Tax Preparation

for Personal Taxpayers

Tax laws are increasingly complex—and with new and changing laws every year, individual taxpayers often overlook deductions and credits that may reduce their tax liability. There is no substitute for the services of a professional tax expert like a Certified Public Accountant when reporting personal and household income taxes.

This service is not only for individual tax payers, but for those with side businesses, freelancers, rental property owners, and real estate investors.

We Are Experts In...

Multi-State Tax Returns

Those who commute to another state for work are required to not only file a resident tax return in their home state, but may also need to file a nonresident state tax return in their employer's state.

Additionally, anyone who has moved to another state may be required to file in both the previous and current residential states.

International Tax Returns

All residents and all citizens of the United States are subject to federal income tax—including resident aliens living and working abroad and foreign persons living in the United States.

Citizens with foreign financial interests also have tax obligations that, if not reported, can face steep penalties from the Internal Revenue Service (IRS).

Amended Income Tax Returns

Unless the IRS rejects an e-filed return, no changes are permitted after filing income taxes. If additional information or documents surface that alter the tax return, an amended return is necessary to adjust the return and tax liability.

Trust Tax Returns

Trusts are fiduciary arrangement that allows a third party, or a trustee, to hold assets on behalf of a beneficiary or beneficiaries. Income generated by the trust is subject to a tax liability.

Estate Tax Returns

All estates must prepare a final individual income tax return that reports the income earned from January 1 until the date of death. Executors of a loved one's estate are responsible for filing a tax return and paying any balance due to the IRS. If the estate is valued over a certain threshold, the executor is responsible for filing a regular return and a complex return, called an estate tax return.

Tax Audit Assistance

A tax audit is a formal investigation by the IRS to verify that an individual or corporation has accurately reported and paid their taxes. These audits can occur at random, or they can be triggered by unusual deductions or income reported on a tax return.

Delinquent Taxes & Debt Resolution

In the case of unpaid tax debt, the IRS can take over personal assets. To prevent this, it is crucial for individual taxpayers to find a forgiveness plan that fits their financial situation, such as:

Installment Agreement
Innocent Spouse Relief
Offer in Compromise
Currently Not Collectible
Penalty Abatement

Income Tax Prep Checklist

1 | Prior Year's Tax Return

Taxpayers should generally keep copies of their tax returns and any documentation for the last three years after they file. When using Griffin & Furman, LLC's services, clients must provide their prior year's tax return if the firm does not already have it on file.

2 | Proof of Income

Proof of income is any documentation that demonstrates earnings over time. Sources of income include the following:

Wages earned from employers (W-2s)
Rental income
Social security
Independent contractor wages
Alimony
Unemployment
Retirement benefits
Investments (including dividends)
Gambling winnings
Trusts
Sale of real estate
Credit Union & bank interest
Prizes
Income from hobbies
Debt that has been forgiven

3 | Proof of Expenses

Proof of expenses is any documentation that justifies expenses incurred. Whether taxpayers itemize returns or not, individuals should always keep documentation of deductible expenses, including:

Self-employment expenses, such as mileage and equipment
Work-related education expenses
Un-reimbursed employee business expenses
Medical expenses
The cost of last year's tax preparation
Student loan interest
Documentation of any investments sold during the year
IRA contributions
Mortgage loan interest
Tuition payments
Union dues
Charitable contributions, including non-cash donations such as donated food, clothes, and household goods

4 | Proof of Losses

In the case of property loss, taxpayers should provide documentation of the theft, fire, or catastrophe—including police reports, insurance claims, receipts, proof of insurance payments, and federal or state relief payments.

5 | Blank Check

Clients employing Griffin & Furman, LLC's services who wish to receive a direct deposit refund should provide a blank check with the routing and account number.