Don’t Panic, Call Joe Franek!

Raleigh, Apex & Cary, NC’s Tax Preparation Services

Whether you are an individual taxpayer or a small business, tax preparation can be a time filled with much stress and added anxiety. It is a time when you gather your prior year’s paperwork and begin thinking of how to best alleviate the pressure of completing your tax return. Now is the time to turn to a tax professional who has the experience and knowledge to turn that anxiety into financial peace.This is where my company FRANEK TAX SERVICES can help. I have been doing Individual and Small Business tax returns for 30 years and have the tax preparation experience to take the worry out of your annual tax return preparation. We offer a full range of services from the W-2 employee to the small business owner and the independent home-based professional who has 1099 income. We offer preparation of your federal and state returns and future tax planning. My rates are competitive with the larger tax preparation services but without the hidden fees associated with larger firms. My clients receive one-on-one personal attention and outstanding customer service for all their tax needs.
Franek Tax Services has been providing Individual and Small Business tax returns preparation services to clients in Apex, Cary NC and the surrounding Raleigh area since 1983.
Please call us for a free tax consultation at (919) 525-8653.

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Moving Exp...Read more

Moving Expenses May Be Deductible! Taxpayers may be able to deduct certain expenses of moving to a new home because they started or changed job locations. Use Form 3903, Moving Expenses, to claim the moving expense deduction when filing a federal tax return. Home means the taxpayer’s main home. It does not include a seasonal home or other homes owned or kept up by the taxpayer or family members. Eligible taxpayers can deduct the reasonable expenses of moving household goods and personal effects and of traveling from the former home to the new home. Reasonable expenses may include the cost of lodging while traveling to the new home. The unreimbursed cost of packing, shipping, storing and insuring household goods in transit may also be deductible. Who Can Deduct Moving Expenses? 1. The move must closely relate to the start of work. Generally, taxpayers can consider moving expenses within one year of the date they start work at a new job location. 2. The distance test. A new main job location must be at least 50 miles farther from the employee’s former home than the previous job location. For example, if the old job was three miles from the old home, the new job must be at least 53 miles from the old home. A first job must be at least 50 miles from the employee’s former home. 3. The time test. After the move, the employee must work full-time at the new job for at least 39 weeks in the first year. Those self-employed must work full-time at least 78 weeks during the first two years at the new job site. Here are a few more moving expense tips from the IRS: • Reimbursed expenses. If an employer reimburses the employee for the cost of a move, that payment may need to be included as income. The employee would report any taxable amount on their tax return in the year of the payment. • Nondeductible expenses. Any part of the purchase price of a new home, the cost of selling a home, the cost of entering into or breaking a lease, meals while in transit, car tags and driver’s license costs are some of the items not deductible. • Recordkeeping. It is important that taxpayers maintain an accurate record of expenses paid to move. Save items such as receipts, bills, canceled checks, credit card statements, and mileage logs. Also, taxpayers should save statements of reimbursement from their employer. • Address Change. After any move, update the address with the IRS and the U.S. Post Office. To notify the IRS file Form 8822, Change of Address. ** We hope this was helpful information. If you have any questions about Moving expenses please contact Franek Tax Services....

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