Individuals

Accounting for individuals are certainly complex and according to recent statistics released by the IRS, it takes between 9 and 23 hours to complete an individual tax return. Do you have this kind of time to spare? Most of us are too busy juggling countless other tasks to be worried about filing our taxes. Time is only half the battle, with accuracy on the other end. Filing accurate taxes is critical to avoid underpaying or overpaying in taxes, both of which can result in the IRS knocking on your door. The good news is that JS Morlu has a fully staffed team of tax experts ready to help you quickly and accurately file that pesky tax return.

Who Needs to File?

Most individuals who have income need to file a tax return. The IRS does stipulate that any individual with income totaling less than the standard deduction does not necessarily need to file a return. However, federal and state governments offer a wide array of deductions and credits that can put hard-earned money back into your pocket. Don’t automatically conclude that you don’t need to hire an accountant just because your income is under the standard deduction. Instead, enlist an individual tax return accountant, such as JS Morlu. Additionally, if you have children that you can claim on your return, you should always file a tax return since most child tax credits are refundable.

Accounting For Individuals – JS Morlu Services

JS Morlu has been helping individuals file their taxes for over 10 years, offering a wide variety of services for every tax situation. With experience in all aspects of the individual tax return, you can be sure JS Morlu has all your bases covered. The team at JS Morlu prides itself on producing individual tax preparation services tailored to your needs. From small businesses to high net worth taxpayers, no tax return is outside of our limitations. Our fee structure reflects the complexity of the return, ensuring you aren’t being overcharged. Among the list of services we offer include:

  • Federal tax preparation
  • State tax preparation
  • International tax preparation
  • Small business tax preparation
  • Rental tax preparation
  • Tax planning strategies
  • Business bookkeeping

As your kids grow up and get jobs, they will also need to consider filing a tax return. JS Morlu can be your one-stop shop for your entire family’s tax return preparation, giving you peace of mind that returns are being filed timely and accurately.

Can JS Morlu Help Me with My Small Business?

Becoming an entrepreneur can be great, but there are tax implications to be aware of. Small businesses set up as a sole proprietorship and single-member LLC are reported on the individual return on Schedule C. This opens the door to single-member LLC and sole proprietor accounting policies and procedures, which is essential to report correctly as the IRS closely monitors Schedule C. JS Morlu helps numerous small businesses accurately report income and expenses on the individual tax return each year, making them your trusted individual tax accountant. Common tax deductions and credits that JS Morlu helps small businesses claim include:

  • Home office deduction
  • Qualified business income deduction
  • Rent
  • Supplies
  • Bank charge
  • Auto
  • Travel
  • Meals
  • Office
  • Insurance
  • Vehicle

The list goes on for potential expenses for your small business. To ensure you aren’t missing anything, consider hiring JS Morlu to complete your business’ bookkeeping, promoting solid accounting procedures to contribute to business growth. Most small businesses are just trying to make ends meet each month and neglect the accounting side of the business. JS Morlu can quickly get your books up to date and file the Schedule C on your individual tax return to properly report any income or loss associated with your business.

What if I Have a High Net Worth?

JS Morlu is knowledgeable as a high net worth tax accountant, helping many individuals navigate the larger tax liability each year. The first way that JS Morlu can help you is through tax planning strategies to minimize your tax burden. No one wants to overpay in taxes, which is where implementing effective tax planning strategies before year-end comes in. We will work with you to put together a tax projection of all income and deductions, predicting your preliminary tax burden to help make estimated tax payments and find creative ways to reduce your tax liability. Some everyday tax planning items we help our high net worth clients with include:

  • Strategic timing of investments
  • Planning salary and distributions from your company
  • Researching available deductions and credits
  • Preparing estimated tax payments each quarter
  • Considering elections at the business level that benefit your individual return
  • Taking foreign tax credits for international investments

Do any of these items sound like they would benefit you? If so, reach out to one of our experts today to thoroughly discuss your situation. You don’t want to go into the next tax season worrying about what you might owe. Instead, take the initiative and start planning throughout the year.

My Tax Situation is Complex: Now What?

Complex tax situations don’t phase us. JS Morlu works tirelessly to guarantee every tax situation is given the proper attention with the top goal of accurate tax filings and accounting for individuals. We work right alongside you throughout the individual tax preparation process, creating open communication to minimize the risk of missing any deductions and credits you may be eligible for. Life is constantly changing, meaning your tax situation is too. Having a qualified accountant by your side can reduce the risk of missing tax saving opportunities that you didn’t even know existed. Common complex situations we deal with include:

  • Marital status change
  • New child
  • Sale of investments
  • Sale of your house
  • International investments
  • Opening a new business
  • Buying a rental property
  • Receiving an inheritance

This is just a short list of complex everyday situations that we deal with each year. The best way to fully understand your specific situation is to reach out for a consultation to get into the nitty gritty of your tax information.

Why Hire JS Morlu?

There is no one size fits all standard, especially when it comes to income taxes, which is why a tax accountant up to date on all new tax rules and regulations can benefit you. JS Morlu prides itself on staying knowledgeable on all the latest tax updates through taking continuing education courses and meticulously tracking legislation changes. No one knows taxes better than us. Although we can’t guarantee a refund, we can guarantee you are getting every credit, tax break, and deduction available to you. Hiring an individual tax accountant is one of the few things you don’t want to skimp out on. The IRS does not take misreporting lightly, sending letter after letter and eventually garnishing your pay. Avoid the hassle and penalties from the IRS with JS Morlu handling your individual tax preparation.

If you aren’t sold on JS Morlu yet, wait until we tell you about our experience. Our managing partner has over 10 years of experience not only in individual tax preparation but also has experience in international taxation and taxes for high net worth individuals. The higher the tax bill, the closer the IRS monitors you, leaving no room for error. Moreover, our client testimonials shine as we care about more than just the bottom line. At the end of the day, we are here to help you pass off your individual tax preparation burden to the experts. Additionally, we have e-file capabilities, allowing your individual tax return to be processed quicker and safer compared to paper filing. Don’t risk your personal information and spend months waiting on a refund. Hire us as we are the experts in personal accounting for individuals.

What is the Typical Filing Process Like with JS Morlu?

JS Morlu has honed in a filing process to make the entire journey painless and quick. We have a worksheet that you fill out each year that gives us key information on items to look out for on your tax return. Next, you remit the worksheet and your tax documents. Then, leave it to us to prepare your individual income tax return. You should receive most of your tax documents by the end of January, but we understand that gathering all the information can be time-consuming and overwhelming. Our goal is to have the returns filed by the April 15th deadline, but life happens, which is why we can always assist you in extending your return. Also, members of our team are available to walk you through information to be on the lookout for, but here is a list of common individual tax return documents:

  • W-2
  • 1099-INT
  • 1099-DIV
  • 1099-B
  • 1099-NEC
  • 1099-MISC
  • 1098
  • Property Tax Bills
  • Childcare Forms
  • School Expenses
  • Charitable Contributions

Most tax forms should be properly marked, but if you are unsure, send it in or talk to one of our staff. It’s always good to gather too much information rather than too little.

Ready to Get Started?

Tax season always comes too quickly, especially right after the holidays. Accountants’ schedules fill up quickly, so be sure to contact JS Morlu as early as possible to ensure we pencil you into our calendars. We’d love to talk to you about your individual tax situation and start building a mutually beneficial relationship. Need your personal accounting and tax preparation done by certified public accountants? Reach out today to get started and rest easy tonight knowing your tax filings are covered.

Apart from personal accounting for individuals, JS Morlu also provide business accounting and tax preparation services for Common Interest Real Estate Associations (CIRA), Government Contractors, Home Health Care Companies, and Nonprofits.