Filing your individual Income tax return is neither enjoyable nor straightforward. Many taxpayers struggle with filing their income tax returns annually. Our income tax experts aim to make the tax filing process as painless as possible.
FACT Professional, Inc. specializes in filing income tax returns. We have helped clients with a wide range of tax situations and addressed their tax concerns. Our tax accountants and CPAs work tirelessly to stay up to date on the new tax laws, ensuring you are getting the best benefits and mitigating your tax liability.
What is our process?
If you are new to tax filing with our office the outlined process below will assist in prepping accordingly:
- Collect your income tax documents and prior year tax return (filed by self or another tax preparer) and send it to our office through the secure platform.
- Our office will confirm the documents are received and then assign you to a seasoned tax accountant.
- The tax accountant will prepare your tax return and contact you via phone and email for any missing information, additional information requestions / clarifications, etc.
- The tax preparer will send you a link to set up a remote or in-person appointment based on your schedule.
- In this appointment, your tax accountant will review the tax return, address any questions you have regarding the tax return and finalize the return for e-filing.
- Once you have approved the tax return for electronic filing, the tax preparer will process our service fee. FACT Professional, Inc. uses a secure method to draft payment for our services from the bank account or credit card provided.
- The tax preparer will electronically file your return. Once the tax return has been accepted by the Federal & State government (if applicable) you will receive a secure encrypted copy of your tax return. If you would like a physical copy as well our office would be happy to send this to your current mailing address.
Do I have to come into the FACT Professional, Inc. office to file my taxes?
Our firm is all about flexibility and saving time. While we always enjoy meeting clients in person, you have the option to book an in-person or a video appointment to review and finalize your income tax return.
Does FACT Professional, Inc. file 1040NR (Non-Resident) returns?
The main tax form for those considered residents in the United States is Form 1040.
For those who do not pass the substantial presence test as residents, our office may recommend filing Form 1040NR instead.
Each case can vary, therefore if you are not sure if you should be filing a 1040 or a 1040NR, set up an appointment with one of our tax accountants. They will ask the relevant questions regarding your situation and evaluate which tax form will be prepared.
How do I send you my tax documents?
Our firm aims to be as paperless as possible. Therefore, our clients use Intuit Link, a secure encrypted platform to send their tax documents.
When we send you your tax return, we also use an encrypted platform guaranteeing your information is protected.
What states does FACT Professional, Inc. file income tax returns?
Our tax professionals have knowledge of filing requirements in all 50 states. Therefore, if you move or work in multiple states our office can continue supporting you in your tax filing.
Should I Itemize my tax return?
After changes were made via the Tax Cuts and Jobs Act (TCJA) many taxpayers found that the standard deduction outweighs the itemized deduction for their tax return, even those who had been using the itemized deduction in the past.
When we are preparing your tax return, we will assess which works best and utilize that deduction.
What is the soonest FACT Professional, Inc. starts accepting tax appointments?
The IRS portal usually opens during the first week of February each year. Our office starts accepting tax appointments currently. We do not recommend prepping your return before
What If I had a 1031 Like-Kind-Exchange?
Once you have completed a like-kind exchange for a property taxpayers have to report it on their tax return. While a 1031 Exchange may not result in tax consequences, it is critical to include the information, so the new property’s basis is correctly calculated.
Can FACT Professional, Inc. assist me if I have Foreign Activity?
FACT Professional, Inc. has a diverse tax team, making our office firsthand experts on reporting and filing tax returns with foreign activity. Whether it is claiming the necessary foreign credits and exemptions or simply reporting foreign properties our firm can fully support and advise you on the income tax filing for foreign activities. This includes filing the FBAR (Foreign Bank and Financial Accounts) and addressing FATCA (Foreign Account Tax Compliance Act) regulations.
For specific questions regarding foreign activities schedule a consultation with a tax accountant. Each situation is specific and FACT Professional Inc. aims to give you the most relevant advice.
What should I do if I cannot pay my taxes?
If you are having financial challenges paying your current year’s tax returns don’t fret because you have a few different options.
- Installment Agreements – depending on your tax liability you may be eligible for an installment agreement for both your federal and state tax liability. This installment agreement can spread your tax payments over 72 months giving you more time to pay your taxes.
- Credit Card Tax Payments – if you have the amount available on your credit card and you don’t want to set up an installment agreement, you can pay the entire tax liability on a credit card. The government does charge an additional percentage for this transaction; however, it may be a good option for some taxpayers.
What if I owe past due taxes or tax returns?
Some taxpayers have challenges keeping up to date on filing their tax returns and/or paying their taxes. FACT Professional, Inc. is here to help you get caught up on your situation and sleep better at night. Please refer to our Income Tax Resolution Service to see the process and next steps.
Do you offer tax planning services?
If you owe taxes year after year or have a unique tax filing situation that can produce a substantial tax liability, schedule an appointment with one of our tax accountants by December 15th at the latest. This will ensure we have enough time to assess your situation, make a plan, pay estimated taxes, and/or research alternatives to appropriately mitigate your tax liability.
Will FACT Professional, Inc. give recommendations on how to save taxes?
Individual Income tax filing results in different solutions for different taxpayers. Something that works for your neighbor with two kids and a house may not work for you if you are single and your only dependent is your dog. Therefore, when you set up a tax appointment or consultation with us it is helpful to have the right kind of information about your history. The more information you provide the more of an understanding we will have to find different tax mitigation strategies for you. The service fee for filing taxes versus long-term tax planning is considered separate services and your tax accountant may schedule a separate appointment with you to address your questions appropriately.