A personal or individual income tax is levied on the total income of the individual (with some deductions permitted). It is often collected on a pay-as-you-earn basis, with small corrections made soon after the end of the tax year. These corrections take one of two forms: payments to the government, for taxpayers who have not paid enough during the tax year; and tax refunds from the government for those who have overpaid. Income tax systems will often have deductions available that lessen the total tax liability by reducing total taxable income.
Berry Group works with clients in advance of actual filing dates to prepare and plan for the future. You will find Berry Group up-to date with all the recent tax law changes.
Many self employed individuals are unaware of IRS requirements and tax rules, and often end up owing unexpected taxes and having to pay penalties as well as interest on taxes owed. Understanding the laws and their application will help you be better prepared and avoid having to scramble at the last minute, as well as filing late return and accumulating potential penalties and interest.
Our tax preparation and analysis for individuals includes:
1. Federal, States and Local Forms
1.1. Preparing Forms
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Form 1040
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U.S. Individual Income Tax Return.
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Form 1040X
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U.S. Individual Amended Return.
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Form 1040-ES
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Estimated Tax Payment Vouchers.
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Form 1040-V
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Payment Voucher.
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Form 4562
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Depreciation and Amortization.
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Form 4868
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Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.
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Form 5695
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Residential Energy Credits.
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Form 6251
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Alternative Minimum Tax.
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Form 8582
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Passive Activity Loss Limitations.
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Form 8879
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IRS e-file Signature Authorization.
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Others
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2.2. Preparing Schedules
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Schedule A
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Itemized Deductions.
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Schedule B
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Interest and Dividend Income.
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Schedule C
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Profit or Loss From Business.
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Schedule D
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Capital Gains and Losses.
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Schedule E
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Supplemental Income and Loss.
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Schedule E p2
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Supplemental Income and Loss.
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Schedule SE
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Self-Employment Tax.
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And more.
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Other Services
