Are you confused with the tax filing process in Ohio? Need help in tax preparation? Basic fee for most returns is $120. Don’t worry about preparing your own taxes. Let us handle your Accounting, Bookkeeping, and Tax Preparation need and provide you with maximum refund transfer in return.
Income Tax Preparation:
We are a Tax Preparation Service in Akron, Ohio, guaranteed to provide accurate, reliable, and secure service. Our clients trust us to deliver professional results at reasonable fees. Our flat rate, no-frills pricing means you will always know what you are paying upfront — No Surprises — No Additional Fees apply.
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.
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?
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:
Earned Income Tax Credit (EIC)
Child Tax 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:
Expenses Paid by Tenants.
Services In Place of Rent.
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.
Typically, the expenses that you need to enter in the form consist of:
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:
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 & 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:
Cryptocurrency earnings also come under the banner of federal tax returns and need to be paid. Therefore, you can file your crypto earnings through the 1040 Form, as the IRS has now dedicated a section for cryptocurrency entries.
However, it could be the most confusing and complicated process because of the unfamiliarity of cryptocurrency taxes.
You would need to fill up the given below information in the 1040 form:
Other Cryptocurrency Transactions
The 1040 form requires precise information about cryptocurrency; that’s why there are multiple questions regarding it.
However, some virtual currencies are included, and some are not on IRS Form 1040. Confusing, isn’t it? Figuring out your crypto tax basis is a major issue. Simply put, cryptocurrency is determined as an asset and thus incurs as taxable income.
If you feel that you can fill in the general information and skip the rest of it, you need to reconsider. Federal tax rules are stringent regarding cryptocurrency tax returns. Failure to write correct information could incur heavy penalties, and in a worst-case scenario, you could be persecuted according to the tax law.
If you wish to avoid the risk, you can learn more about this new tax preparation inclusion with the help of an expert tax preparer.
In case of a mistake on your federal tax return, you can file an amended return, meaning the changes would be made on the prior-year tax return. IRS form 1040X is used to file a return, and taxpayers can only amend mistakes on the tax return for three years. In the meantime, IRS carries out audits of six years of tax returns.
If the taxpayer had deliberately submitted amended returns, the IRS could open up individuals past all files for auditing. However, if there are genuine reasons to file amended returns, then a person won’t get into trouble.
Some of the reasons that could be essential to file the returns are:
Correction of filing status,
Incorrect income or the number of dependents mentioned,
To claim tax deductions and income credits.
Don’t forget to amend the return on state taxes as well. If you wish to amend a federal tax return because of an error, then it’s necessary to file for an amended state return as well. As with the federal return, if you realize that there’s a problem with it, send it for amendmhttps://apc1040.com/list-of-our-services/tax-return-preparation/ent as quickly as possible to minimize interest and state penalty.
Refund advance loan:
These are instant refund loans that a taxpayer gets from a company on their tax refund amount. It’s a bank product, also called Refund Anticipation Loan (RAL). The minimum amount that you can take generally lies between $500-$4000 and can be approved within 24 hours after receiving the acknowledgment about your tax refund from IRS. We really hate these loans. The cost is way too much for the amount of time it would take to get your money. So, we don’t offer these high price loans.
There is no credit check on this advance loan, there are additional fees, no upfront charges, and you also need to e file your tax return on it. However, the tax preparation fee will be charged.
After your loan gets approved, you need to send your lender the details of your direct deposit account, where they will deposit the amount three days later. This is not a good option because these high priced 17-day loans cost hundreds of dollars of your hard-earned money. For this reason, we don’t offer them. The reason you don’t notice how much it cost you is that they take the money out of YOUR refund before you see it. But it is YOUR money… the less it cost you to get your returns completed, the more money YOU get!
FAQs related to Tax Preparation:
If I am currently unemployed, do I need to pay tax on unemployment compensation?
According to American Rescue Plan Act, if you have unemployment compensation up to $10,200 then you don’t have to pay tax, but it applies only for the 2020 tax year. The taxing authority can change the tax code and different limitations apply for individuals with different tax situations.
How can I get my tax refund?
Your tax refund transfer will be faster if you e file it accurately. The IRS will direct deposit in your bank, member FDIC, within in around 3 weeks. However, if you mail your return, you’ll probably have to wait a much longer time to receive your refund. To avoid delays in refund transfer and get max refund, consult with our tax professional today.
What are the requirements to e file a tax return?
You really should e file, there are lots of reasons to do so. We will take care of your filing process electronically. However, you need to provide us with last year’s AGI information. If you don’t know what it is, then you can use the IRS Get Transcript to get your previous year’s AGI.
What are your tax preparation fees?
We only charge $120 as tax prep fees. Moreover, you get unlimited access to tax advice from a tax professional on any of the tax topics without any additional service fees. Our pricing is transparent. There are no hidden e file fees or additional fees for the tax help we provide.
Am I eligible to pay self-employment income tax?
Different limitations apply on individuals with different financial records. If your net income is above $400, you need to file a tax return, but if your income is below $400, you may still need to fill out the form just according to the filing requirement.
How can I file a return for previous tax years?
Filing for previous year can be done. We can e-file for 2 previous years. Older returns more than 2 years old must be paper filed. Furthermore, IRS does not allow taxpayers to e file prior year returns via self-preparation websites.
Do you also offer legal advice?
We do not provide legal advice. We don’t represent taxpayers in front of state agencies or the IRS. However, our professional credentials allow us to offer you audit support as a tax preparer.
What kind of deductions am I eligible for?
Everyone is eligible for some kind of deductions or tax credits. However, the amount of tax could be different for each individual because of their income. Although, business owners and self-employed persons might get a slight advantage on saving the cost during audit defense.
Which tax software do you use for tax preparation?
We use ATX but we can use any tax software as we have access to paid versions of these tax tools.
Usually, when is the due date of the Ohio Tax Return?
The deadline for tax return in Ohio is usually fixed on April 15, unless it arrives on the weekend or is otherwise devised to change by the IRS. We recommend you to file the returns earlier as you can amend returns if the tax situation changes.
We are here to help you:
Above all, you need a tax pro who will work with you to understand your requirements and goals. We are that firm with tax pros. Moreover, we acknowledge your success is our success. Our exceptional Tax Preparer Professionals are available to assist you with your Tax Preparation, whatever your needs are.
Contact us today at (330) 733-1040 to get started or visit our local office in Ohio. It is your option to meet face-to-face or drop off your taxes. Our Tax Professionals will help you obtain with the tax filing process.