Tax Preparation

From complex tax planning strategies for businesses to basic income tax preparation for individuals, KFS is ready to assist you. No one likes to spend more money on taxes than they need to, so our goal is the same as yours: to keep as much money in your pocket as possible. However, we save you time, and ensure that you file responsibly! Our tax preparers keep tabs on changes to the tax laws so we can offer relevant tax planning solutions and accurate tax preparation services to our clients.

We invite you to request a consultation online now or call us at 904-379-6628 to learn more about how we can help you save money on your taxes.

Income Tax Preparation in Jacksonville, FL

Although many online tax software guarantees free and low-cost services, which is tempting to try to do your taxes, it won’t replace the human insight that comes from a real tax professional. Don’t risk mistakes that could cost you hundreds or even thousands of dollars. When we do your taxes, you can always be confident that you haven’t overpaid and won’t get hit with a tax bill down the road. In the event you receive mail correspondence from the Internal Revenue Service (IRS), we communicate with the representatives via the practitioner’s priority line, which eliminates long hold times, and allows our professionals to determine a quick resolution. In addition, once you are our client, we complete all amended returns free of charge.

Business Tax Preparation in Jacksonville, FL

Only experienced tax preparers can maximize deductions for your business because we understand how federal and state tax regulations apply to businesses in your industry. We’ll make sure you take advantage of all the tax breaks you’re entitled to so your business can receive higher profit margins. KFS can electronically file your corporate income tax return forms 1120s, 1120, 1065, as well as Schedule C.

Advantages of Hiring KFS

Filing Your Own Taxes Can Be Incredibly Time-Consuming

In 2007, the IRS estimated that the average taxpayer spent 24.2 hours completing basic tax returns. However, for taxpayers that file a Schedule C for business or a Schedule E for rental properties, that time quickly jumped to 52.2 hours. To put this number into perspective, assume that the taxpayer’s time is worth $25/hour, which totals a cost of up to $1,305. At KFS, we want to save you time but more importantly, money that could be invested into a down payment on a dream home. Our professionals work quickly and efficiently to save you time and the headache that is sure to follow.

Tax Preparation Fees Can Be Deductible

Assuming you file itemized deductions, any preparation fees you incur can be deducted on Form 1040 as long as the sum of your miscellaneous deductions you are claiming here is greater than 2% of your adjusted gross income. In other words, in some cases, tax preparation fees can reduce tax liabilities.

Difficulty

Filing a tax return can be complicated and confusing, and the tax laws are constantly changing. The federal tax code is adjusted each year, making it impossible for the average taxpayer to be up to date of all the changes and how they affect them. If you must claim any of the following, we recommend that you speak with a tax professional as these scenarios handled improperly, could delay a tax return:

You own, sold or started a business
Have many investment losses or gains
Capital asset transactions
Real estate transactions
Change in marital status
Your income and residence are not in the same state or country
Trust Fund Transactions
Completing a Schedule for Self-Employment Income

Find Deductions or Credits that May Have Otherwise Been Missed

Turbo Tax and other inexpensive tax software are not bulletproof in finding every deduction and credit relevant to your situation. In fact, for taxpayers with complicated situations listed above, we recommend the use of a professional tax preparer. Even the CEO of Intuit, the creator of TurboTax, Brad Smith, used an accountant for the last two years because his transactions involving trusts and other complex activities to report. Now if even Brad Smith consults with a professional on taxes, there is no shame in any of us doing it.

Audit Assistance

In the unlikely event that you are audited, KFS will work with you to organize any necessary paperwork and deal with the IRS directly on your behalf, to ensure you are well represented. When KFS prepares your tax return, we help streamline things with an audit, to ensure the issue is resolved quickly.

Avoid Mistakes

Regardless of how confident you are on your ability to file your taxes, mistakes are inevitable. Although at KFS we use software we double-check all returns to ensure their accuracy.

Convenience

This point speaks for itself as few can deny the appeal in avoiding the stress and hassle of filing taxes. At KFS you can email your tax documents to kfstaxdocs@gmail.com to receive a free estimate and avoid long lines and waits.