people every year, we have the experience you need to get the Preparation done correctly.
For example, some of our competitors are limited as to the type of Federal tax returns, they are willing to complete. No such limitations apply to us as we will file all federal returns, individual 1040’s, 1065 partnerships, 1120 S or C corporations, and even nonprofit 990’s. Even if they file free for you, you are better off getting our services. You get to know their actual prices after working with them. Unlike them, our pricing is transparent.
Trust the experts at Akron Income Tax Co. Most importantly, experience counts when it comes to completing your Akron Tax Preparation in Akron, Ohio. Hire the Best income tax preparer near you—full-service Preparation for individual 1040s, business 1120s & 1065 Federal Income Returns. Likewise, our in-depth tax knowledge and local presence allow us to customize our services to best meet your needs and budget along with offering you a bigger refund.
The accountants at our company are your trusted source for tax preparation, business Accounting, Business Taxes, Bookkeeping, and more. Most importantly, we are committed to providing you with efficient, personal service and innovative solutions to the challenges facing your Akron, OH business.
Furthermore, we keep up with the tax law changes by checking daily on IRS for federal or state changes or other technical corrections. We understand that you need accurate, timely information to make critical business decisions, and we are here to deliver!
Our goal is to exceed your expectations. Above all, when it comes to Taxes, delivering services that are relevant today while keeping pace with your business’s changing needs in the future. Whether you are in Akron, Mogadore, Green, Barberton or any other local area we are here to assist you.
For instance, we offer face-to-face returns appointments (yes, your time is valuable, and we respect it!) with privacy, or you can drop off your Taxes at any time.
Furthermore, our experience allows us to apply our knowledge to get you the biggest refund LEGALLY. We know the laws that get you a larger refund. Since our inception, we have offered a full range of Accounting, Business Consulting, and completion of Taxes, for example, small to medium-sized businesses throughout the Greater Akron, OH area. Our philosophy is to provide accurate, reliable, and secure accounting and tax preparation services to our clients at a reasonable cost.
Above all, we encourage you to call us with any questions that you may have.
What do you get with our Tax Preparation Services?
- Tax professionals to Prepare your Taxes.
- Review of previous Returns.
- Electronically (E File) File Your Taxes
- Free State and City Return completed (w/Federal return).
- Recommendations on how to reduce your liabilities.
- Performance Guarantee applies.
Please put your mind at ease when it comes to your return and trust our experienced experts. Whether it’s a simple Return or you want to develop a proactive strategy to help you minimize your liability. Of course, our professional accountants can provide you with the timely service you are looking for. When you are looking for the “best tax preparer, “think Akron Income Tax Co. We are the trusted choice of individuals and businesses for tax preparation services throughout the Greater Akron, OH area. We will be happy to put our prep expertise to work for you!
Small business tax return made easier:
Small businesses are our area of expertise. It is comprehensible that operating a small venture can be challenging, and with the added stress of tax return, it can become overwhelming for you. But worry not you can transfer all your IRS issues to us. We are here to take care of your burden and will assist you with each step of the tax preparation process, so you can make correct deductions and save money in the process.
1040 tax return:
Taxpayers use the IRS 1040 form to file an annual tax return. Everyone needs to pay tax if their income is above a defined limit. The filer needs to mention taxable income for the year like their wages, salary, capital gains, social security benefits, pensions, taxable interest, etc.
The process to file a tax return can be straightforward if the information in the form is added correctly. We have mentioned here some essential information that is needed to fill out the form:
- W-2 Statements
- Social Security
- Earned Income Tax Credit (EIC)
- Child Tax Credits
- Rebate Credits
- Education Credits
- Student Loan Interest
The 1040 form has sections that determine your taxable income. Adjusted gross income, and whether you are eligible for an Income Credit refund or need to pay additional taxes. Not everyone will be required to fill in the same information, and in certain situations, other 1040 forms will be required. After filling in the data, the taxpayer can email or e file the form.
Although the process is simple, it could become tedious if there are additional requirements. In this case, ensuring that you fill out your tax return form with the most accurate information. Furthermore, you will require the help of a knowledgeable and experienced tax preparer.
Akron tax prep services will give you the most accurate tax advice about the current 1040 tax return.
Rental Property Tax Return:
Rental income also comes under federal taxes, but it can complicate the tax prep near to you as it is quite different from a simple tax return. It also includes other types of rental incomes such as:
- Advanced Rent.
- Expenses Paid by Tenants.
- Services In Place of Rent.
- Security Deposits.
They are to be included in the tax return regardless of when you earn them.
IRS will determine your refund or tax according to the two incomes: expenses from the rent and the second one from the future sale of your investment property. However, owning an investment property is a benefit, where you may get a tax refund due to your rental property depreciation. There are other deductibles expenses to consider as well, like insurance costs, property maintenance, property taxes, and HOA fees, all are an essential part of the federal tax process.
Understanding and calculating the depreciation and taxable investment income process could be pretty challenging. You would need an expert tax service who would understand how depreciation happens and how much bigger a refund you can get from your investment property.
Small Business tax filing:
We understand that your time is precious and taking care of tax preparation for a small business on your own can be pretty overwhelming. But our team of tax professionals is here to take care of you, be assured that you are not alone.
Before filing your return, there are three essential steps to follow for tax preparation:
Collect your business records for income tax preparation:
Gather your paper and electronic record of business expenses and income. They will be needed to fill out the form.
Ascertain that you have the correct IRS form:
Undoubtedly, income needs to be reported to the IRS to pay the tax, but choosing the proper form depends on running your business.
Fill out your Schedule C form:
If you want to e file your tax return, search the IRS website for a copy of the Schedule C form and fill out all the necessary details or use our Business Info Form. It would help to subtract your expenses from the income to get net profit or loss and attach the result with your 1040 IRS form. Moreover, if you receive a 1099-K, you will have to file a business return.
Typically, the expenses that you need to enter in the form consist of:
- Cost of Goods Sold (COGS).
- Driving Mileage Expenses.
- Business Travel, Gift, and Meals Cost.
- Indirect Costs like marketing.
- Home Office Space Deduction.
Follow the deadline:
There are no different deadlines. When you fill out a Schedule C, it will be included with your 1040 IRS form and follow the same April deadline.
If you still feel confused about the process, we assure to help you out in the filing process by guiding you on which expenses and profit are relevant to fill out the form. Through our acquired knowledge and experience, you will be able to prepare to file your tax return.
1065 Partnership Tax Returns:
Do you need help navigating income and expenses for a partnership filing? Understanding the basics of this process and working with a professional helps alleviate some of the confusion and complications. Here are a few basics to keep in mind.
Partnership tax return have a different due date. Rather than the typical April deadline, partnership filings require completion by March 15. This date is reserved for those filing tax return for partnerships and multi-member LLCs. Like a 1040 return, the 1065 form reports income, losses, gains, deductions, and credits.
This lengthy return includes over 30 informational boxes with multiple entries for each. Essentially, the 1065 tax preparation process provides a snapshot of a company’s annual financial status. In addition to a Schedule K-1, filers must offer information from various other forms, including:
- Forms 4562
1020 Corporate Tax Return:
Rather than a 1040 form, which individuals only use to file a tax return, a corporate tax requires an 1120 C 0r 1120 S Corporate form. The form requires filing with both the state and federal tax agencies and needs to be filled with information associated with the business or partners.
Precisely like a 1040 tax return form, business returns include appropriate income, gains, losses, deductions, credits. Moreover, the 1120 form is used to determine their income tax liability.
Ensuring adequate tax preparation for corporations is crucial because March 15 is the deadline for a corporate tax return. Failure to file the business returns on time results in a strict state penalty and interest; that’s why it is essential for the corporations to self-audit.
Not only will it uncover any potential mistakes, but it will also keep the IRS and other auditors far from your business.
You would need a profit and loss report and balance sheet to file your federal tax return. It is also crucial to determine whether a company is an S corporation or a C corporation, as they need to file an S or C corporation forms respectively. But, knowing this is essential as each corporation files and pays in different ways.
Furthermore, there is a limit on the number of shareholders of S corporations where they cannot have more than 100, whereas C corporations can have an unlimited number of them.
The 2017 tax reform act has fixed the corporate tax rate to 21%, which is lower than the maximum personal tax rate while eliminating the alternative minimum tax as well.
The whole C corporation pays the tax return via 1120 C form, whereas S corporation pays no income taxes at the corporate level.
So, they have a tax advantage. In addition, the profit and loss of the S corporation are transferred to the owners, and they have to pay the tax return via the 1120 S form individually. The Tax Cuts and Jobs Act of 2017 have also given S Corp shareholders an edge as only 20% of the net business income is deducted.
Crypto Tax Returns: