Personal Tax Services
As tax consultants, most of our clients do not start with us with their personal tax returns, but over the years we have built large client base in personal taxes. Most of J&M accounting’s personal tax clients are also business tax clients, bookkeeping clients, or clients we have helped in their business accounting needs in the past. We are happy to extend our expertise to our clients in both business and personal accounting and tax needs.
Review and Preparation
1040 forms are one of the most common personal tax return that we see in our office. Similar to our business tax clients, we take a second look at past years returns for accuracy, errors, and other things that could have affected your return.
Filing
If your filing jointly with a spouse or single with no dependents, our team is happy to assist you. We do offer e-filing or electronic filing which helps you get your return faster and also can be deposited directly into your account. Also we are able to identify potentially tax saving opportunities and make suggestions accordingly.
Planning
On the bottom of this website you will find a button for a client organizer, our client organizer will help you manage throughout the year so that tax time will be a breeze at the end of the year.
Frequently Asked Questions
January 31st W-2s and 1099s need to be mailed out
March 15th Corporate and Partnership returns are due
April 15th Personal income tax returns are due
September 15th business return extension deadline
October 15th personal extension deadline
No, your taxes are still required to be paid in full by April 15th to avoid penalties and interest.
Yes, you should have a separate bank account for your business. It is easier to keep track of your expenses and income if they are not mixed with your personal.
Yes, you should apply for FEIN #. It is free to apply for online and you can instantly receive your number. If you are a corporation or partnership it is required. I suggest even sole-proprietors receive one that way you are not giving out your social security number to other businesses or individuals.
The minimum is 4 years. For employment records or property transactions it can be longer.
You should keep all bank statements, copies of cancelled checks, credit card statements, invoices, expense receipts, and mileage logs.
The quick answer is an employee is someone you hire that you set the hours, pay rate, and dictate the tasks to be performed. An independent contractor is someone who is providing an outside service to your company. They have other customers than your company and they set their own hours and pay rate. There are a number of set criteria showing the distinction between the two. For more detail please visit irs.gov.
Quick Books is one of the most recognized accounting software programs. It is user friendly, industry specific, and a good way to track all of the income and expenses in one place.
There are many different business forms from corporations, partnerships, LLCs, to sole-proprietors. It is best to seek the advice of an accountant to see which type best suits your needs.
It depends. There are two ways to deduct auto expenses. A business can choose deducting actual expenses or mileage. Depending on your current situation one might be a better deduction than the other. You should consult with an accountant to see which is the best option for your company. They can also explain the difference between the two methods in order to help you make an education decision