What is a Tax Return?

A tax return is a form documented with a tax authority that reports income, budget, and other relevant tax details. It allows taxpayers to compute their tax liability, plan tax payments, or request reimbursement for overpayment of taxes.

In most countries, tax returns must be filed annually for an individual or business with allowable income, including salaries, interest, dividends, capital, gains, or other profits.

Tax returns are customarily devised using forms prescribed by the IRS or other apposite authorities. The tax return process is mandatory for every private citizen or business owner at least once a year.

Generally, a tax return starts with the taxpayer providing personal details, including their filing status and reliant information.

The Tax Constitution – Tax Cuts and Jobs Act of 2017

The Tax Cuts and Jobs Act was written into the law in December 2017. It makes a vast amount of changes to income tax, estate tax, and even gift tax. You can take advantage of the benefits offered by the legislation through various techniques. However, to execute those techniques, you require proper tax planning and preparation.

Here, at The TaxTactics Firm, we have professionals who have extensive knowledge of laws and regulations. They know when and how to use that knowledge for maximum benefit.

TAX RETURN SERVICES

Since filing for tax returns requires some special planning and preparation not everyone is capable of doing it. Proper experience and qualification are needed to properly deal with tax returns.

Therefore, The TaxTactics Firm provides Tax Return Services to all sorts of corporates or business owners with well-experienced accountants and tax return agents who are aware of various efficient techniques to ease some of your responsibilities .

Our job is to ensure not to waste your time and resources. Contact us now through secure client portals, and safely fill in relevant financial information!

Why You Should File Your Tax Return?

Following are the reasons, it is important to complete this annual obligation and fend off auxiliary debt.

Avoid late filing penalties

A penalty can apply to those who have not filed income tax returns for several years. Moreover, the Department of Justice can charge fines for failing to file an income tax return.

IRS Overdue Tax Resolution

IRS go after unpaid taxes, beginning with simple reminders, letters, and emails to all your assets seized and rendering you with no choice but to declare bankruptcy, in extreme cases. To avoid all these circumstances, we are here to guide you in filing a tax return.

It is recommended by the IRS, that filers keep tax returns for a minimum of three years while other factors may require further extended retention. In case, there are errors in the tax return, it should be amended and submitted to correct the disparity.

Obtain allowances

Another drawback of failing to file a tax return is that the person could be depriving themselves of supplementary revenue for which they are generally eligible. On account of their personal situation, they may be eligible for a family allowance, GST credits, the Trillium Benefit (Ontario), the solidarity tax credit (Quebec), or many other different allowances.

How do we help?

Our Tax Return services ensure not to allow any dire circumstances to come to pass in your business. We back you in numerous ways of resolutions like:

· Ending a wage ornamentation
· Releasing a tax lien
· Resolving back taxes definitively

Types Tax Returns

Business Tax Return Services

Tax return for businesses is a very critical annual obligation that needs to be considered carefully. In the management of over-going taxes, you risk losing profits while handling lesser taxes, you risk non-compliance.

Avail the services of The TaxTactics Firm to ensure you never miss a tax deduction, all along complying with the traditional laws!

Individual Tax Return

The importance of tax returns for individual citizens is similar to what it is for businesses. Without exploiting your budget, The TaxTactics Firm can take all the stress that comes with tax filing from you.

We promise proficient handling of all the matters related to personal tax returns!

State and Local Taxes

The TaxTactics Firm has enough potential and expertise to manage all your taxes, whether they are on the State level or Federal level. Following are some of our services:

· Sales and Use tax services
· Tax incentive analysis
· Nexus filings and more!

Let us assist you in decreasing the effective tax rates for your business within the legislation rules!

Delinquent Unfiled Tax Returns

Some people don’t file tax returns on time and they realize their mistake later. The TaxTactics Firm offers assistance in filing for the earlier unfiled returns. Numerous methods can be used for resolutions, one of which is installment agreement or remission for taxes.

Contact us now and ease your difficulties!

Fresh Start for Back Taxes

The TaxTactics Firm provides a Fresh Start program for individuals and businesses to help them pay their back taxes and reduce the number of tax liens issued. Any taxpayer who owes more than $50,000 in back taxes can apply for a streamlined installment agreement with the IRS. Such installments can allow you to easily manage large amounts of money and pay them in months, or years.