Federal & State Tax Return Services

In this section, we cover a range of federal tax return forms tailored to different situations, alongside tax return preparation services for Federal, State, City, and Local taxes. Here’s a snapshot of the forms discussed:

Resident Tax Returns:

• Form 1040: U.S. Individual Income Tax Return. The standard form for personal federal income tax filing.
• Form 1040A: A simplified version of Form 1040 for individuals with straightforward tax situations.
• Form 1040-EZ: An even more simplified version of Form 1040A, suitable for those with very simple tax scenarios.

Non-Resident Tax Returns:

• Form 1040NR: U.S. Nonresident Alien Income Tax Return. For nonresident aliens earning income in the U.S. requiring federal tax filing.
• Form 1040NR-EZ: A simplified version of Form 1040NR, designed for nonresident aliens with straightforward tax situations.

Amended Tax Return:

• Form 1040X: Utilized to amend a previously filed federal income tax return, allowing for corrections or updates.

Tax Return Preparation: This encompasses collecting relevant financial data, analyzing it for tax implications, and accurately completing appropriate federal, state, city, and local tax forms based on residency and financial circumstances.

It’s essential to note that state, city, and local tax requirements can vary significantly, each with its own set of forms. Tax professionals play a crucial role in navigating these complexities, ensuring compliance with all applicable tax laws.

Navigating tax representation can be daunting, but at RedeemTax, we’re here to ease your worries. Our team is equipped to handle your tax and financial concerns with professional IRS audit assistance.

If you’ve been selected for IRS tax representation, don’t panic. Our tax accounting professionals have the experience to effectively manage tax audits, ensuring a smooth process from start to finish.

Contrary to popular belief, the IRS doesn’t relish audits; it’s a burden on their time and resources. In fact, about 90% of notices from the IRS can be challenged, potentially reducing your tax liability. With RedeemTax by your side, you’ll have the support you need to challenge audit notices and save as much as possible.

The IRS typically has three years from the tax return’s due date to assess additional taxes. It’s crucial to maintain relevant records for at least three years from the filing date. Our Enrolled Agents can represent you before the IRS with a Power of Attorney, Form 2848, ensuring your interests are protected during tax matters.

Whether you receive an audit letter or notice, RedeemTax will represent your case before the IRS or State Revenue Department, regardless of who prepared your tax return. We guide clients through various taxation issues, from negotiating payment plans to representing them in court.

When it comes to tax matters, trust your CPA, tax attorney, or Enrolled Agent to represent you effectively. At RedeemTax, we’re committed to providing expert representation and guiding you through the process every step of the way.

At RedeemTax, we understand that tax planning is essential for minimizing tax liability and maximizing benefits. Our goal is to help you arrange your financial affairs to reduce income, increase deductions, and take advantage of tax credits. By calculating taxes accurately and offering tailored suggestions, we assist businesses in growing while optimizing their finances.

Our tax planning services cover various federal taxes, providing tips to avoid potential issues and save on tax expenses. We personalize our approach to each client’s situation, applying our expertise in evolving tax regulations to devise optimal business and personal decisions. Our experts ensure timely and accurate tax return preparation, adhering to IRS regulations.

For businesses aiming to maximize profits and growth, keeping tax burdens low is crucial. Our qualified tax accountants at RedeemTax specialize in developing tax planning strategies tailored to both businesses and individuals. We focus on minimizing tax liabilities while maximizing savings, ensuring that you keep more of your hard-earned money.

With a deep understanding of tax regulations for individuals and businesses, we design innovative tax plans to optimize your financial outcomes. Whether you’re an established business or launching a new venture, we provide strategic advice on entity selection for long-term tax savings.

Our tax planning services include:

• Strategic Tax Planning: We continuously explore opportunities to minimize tax liabilities for our small business clients. Our goal is to develop optimal strategies that manage effective tax rates, keeping taxes low to allocate more resources towards business growth.

At RedeemTax, we specialize in ITIN preparation, providing assistance to individuals who require an identification number for tax purposes but are not eligible for a Social Security Number. Here’s what you need to know about the process:

You can apply for an ITIN any time during the year, but it’s best to do so when you’re ready to file your federal income tax return. Ensure your application is error-free and includes all necessary documents to avoid delays or penalties. Our IRS-approved agency streamlines the application process, ensuring accuracy and efficiency.

Processing times for self-prepared applications can be lengthy, with multiple rounds of corrections often required. In contrast, RedeemTax Professionals expedite the process, typically delivering ITIN numbers within 5 to 7 weeks.

Who might need an ITIN? Non-resident aliens, U.S. resident aliens, dependents or spouses of U.S. citizens or residents, and dependents or spouses of non-resident alien visa holders are among those who may require an ITIN for tax purposes.

Trust RedeemTax to handle your ITIN application efficiently, ensuring compliance and timely processing.

An amendment in the context of taxes refers to making changes or corrections to a previously filed tax return. If you discover errors, omissions, or changes in your financial situation that affect your tax liability, you may need to file an amended tax return.

Key Points about Filing an Amendment:

• Reasons for Amendment: You might need to file an amendment if you made mistakes on your original tax return, received additional income, overlooked deductions, or experienced changes that affect your tax status.
• Form Used for Amendment: In the United States, the IRS provides Form 1040X for individuals to amend their federal income tax returns.
• Timeframe for Filing: Amendments can generally be filed within three years from the date you filed the original return or within two years from the date you paid the tax, whichever is later.
• Separate Forms for Each Year: If you need to amend multiple tax years, you should prepare a separate Form 1040X for each year.
• Documentation: Provide documentation supporting the changes you’re making on the amended return. This may include additional forms, schedules, or explanations.
• Refund or Additional Tax Owed: Depending on the nature of the changes, filing an amendment may result in either a refund or additional tax owed.
• Filing Methods: You can file an amended return on paper by mailing the completed Form 1040X to the IRS. Some states may also have their own forms for amending state tax returns.
• Amending State Returns: If you filed a state tax return, you may need to file an amended state return separately. Check with your state’s tax agency for specific instructions.
• IRS Processing Time: Amended returns may take longer to process compared to original returns. The IRS typically advises that it could take up to 16 weeks.
• Payment of Additional Tax: If your amended return results in additional tax owed, it’s advisable to pay the amount as soon as possible to minimize interest and penalties.
• Communication with the IRS: If the IRS has questions or needs additional information about your amendment, they will contact you through mail.

Before filing an amendment, carefully review the instructions on Form 1040X and consider seeking assistance from a tax professional if you’re unsure about the process. It’s crucial to provide accurate and complete information to ensure the proper resolution of any discrepancies in your tax return.

At RedeemTax, we ensure compliance with FBAR (Foreign Bank and Financial Account Report) and FATCA (Foreign Account Tax Compliance Act) regulations, helping US citizens and resident aliens meet their reporting obligations to the IRS.

FBAR, Form TD F 90-22.1, must be filed annually with the IRS by all US citizens and resident aliens who have a financial interest or signature authority over foreign accounts exceeding $10,000 at any time during the calendar year. The FBAR filing deadline is typically April 15th of each year.

Under FATCA, enacted in 2010, US taxpayers are required to report financial assets held outside the United States. This reporting requirement is part of a broader effort to enhance tax compliance and prevent offshore tax evasion. FATCA reporting involves filing Form 8938 with the IRS along with the income tax return before April 15th.

FATCA aims to discourage US taxpayers from concealing assets in offshore accounts by requiring both taxpayers and foreign financial institutions to report certain financial information to the IRS. Compliance with FATCA helps ensure transparency and accountability in global financial transactions.

At RedeemTax, we assist clients in understanding their FBAR and FATCA obligations and guide them through the reporting process. Our experts ensure timely and accurate filings, helping clients avoid penalties and maintain compliance with IRS regulations. Trust us to handle your FBAR and FATCA filings with precision and professionalism.