Tax Preparation
At Lovington, our tax preparer are professionals that helps clients, both individuals, and business file taxes with the Internal Revenue Service. We meet with clients in person or virtually, to review financial records and ensure the information on tax forms is accurate. Our process is designed to help identify red flags, fill in tax reports, estimate payments or refunds, and advise clients on tax management strategies, with the aim of filing honest returns, eliminating errors, and reducing the risk of getting audited.
Our Primary Focus Is:- Imputing relevant customer data accurately into the securely hosted system
- Calculating tax credits, deductibles, and liabilities
- Reviewing reports to ensure compliance with government tax rules and regulations
- Ensuring the accuracy of the various forms
- Answering clients’ financial questions related to their tax return
Frequently Asked Question
The IRS has extended the federal income tax filing due date for individuals for the 2020 tax year from April 15, 2021, to May 17, 2021. Individual taxpayers have until May 17 to file and pay 2020 federal income taxes.
f you are a W-2 employee (as opposed to an independent contractor), the answer is no. This is a result of the 2017 Tax Cuts and Jobs Act (TCJA) that made unreimbursed employee business expenses for employee’s ineligible to be deducted.
If a person is self-employed, however, they can still deduct qualified home office-related expenses and any furniture purchased for business use.
A tax audit is assessment of an organizations or individual’s tax return by Internal Revenue Service (IRS) in order to find out that the income and deductions are recorded accurately.
The excess tax paid by an individual than the actual owed is returned by the government which is known as tax refund. After taking into consideration income tax, withholdings, tax deductions or credits and other factors; you file income tax for the year, if you have overpaid, then you receive a tax refund.