Personal Tax Services in New York

The complicated and always changing tax laws is a challenging process and very costly if not meeting the reporting requirements to the IRS. That’s why it is so beneficial to have access to a knowledgeable tax professional who can offer advice through all of life’s roller coaster events. Consult with Real Tax USA, one of the most reliable individual tax services in NYC, to not only receive professional help with individual tax preparation but also to receive personal tax service throughout the year.

Individual Tax Preparation

The only way to avoid tax issues with the IRS is to comply with all of their requirements when you prepare and file a tax return. The key is to uncover all of the tax-saving opportunities and to create a tax strategy that will benefit you the most. Real Tax USA ensures your peace of mind through the expertise of your own personal tax accountant in the following three areas:

Financial Planning

Their approach to financial planning is to help you create a plan to build wealth over time and to show you the best strategies for managing your finances. In other words, Real Tax USA offers guidance towards realizing your financial goals, creating a financial plan, and then implementing and following through with that plan until you reach that final goal. Important details to consider when developing that plan includes the following:

  • Current financial situation
  • Investments
  • Taxes
  • Savings account
  • Retirement
  • Insurance
  • Budget
  • Education funding
  • Philanthropic goals
  • Estate

By considering and including all of these facets into your financial planning, you are more likely to reach your financial goals.

Gift and Estate Tax Assistance

Thanks to the  American Tax Relief Act of 2012, you can save more when it comes to the wealth of your estate and reduce estate taxes. Real Tax USA will expose opportunities to reduce your estate tax while making sure your assets are distributed as intended. 

When it comes to an estate strategy, you should make sure the following points have been addressed:

  1. How will you fund your future estate tax liability?
  2. Do you have all of the documents required to meet your estate planning goals?
  3. Will your investments be affected by your estate taxes or inheritance taxes?
  4. Do you have international connections and how will that affect your estate planning?

Not only are there federal taxes to consider but also state and local taxes to keep in mind. Some states have an estate tax and New York is one of those states. Based on this state tax and on deaths in 2021, New York taxes estates larger than 5.9 million.

Annual Income Tax Planning

Nothing can save you more than efficient income tax planning, after all, most of the financial decisions you make throughout the year have an impact on your taxes. If you have a business, a tax professional will determine if the business should be set up as a flow-through or pass-through entity. These are things you may not even have thought of as affecting your individual taxes.

Real Tax USA will ensure that you don’t pay too much in personal taxes. Their tax professionals will also make sure you take advantage of all deductions and credits by creating a paper trail for all expenses. They will work towards minimizing your liabilities and placing you in the best tax scenario possible by making sure you take advantage of all deductions and credits.

The following things should be considered when planning your annual income tax:

  • Your federal income tax bracket
  • The difference between possible tax deductions and tax credits
  • Are you going to take the standard deduction or itemize?
  • Know what tax records and paper trails are needed
  • Should you tweak your W-4?
  • Are you going to put money into an IRA?
  • Are you going to open or add money to a 529?
  • Are you going to maximize your Health Savings Account (HSA)?

There are so many things to consider when planning for your annual income tax. If you take all of these things into consideration, you will see a significant amount of savings on your annual taxes.

Personal Tax Return Services

Real Tax USA doesn’t just stop with preparing tax returns. We are available and follow you throughout the year with personal individual tax services. Some of these services include the following:

  • Business advice such as setting up or reorganizing your business
  • Property transfers
  • Deferred taxes when it comes to the sale of assets
  • Multi-state compliance
  • State and local taxes
  • Assisting with IRS & State audits
  • Changes in employment
  • Tax implications of investments, etc.
  • Help resolve issues with or letters from the IRS such as an income tax settlement           
  • Guidance with any and all tax forms

With access to all of these personal tax return services throughout the year, you will avoid unwanted tax issues from snowballing and save money at the same time.

FAQ

Is doing your own tax return easy?

Not with today’s complicated and ever-changing tax laws. There are also hundreds of deductions and credits available to taxpayers with all kinds of guidelines as to who is allowed to take them. It is too easy to miss out on a deduction or a credit.

Who can help me file my taxes?
An enrolled agent (EA), an annual filing season program participant with the IRS can help you file your taxes. The tax professionals at Real Tax USA specialize in minimizing your tax liabilities according to your specific tax situation.

Is it worth getting an accountant?
Due to the complicated and ever-changing tax laws, it is difficult to keep up with all the requirements for deductions and credits. An accountant will help you find deductions and credits you may not even know about, therefore, minimizing your tax payment and saving you money. Also, any tax forms that are not filed correctly or on a timely basis can lead to costly penalties. Accountants can save you money by avoiding these penalties.

What is the most tax preparer can charge?

There is a standard fee for the tax return preparation. EAs do not charge hourly. The fee is based on the complexity of tax return and tax forms that the taxpayers need to file. Paying a professional like Real Tax USA can save you money in the long run.

Contact Reliable Individual Tax Services in NYC

Looking for an enrolled agent that offers professional individual tax services in your specific tax situation? Contact Real Tax USA for a personalized approach when it comes to your individual and/or business taxes. Effective tax management is key to managing your wealth.