Payroll

A tax consultant is very beneficial, especially if you are not 100% sure how to do your taxes correctly. They will save you money and get the job done so you don't have to stress. A tax consultant will help minimize your tax liability and capitalize on your tax deductions. They specialize in complex tax situations that you or standard tax preparers may not be able to solve. Tax consultants typically work year round, so you can ask them questions any time!

Personal information that will be required to file your taxes include your social security number and birth date, and if applicable, your spouse's and dependent's social security number and birth date as well. 

You will need several documents for income and investment information. You will need your W-2  to show how much you made and how much was withheld for taxes. You receive this form from your employer and you should receive it by February. If you made contributions to an IRA, you will need a Form 5498.  For those paying off student loan debt, you will need a Form 1098-E and if you took out a home mortgage you will need a Form 1098 Mortgage Interest Statement. If you itemize your deductions, your state refund is considered income. You also have to report any other income such as award money or gambling winnings. Finally, the 1099's you made need are the following:

1099-MISC if you are self-employed and received $600+ from a client 

1099-DIV if you received dividends  

1099-G if you received money or benefits from the government 

1099-K if you made third-party transactions (through PayPal or Venmo, for example) 

1099-R for distributions from a retirement plan, IRA, pension, annuity, etc. 

For individuals who are self-employed or for businesses, you will need expense records, quarterly estimated tax payment receipts, mileage records for travel, and home office expenses.

Medical expense receipts and records needed for filing taxes include unreimbursed medical expenses, a Form 1095, which are your health insurance coverage forms, and your social security benefits. Finally, you may need property tax receipts if you itemize your deductions. 

There are different outcomes and solutions to fix your tax return depending on the mistake you made. If you realized you made a mistake shortly after filing, you will typically have to file an amended return or send in a form addressing the mistake. If the IRS discovers a mistake when processing your return, you will receive a notice. This notice will inform you which form needs correcting and have a deadline you must meet in fixing the error. If neither you or the IRS discovers the mistake, your tax return may be filed with the error, which could lead to an increase or decrease in your refund that is incorrect. This mistake could be found in the future through an audit or IRS review and lead to the possible owing of interest.

Some of the most common mistakes that are made in filing tax returns include mathematical errors, forgetting a deduction or credit, and not reporting your full income. The ways you can avoid mistakes is by keeping up with your finances throughout the year, hiring a professional to do your services, and waiting to file until you have all of your necessary information.

A notary is required if you are signing important documents such as property deeds or wills and powers of attorney that require an official witness with signature. Notaries ensure that the signers are whom they say they are. Notaries are impartial and considered official representatives of the state. If you are signing an important document and require a notary, contact Servicio Internacional today.

If your business does not currently have accounting staff or if your business is outgrowing its current bookkeeping system, we can provide comprehensive bookkeeping and write-up services to ensure the smooth operation of the financial side of your business. As your business needs grow and change, we can provide input and planning assistance to make sure your accounting and financial systems keep pace with your business needs.

Constantly changing federal, state and local laws and tax regulations make payroll management an ongoing challenge for business owners. Our payroll services professionals are well versed on these laws and regulations. We can proactively alert you to material changes that will affect your business and your employees while also keeping payroll running smoothly no matter how large your business and your employee population become.