Tax Planning for Individual Taxpayers
Every year we assist our customers with the deductions and itemization of their tax returns, ensuring that they receive the best returns.
Family Tax Deductions
Everyone’s tax situation is different
Tax Prep. And More makes sure to focus on:
Dependent care credit.
If you pay child care expenses so that you (and your spouse) can work or actively look for work.
A child may be treated as the dependent of both divorced parents for certain medical-related tax deductions and exclusions
Helping a parent
You may be able to claim a parent you are helping to support as your dependent
The tax benefits associated with employer-sponsored retirement plans and individual retirement accounts (IRAs) can help you build your retirement savings. We assist with the following:
401(k) plans, 403(b) plans, and SIMPLE plans
We also advise on the tax benefits of the following retirement plan participation:
- Pretax contributions — the salary you contribute is not subject to income taxes until you receive distributions from the plan.
- Tax-deferred earnings — contributions are invested on a tax-deferred basis.
- Assistance with the calculation and reporting of your annual IRA contributions
- Planning and reporting of Roth IRAs converted into traditional IRAs
If you required the withdrawal of money from an employer-sponsored retirement plan or an IRA before age 59½ we assist you with penalty exceptions so your tax burden is limited.
Assistance with the reporting of annual “required minimum distributions” (RMDs) from your traditional IRAs and any employer-sponsored plans in which you participate.
Assistance with the reporting of Social Security retirement benefits subject to tax based on your “provisional income”.
Education Tax Incentives
Given the high cost of higher education, tax incentives are an important piece of the planning puzzle for anyone who is setting aside money for future costs or currently paying for education. We happily assist families and students with the following deductions: