Tax Return Preparation can be a daunting task for many individuals due to its time-consuming and complex nature. Despite the intention of the new tax law to simplify the process, various aspects of the tax code remain intricate. Ensuring accurate completion is crucial to avoid audits, and optimizing savings is a priority. To streamline this process and save time and money, enlisting the assistance of a tax professional is highly recommended. The convenience and precision offered by a professional tax preparer may leave you questioning why you ever considered tackling your taxes independently.
At Bannon and Associates, PC, we specialize in handling a diverse range of tax forms, including 1040, 1041, 1065, 1120, 1120 S, 706, 709, and 990. Whether you reside in Michigan or out of state, Attorney Kevin M. Bannon’s extensive background in tax law, coupled with a Master’s in taxation, ensures a comprehensive approach. By identifying tax credits and deductions accurately, he aims to prevent overpayment of taxes. Strategic early planning is emphasized as the most effective way to minimize tax liability, rather than waiting until tax season approaches.
Different Types of Tax Returns:
- Form 1040: The standard federal income tax form for reporting an individual’s gross income. It allows for claiming expenses, tax credits, itemizing deductions, and adjusting income.
- Form 1041: Designed for trusts and estates, reporting income, deductions, gains, and losses. It also reports income distributed to beneficiaries, with allowable deductions.
- Form 1065: Intended for partnerships and LLCs treated as partnerships, addressing the complexities of partnership tax law.
- Form 1120 and 1120 S: Required for annual tax returns of regular corporations and S corporations, each with unique reporting structures and owner-related differences.
- Form 706: Filed by the executor of a decedent’s estate to determine estate tax, even if the estate might not be subject to it. Recent laws allow a surviving spouse to utilize the deceased spouse’s estate tax exclusion.
- Form 709: Used to report gifts subject to gift and generation-skipping transfer taxes, providing insights into gift tax rules and exclusions.
- Form 990: Filed by tax-exempt organizations, nonexempt charitable trusts, and section 527 political organizations, offering an overview of their activities, management, and financial information.
For trusted tax preparation services at an affordable rate, Attorney Kevin M. Bannon at Bannon and Associates, PC, provides reasonable fees, electronic tax options, and a quick turnaround time. Early planning is emphasized to maximize savings, and professional assistance ensures accurate treatment of complex issues. Contact Bannon and Associates, PC promptly to benefit from advanced tax preparation and its extensive financial advantages.