The specific documents you need to provide your tax preparer will depend on your individual situation. Generally, you should bring your prior year's tax returns, all W-2s, 1099s, and other income documents, as well as proof of any deductions or credits you are claiming. You should also bring any statements related to investments, such as bank and retirement account statements, and records of charitable donations or other expenses. Finally, if you have any documents related to purchases or sales of real estate or investments, bring those too. Here is a quick checklist:

• Copies of any W-2 forms you received from employers.
• Copies of 1099 forms you received from any independent contractors or freelancers you paid throughout the year.
• Copies of Social Security or disability benefits statements.
• Copies of any 1099-INT or 1099-DIV forms you received, if applicable.
• Copies of all 1098 forms, such as a 1098-T or 1098-E, if applicable.
• Copies of any 1099-R forms reflecting distributions from retirement accounts or pensions.
• Copies of any K-1 form (Schedule K-1) you may have received, indicating income from a partnership, S corporation, estate, trust, or other sources.
• Copy of last year’s tax return, if applicable.
• Copies of brokerage statements, mutual fund statements and all other earnings statements.
• Records of charitable donations and/or records of any other expenses you wish to deduct.
• Any other applicable forms, records and/or receipts.

Yes, we do! Liaising with tax authorities refers to the process of maintaining communication and exchanging information between an individual or business entity and the relevant tax authorities. This could include filing periodical tax returns, responding to tax queries, and ensuring compliance with the relevant regulations and laws.

When it comes to filing your taxes, not everyone is required to file each year.  However, how do you know if you need to file a tax return? 

Well, it depends on the amount of income you make, your age, and filing status - which can change every year.  Thus, it is best to speak to a tax professional or ask if you are required this year or not.  Feel free to call us, send a message, or email to inquire; we are happy to give you the guidance you're looking for.

Tax preparation is the process of preparing tax returns, often for income tax purposes for a person or entity, generally for compensation. These filings can be done annually, quarterly, or monthly depending on the tax government agency, you are filing for.

The best way to prepare for taxes is following these helpful action items, as well as working with a team like IBI.LLC.  

• Gather important tax documents.
• Obtain copies and information about your dependents.
• Double-check personal information with your employer.
• Double-check IDs or ITINS are up to date. 
• Create categories and total the amount you want to deduct.
• Finalize contributions for the year.
• Stay up to date on news from the IRS.
• Speak with your Tax professional before the end of the year, so you can complete anything needed in the tax filing year.

The tax forms you will need can vary depending on your personal income tax situation and year of filing.  IBI.LLC has created an intuitive online tax filing platform that shares with you what forms you need based on your answers to our questionnaire. This same platform will give you access to an IBI tax specialist to answer any questions you may have.

For filing when unemployed, you generally will use the form 1099-G, where certain government payments are reported. Contact one of our tax specialists to find out about your situation.

There are five types of filing status you could qualify for based on your situation.

• Single
• Married Filing Jointly
• Married Filing Separately
• Head of Household
• Qualifying Widow (er) with Dependent

Most tax specialists will suggest avoiding any late payment fees; you should pay them quarterly, but you can pay all four quarters of your estimated taxes in one payment if you combine all four amounts in one payment. The earlier you make this payment, the less likely you are to get any late payment fees.

You can pay taxes online by visiting irs.gov and click on the "Make a Payment" link on the main page.  Under "Pay My Taxes Now," you will get the option to pay by credit card, debit card, or bank account (direct pay).    If you still need assistance paying online,  you can contact an IRB tax specialist by calling 323-264-8460, and they can assist you for a small fee.

Paying taxes on social security is only applicable if you surpass a certain amount of income throughout your entire year.  For example: For a single filer, any income (along with your SS Benefits) that surpasses $25,000 and $32,000 as married filing jointly is likely going to be taxable income. However, there are strategies you can use to reduce or eliminate your tax liability. Consult with one of our tax specialists to see if we can help reduce or eliminate your tax liability.

Taxes on stock should be paid the year of the sale of the stock. If any profit is made on the sale of the stock, it will be taxable. The tax on the sale of the stock is based on your ordinary taxable income rate. If you receive dividends from a stock, they are taxed in the year you received them. There are strategies you can use to minimize your tax liability on them; some may qualify to pay 0% tax on the gains. Consult with one of our tax specialists to see how you can minimize your tax liabilities, even if it's before or after you sell your stock. We recommend getting your free consultation before you selling any stocks.

Currently, inheritances are not considered income, so they are non-taxable for federal purposes; however, any subsequent profit that your assets generate, like rental income, is likely taxable.  Having said that, you have to keep in mind that inheritance assets cannot surpass more than $11.70 million worth and that some states do withhold taxes from inheritances.  But the current presidential administration (democratic) is looking to change and apply inheritance tax.  Consult with one of our tax specialists on what changes may come that can affect your inheritance before or after any distributions are made. We always recommend consulting with us before any distributions are made.

Taxpayers who filed their taxes can go to the IRS website to check the status. By clicking the "Where's my refund?" tool, they can track it down by simply answering a few personal questions such as social security number, address, and refund amount. 

Taxpayers who filed their state taxes will need to go to your state tax website to check the status.  Most offer a section of "where's my refund?"   You may need to answer a few questions, such as your social security number, mailing address, zip code, and refund amount. 

Yes, tax preparation fees can be deductible for qualified tax filers. Contact one of our tax specialists to see if you qualify for this tax deduction.

To pay taxes on your car depends on the state you reside. The amount of tax due for a new or used purchased vehicle also varies. Normally you would pay your car tax with your local DMV when transferring registration. However, paying the taxes on the purchase of your car can become a tax deduction that you can take advantage of on the year you purchased your vehicle. Contact one of our tax specialists to see if you qualify for this car tax deduction.

Generally, you should keep your tax records for at least three years after the date you filed. Yet, some records should be kept even longer, especially on audited years. It's a good idea to keep copies of your tax returns indefinitely.