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TAX PREPARATION & PLANNING

Your search for perfect tax preparation has hit its goal!  Preparing your own income tax returns can be a overwhelming task that and often causes more questions than answers. Free or the cheapest tax preparation options are not always the best approach.  Too much is at stake. Inaccurate returns can lead to- taxes due rather than refunds, penalties and interest charges. There is no substitute for the assistance of an experienced tax professional.

 

I provide excellent tax preparation to meet your needs at competitive rates.  Trust is earned, and I'm ready to earn yours. No matter your financial situation, bring your tax return to me – I’ll handle it.

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✓ Back returns not filed- No Problem

✓ Inaccurate returns files- No Problem

✓ Need to make payment arrangements- No Problem

✓ Need to file for a ITIN (Individual Taxpayer Identification Number)

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Give me a call at (805) 407-5337 and get my personal assistance

Tax Preparation Services

  • Personal tax returns

  • Sole Proprietor / Small Business tax returns 

  • Clergy tax returns

  • Small Non-profit organizations tax returns

  • ITIN application assistance

  • Sales tax returns

Tax Planning Services

Why Tax Planning?

Tax planning is imperative because it helps you to smartly minimize the amount of income tax payable and therefore, have more savings.  These savings can be invested further for future financial security.

What Is Tax Planning?

Tax planning is the practice of using effective strategies to delay or avoid taxes.  I look at ways to defer or avoid taxes by taking advantage of provisions in the tax law that benefit taxpayers.

I find ways to accumulate and speed up tax credits and tax deductions. Tax planning means taking advantage of every tax break available to you under the federal tax code.

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Tax Planning Elements and Concepts to Understand or Ask About

  • Tax planning starts with understanding your tax bracket

  • Understand the difference between tax deductions and tax credits

  • Understand the difference between the standard deduction and itemizing

  • Be aware of tax deductions and tax credits

  • Know what records and documents to keep and how long

  • Ask about tax strategies to shelter income or cut your tax bill

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What To Gather For Your Tax Appointment  

Before your tax interview, organize your important documents using the checklist below and research deductions and credits that may apply to you.  Documentation will vary based on your situation.

Personal Information For Each Family Member:

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 Name

 Date of Birth

 Social Security Card/ITIN/ATIN

  Two Years Tax Returns

 Valid Driver's License

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Income And Tax Information:

 W-2’s

 Interest (1099-INT or substitute)

 Dividend Slips (1099-DIV or substitute)

 Stock Sales (1099-B or Broker Statement)

 Self-Employment Income and Expenses

 Sale of a Personal Residence

 Rental Income and Expenses

 Sale of any Business Assets

 Gambling or Lottery Winnings (W-2G for some winnings)

 State Income Tax Refund (1099-G)

 Pension Income (1099-R)

 Estimated Taxes Paid

 Social Security or Railroad Retirement (SSA-1099 or RRB-1099)

 IRA or 401(k) Distribution (1099-R)

 Unemployment Compensation (1099-G)

 Miscellaneous Income (1099-MISC)

Deductions/Adjustments:

 Medical Expenses

 Real Estate or Personal Property Taxes

 Mortgage Interest

 Charitable Contributions (cash and non-cash)

 Employee Business Expenses

 Gambling Losses

 Moving Expenses

 Traditional IRA Contributions

 Higher Education Expenses

 Educator Expenses

 Student Loan Interest

Tax Credits::

 Child Care Provider/Address and Employer Identification Number (EIN)      or Social Security Number (SSN)

 Adoption Expenses

 Retirement Savings Contributions Credit

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Jim Olaiz, Jr. | Financial Business Solutions | (805) 407-5337 

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