Services
Services
Accounting
- Record sales from the deposits to your bank accounts.
- Record expenses from the checks you write from your bank accounts.
- Record the expenses that you pay from your charge cards.
- Prepare a listing of expenses by type.
- Reviewing accounting procedures for completeness and accuracy of recording.
- Review the monthly bookkeeping and accounting that was already done by your bookkeeper.
- Identify and correct the most common accounting errors.
- Review and correct bank and charge card reconciliations.
- Review and correct payroll and payroll taxes.
- Review and correct periodic journal entries and year-end adjustments.
- Update records for business expenses paid by business owners from personal bank & credit cards.
Book Keeping
- Selection, sale, installation, and setup of QuickBooks accounting software.
- On-site and remote technical training and implementation of QuickBooks.
- Recording and classification of cash receipts and disbursements.
- Recording and classification of charge card transactions.
- Recording PayPal, Amazon and Google sales and disbursements.
- Bank account and credit card account reconciliations.
- Recording recurring journal entries and adjustments.
- General ledger maintenance.
City/Local Tax Return Preparation & Filing
If you are living in a City/County which is subject to filing a tax return, We help you file your city/county tax returns.
Extension Filing
File your individual Income tax return (Form 1040, 1040A, or 1040EZ) and Pay any tax due before April 15th to avoid penalties and Interests.
In case if you are not able to file your income tax return by the due date, you can always request IRS for additional time to file the tax returns but NOT to pay the taxes.
We help you in applying an extension to file your tax returns with IRS for NO cost.
FBAR/FATCA Processing
Foreign Bank Accounts Report (FBAR), or FinCEN Form 114 if the combined total of your foreign financial accounts is at least $10K or reaches this threshold at any point during the calendar year.
FinCEN Form 114 is a requirement for all US Citizens/Residents with foreign bank accounts, Unlike FinCEN Form 114, FATCA Form 8938 is filed with your US tax return to the IRS.
You are required to file FATCA Form 8938
- You live in the United States, you are filing a tax return as a single individual, and you have foreign assets with an aggregate value of $50K on the final day of the year or the value of your foreign assets reached $75K at any point during the year.
- You live in the United States, you are filing a joint return with your spouse, and you have foreign assets with an aggregate value of $100K at the end of the year or the value of your foreign assets reached $150K at any point during the year.
ITIN Application Processing
ITIN–Individual taxpayer identification number is a tax ID used to file self-tax returns reporting income, tax treaties and claim dependents on tax returns.
Mostly missing the dependent tax benefits and credits due to lack of tax knowledge. Claiming dependents tax benefits can save taxpayers thousands of dollars, we will assist you with proper guidance and required documents to get the ITIN from IRS.
ITIN is just used for personal tax-related purposes. In order to apply ITIN for dependents (wife, kids, close relatives, etc.), a dependent should have stayed in the USA for more than 183 days. ITIN is a nine-digit number having the first digit as 9XX-83-XXXX.
The preferred documents required to apply ITIN
1. Passport
2. Tax returns
3. Form W7 (ITIN application) and the documents can be mailed to IRS Texas address to get the ITIN.
If a taxpayer is uncomfortable mailing the documents the documents can also be submitted at the TAC-Taxpayer assistance center which is your local IRS office. The documents can be submitted at TAC by the way of walking in or by appointment.
Once the IRS allots the ITIN, the ITIN will be mentioned on a covering letter of IRS and will be mailed to the applicant, and then the refunds of federal will be issued. Until you have dependents ITIN your state tax return will not be accepted.
Tax Planning
OT Associate go through the evaluation of the return, the first stage of verification will be done by our tax analyst, the second stage of review is done by our senior Agent and which ensures that the tax estimate is 100% accurate with tax refunds guarantee.
The entire tax return which reviews all your information and line by line calculations, it means you are going to get the entire tax returns by your advance tax planning.
Tax Return Evaluation
The taxpayer has to ensure that his/her tax returns are filed accurately. Filing the right tax returns avoids payment notices from IRS, as per IRS it has the right to check the last 6 years' filed tax returns of any taxpayer. who is on H1, L1, GC, Citizens, etc. need to file form 1040.
IRS clearly states that non-residents are not entitled to file form 1040, the residents.