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Individual Tax Preparation

Individual tax preparation remains a dreaded time of year for most individuals. Tax law is constantly changing and evolving with new rules and regulations impacting your individual taxes each year. If you aren’t an income tax preparer, consistently staying up to date on tax law changes can be burdensome, not to mention actually filing your taxes is a tedious and time-consuming task. The good news is that JS Morlu has a full team of certified tax preparers, allowing you to pass the baton off to a trusted expert. Working with our team ensures you are maximizing your tax savings through claiming all eligible deductions and credits and filing all required forms timely and accurately.

Do I Need to File Individual Taxes?

If you have a job that withholds income tax, you should be filing an individual tax return each year. However, the IRS does stipulate that if your gross income is less than the standard deduction, you are not required to file a return. Regardless of the standard deduction filing threshold, you should prepare a return to see if any refund will be issued. This most commonly applies to college and high school students as they will have no taxable income, but taxes were withheld from their pay. In these cases, a full refund of taxes paid in is usually common, making it beneficial to file an individual tax return. In addition, if you have children, the IRS does have refundable tax credits that you can claim, giving you a refund even when no taxes were paid or income was received.

What are the Filing Deadlines?

Individual tax returns are due on April 15th of each year. If April 15th falls on a weekend, the due date will be the following Monday. The quicker you file your taxes, the faster you receive any refunds, however, filing by the April 15th deadline is not attainable for many individuals. Individuals waiting on K-1s from business investments often need to extend their return. The IRS allows for a six-month extension, resulting in a due date of October 15th. Keep in mind that you need to pay in any amount due by April 15th, so don’t push everything off. JS Morlu can assist you with the extension process, giving you preliminary estimates of any tax due.

What Individual Tax Preparation Services Does JS Morlu Offer?

JS Morlu offers clients a wide variety of services to fit their individual tax preparation needs. From choosing the most beneficial filing status to claiming child tax credits, we have you covered. Our company’s values flow through to our work ethic, focusing our efforts on timeliness and accuracy. We stand behind the work we produce and fully believe that we are the right IRS tax return preparer for your individual return. Among the list of individual tax return preparation services we offer include:

  • Wages and Salary
    • W-2
  • Investment Income
    • 1099-INT
    • 1099-DIV
    • 1099-B
  • Retirement Income
    • SSA-1099
    • 1099-R
  • Rental Property Income
  • Self-Employment Income
    • 1099-NEC
  • International Investments
  • Foreign Income (wages/salaries)
  • Business Income
    • K-1
  • Itemized Deductions
    • Medical Payments
    • Real Estate Taxes
    • Mortgage Interest
    • Charitable Contributions
  • Education Expenses
    • 1099-Q
    • 1098-T

If any of these categories or forms apply to you, reach out today so we can go over your tax situation and find creative ways to save you money.

How Can JS Morlu Benefit Me In Terms Of Individual Tax Preparation?

JS Morlu’s top of the line individual tax preparations service helps a plethora of individuals when it comes to tax time. The first benefit you will see is reduced stress when tax time comes around. Instead of trying to find a software that accurately prepares your taxes, you can either drop off or electronically share your information with us. This will free up a great deal of time in your busy schedule. Letting go of your tax preparation burden is easy for most people. The high level of precision and savings potential we provide our clients with makes our tax preparation service a no brainer.

In addition to reduced stress, JS Morlu works with you to find creative ways to reduce your tax liability. Saving money on your tax bill is not illegal. In fact, credits and deductions provided by regulatory agencies are there to benefit you. Moreover, multiple different changes resulted from the pandemic, meaning you need an expert to walk you through proper reporting of Advanced Child Tax Credit Payments and Stimulus funds received. Improper reporting can result in fines and penalties that you don’t want to pay.

Why is JS Morlu A Qualified Tax Preparer?

JS Morlu’s positive client testimonials speak for themselves. Members of our tax practice are certified IRS tax preparers and are consistently completing continuing education credits to stay on top of tax law changes. The knowledge we have gets passed down to you in the form of innovative tax strategies and correct tax filings. Additionally, our managing partner has over 10 years of experience in multiple complex areas. From international taxation to foreign investments, we have the experience you need to prepare your returns with the highest level of precision.

What Kinds of Credits and Deductions Does JS Morlu Claim?

JS Morlu can help you claim a wide variety of deductions and credits to reduce your taxable income. We understand all the available deductions and credits out there, deciphering the tax code for you. The IRS is especially favorable to small business owners and those with children. Among the list of deductions and credits we can claim on your individual tax return includes:

  • Child Tax Credit
  • Child and Dependent Care Deduction
  • American Opportunity Credit
  • Lifetime Learning Credit
  • Qualified Business Income Deduction
  • Home Office Deduction
  • Self-Employment Taxes Credit
  • Charitable Contribution Deduction
  • Property Tax Deductions
  • Mortgage Interest Deduction
  • Home Sale Exclusion
  • Foreign Tax Credit

In addition to these credits and deductions, we also retain the knowledge on state specific deductions as well. This ensures that you are maximizing your refunds across the board. Have a specific deduction or credit in mind? Reach out today.

What if I Need Individual Tax Preparation Assistance Year-Round?

Some individuals require tax assistance year-round. High net worth individuals or those with complex tax situations can benefit from individual tax planning year-round. This is especially important if you are required to remit quarterly estimate payments. We offer tax planning services all year to help you fully understand your current situation and the impact on your tax return. This ensures there are no surprises when you get that final tax bill. Even if you aren’t a high net worth individual or have a complex situation, you can still benefit from a qualified accountant going through your tax items before year-end hits. Tax planning strategies occur before year-end, making it important to get in contact with JS Morlu as soon as possible.

Next Steps

Are your individual taxes becoming overwhelming? This is the reality for many individuals heading into the next tax season. Forget the hassle and reach out to JS Morlu to get started today. The entire process, from intake to filed return in hand, is quick and painless. Once you inquire about our individual tax preparation service, we will connect you with one of our trusted tax experts. After the initial consultation, send your documents our way and we’ll take it from there.