Tax Planning Services

When preparing a tax return many errors occur because of the inexperience of the individual preparing the return. Today’s tax laws are so complicated that even filing a simple return can be confusing. It is far too easy to overlook Tax Preparation and Planning Formsdeductions and credits that you may be entitled to. Even when you use reliable Tax Preparation and Planning software, there may be items overlooked and there is no substitute for the assistance of an experienced tax professional.

We provide…

Free Consultations throughout the Year

At your home, at your convenience.

Preparation of Federal and State Income Tax Returns

We prepare all required state returns and multi-states, if necessary. Returns will be checked and rechecked by our computer software to assure that every deduction and credit you are entitled to has been applied.

S-Corporation (1120-S) and State Business Returns

Estimated Taxes

Essential for the self-employed individual and calculated to provide you with the
maximum benefit and alleviate penalties and your tax burden at the end of the year.

Tax Planning

Tax Planning is a key to successfully and legally reducing your tax liability.
We go beyond current tax compliance to take proactive steps and recommend
tax saving strategies to maximize your after tax income.

Electronic Filing

Electronic filing is simple. Refunds are automatically deposited to your bank account usually within 2 weeks.  In the event that you owe, taxes due can be automatically debited from your account if you elect to do so.

Amended Federal/State T ax Returns

With amended returns, we can check your prior returns up to three years, in an effort to insure they are correct and you are getting the maximum benefit from those returns.

IRS Representation

In the unlikely event of an IRS audit, we are there to assist you.

FAFSA Forms

When your federal return is prepared, we have the available information to prepare these forms for your child’s college financial aid package.

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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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