Individual Tax Preparation

Charges for preparing individual tax returns vary depending on many factors, such as where you currently live, your income level, properties, marital status, businesses, investments, expense complexity, and various forms.

A rough estimate of hourly rates runs from $100-$400 for individual tax returns; generally, a fairly simple income tax return starts around $500-$800 and can go up to $1,500-$2,500 or more depending on the circumstances and complexity.

Anyone with an income of more than $100k can benefit from the services of an enrolled agent or tax consultant, from individuals to families, businesses, corporations, and organizations.

Most people would benefit from enrolled agents, but it’s especially important under certain circumstances. People who have complicated tax forms would benefit the most from these services.

For instance, if you run your own business, have an active investing portfolio, or work and live in different states, tax laws can be a lot to deal with, if not completely confusing. If you get income from rental properties, real estate transactions, stock options, self-employment incomes, and the like, you most certainly need a tax consultant.

Additionally, working hand in hand with a tax advisor can be a smart move if you go through a major life experience. For instance, if you get married, divorced, adopt a child, buy a home, or receive an inheritance, a tax advisor can help you navigate the financial complexities of these situations.

Tax consultants keep up with tax laws at the local, state, and federal levels, something you may find difficult to do yourself.

If you own a business, filing your taxes can be daunting, especially when you factor in things like sales taxes, which have to be returned several times annually. Attempting to handle your own tax filing might save you money now, but it could end up costing you significantly more in the long run.

With a professional tax advisor, you’ll have a better understanding of your tax deductions and you will be given advice about making strategic investments that will help you avoid tax liabilities. An expert tax consultant will not only advise you on how to effectively save on taxes, but also improve your financial portfolio.

Most people file taxes at the end of each year, and it takes a lot of effort to ensure that everything is filed correctly.

You’d be surprised at the number of people fined for making tax mistakes or penalized for not filing on time. With a tax consultant, you don’t have to go digging up all your files, and double-checking that everything is okay because they’ll do all that for you and on time. This means you can place your focus elsewhere.

Audits by the IRS can be random. If, by chance, your tax return gets audited, you won’t have to worry because a dedicated Lakeline Tax Enrolled Agent will be there to represent you and communicate with the IRS  on your behalf – included and covered at no extra cost.

1. Save Time: Tax season is stressful enough – with Lakeline Tax, you can save time and have peace of mind knowing that your taxes are being handled by experts. We specialize in tax preparation and filing, and our team provides you with the best service possible.
2. Save Money:

   Lakeline Tax offers competitive rates, so you can get your taxes done without overspending. We offer a transparent fee structure – there are no hidden fees or surprises. You’ll know exactly what you’ll owe before we start preparing your taxes.

3. Get it Done Right: 

   If you’re not confident in your abilities to complete your taxes, we’re here to help. With Lakeline Tax, you can rest assured that your taxes will be prepared accurately and filed on time.

At Lakeline Tax…

• We are IRS Certified Enrolled agents with more than 20 years of experience and knowledge of the latest tax laws like the backs of our hands.
• 100% accuracy is guaranteed. We offer expert income tax preparation, prior-year tax preparation, amended income tax preparation, and tax planning services. 
• We practice high security – as a valued client, you get a secure, password-protected portal to upload and access your important financial documents from anywhere at any time.
  Connect with us through the mobile-app and send messages securely within our tax portal.
• We have your back year-round. We are not part-timers who swoop in to help only during the tax season.
• We provide year-round service with tax preparation, tax planning, IRS representation, and bookkeeping.

Deciding whether a married couple should file taxes jointly or separately depends on their specific financial situation and tax considerations. Here are the key factors and implications of each filing status:

Filing Jointly

Advantages:

1. Higher Income Thresholds: Generally, joint filers receive higher income thresholds for tax brackets and deductions, which can result in lower tax liability.
2. Greater Deductions and Credits: Couples filing jointly are eligible for several tax benefits that are reduced or unavailable to those filing separately, such as the Earned Income Tax Credit, American Opportunity and Lifetime Learning Education Tax Credits, and the deduction for student loan interest.
3. Simpler Process: Filing one joint return can be simpler and less time-consuming than preparing two separate returns.

Disadvantages:

• Joint and Several Liability: Both spouses are equally responsible for the tax and any audits, penalties, or interest that might arise from the joint return, even if they later divorce.

Filing Separately

Advantages:

1. Separate Tax Liabilities: Each spouse is only responsible for their own taxes, which can be beneficial if one has significant potential tax disputes or liabilities.
2. Potential Benefit for High Medical Expenses: If one spouse has significant medical expenses, filing separately might be advantageous because deductions are limited to expenses exceeding 7.5% of adjusted gross income. If one spouse’s income is substantially lower, the threshold for deducting these expenses may be more attainable on a separate return.

Disadvantages:

• Higher Tax Rates: Married filing separately often results in a higher tax rate than filing jointly.
• Loss of Credits and Deductions: Many tax credits and deductions available to joint filers are reduced or disallowed for separate filers. This includes the loss of the ability to deduct contributions to a Roth IRA and traditional IRA phaseouts starting at lower income levels compared to joint filers.

Considerations

• Special Situations: Filing separately may be beneficial in cases involving separate financial lives, prenuptial agreements stipulating separate finances, or when one spouse does not want to be involved in the potential tax issues of the other.
• Child-Related Deductions and Credits: Only one parent can claim child-related credits and deductions, such as the Child Tax Credit, and typically these benefits are more favorable on a joint return unless specific circumstances suggest otherwise.

Ultimately, the best way to determine whether to file jointly or separately is to calculate taxes both ways and see which results in a lower combined tax. Consulting with a tax professional can also provide personalized advice based on your specific financial circumstances and tax goals.