Tax Preparation Made Easy

Call for Tax Return Preparation Services in Tacoma, Everett, or Kent, Washington

You waited until the last second to prepare your taxes. Unfortunately, you made a mistake and are now in trouble with the IRS. You could’ve avoided this with tax preparation services from Digital Accounting & Tax Services, LLC. We use 100 years of combined experience to deliver superior tax return services.

Count on Digital Accounting & Tax Services LLC for a variety of tax preparations.

Individual

Corporate

Partnership

Estate and Trust

State Returns

1. Prior year’s tax return

This is generally only needed if you are a new client. If so, bring your tax returns from the previous three years.

2. Personal and Dependent identification information

Bring social security numbers, ITINs, dates of birth., driver’s license, or state-issued ID.

3. Wage and Earning Statements

If you made money from it last year, you need to bring in a record of the income. This includes:

• Form W-2, W-2G, and 1099-R, from all employers and payers.
• Self-employed business income and expenses (Forms 1099-MISC and 1099K).
• Records of job-related educational expenses and unreimbursed employment-related expenses.
• Interest and dividend statements.
• Social Security, State Income Tax refund, and Unemployment Compensation forms
• Information on Broker and Barter Exchange Transactions.
• Records of lottery or gambling winnings and losses.
• Record of rental income and expenses.
• Healthcare reimbursements
• Jury duty records
• Hobby income and expenses
• Prizes and awards
• Alimony received

4. Expense Records

Gather records for the following types of expenses.

• Mortgage Interest Statement – Form 1098 (including home equity loans); and records of the purchase or sale of your residence.
• Records of real estate and personal property taxes paid.
• Records of state or local taxes paid (including sales tax for large purchases such as autos, boats, and building products).
• Records of medical, eye care, and dental expenses and mileage.
• Receipts for cash and non-cash charitable contributions.
• Mileage records and expenses incurred conducting volunteer work for charitable organizations (Example: Driving the church youth group to an event.)
• Tuition and Education Fees paid, and Student Loan Interest paid
• Records of moving expenses paid and any casualty or theft losses.
• The total amount paid for a daycare provider and the daycare provider’s tax identifying number – the provider’s Social Security Number or Employer Identification Number.
• Alimony payments
• Records of any qualified energy-efficient home improvements purchases
• Records of federal and state estimated taxes and foreign taxes paid.
• Job hunting expenses

5. Health Insurance Documents

• Health Insurance Marketplace Statement (Form 1095-A).
• Health Coverage Statements from your Insurer or Employer (Form 1095-B/1095-C).

6. IRA Information

• The amount contributed for 2018
• Traditional IRA basis
• Value of IRAs as of December 31, 2018

7. Business Expense Receipts

• Mileage
• Meals and Lodging expenses
• Travel expenses
• Records of educator expenses paid
• Parking and toll amounts
• Office in-home information

8. Bank Information

For those wanting direct deposit, please bring a voided check from your checking account, or if using your savings account, bring the account and routing numbers.

9. If You Were Affected by a Disaster

There are deductions that are applicable if you were affected by a federally declared disaster.

• Records of property loss
• Records of building/repair costs
• Insurance reimbursement/claims to be paid
• FEMA assistance information

10. Business Use of Home Information

If you use a part of your home for your business, bring the following:

• Square footage calculation of the area used for business
• The date you began using the space for business
• The original purchase price paid for the property
• Summary of your utility expenses (gas, electric, oil, condo fees, landscaping, snowplowing, maintenance, etc.)
• Major home improvements and direct office expenses (repairs, business phone, etc).

Take some time to gather all of this information and make an appointment over the phone by calling (206) 309-5039 or scheduling an appointment online.

https://www.irs.gov/businesses/small-businesses-self-employed/recordkeeping

https://www.irs.gov/forms-instructions-and-publications

https://www.irs.gov/pub/irs-pdf/p5307.pdf

https://www.irs.gov/pub/irs-pdf/p1.pdf

https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp

Many people feel like their tax bill is too high. Maybe you do too. The good news is that it doesn’t have to be. When you work with an accounting firm like ours, we make your financial success a priority.

Tax planning is the analysis of a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible. A plan that minimizes how much you pay in taxes is referred to as tax efficiency. Tax planning should be an essential part of an individual investor’s financial plan. Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success.

There is more to preparing your taxes than simply filling out forms at tax time. It’s also about understanding our clients’ needs and helping them plan for a secure future.

Here’s how we do it:

• Based on careful analysis of your tax situation, we make sure you take every tax credit and deduction you deserve on your tax return.
• We help you set up a recordkeeping system that meets IRS requirements.
• We work with you all year long—not just at tax time to develop tax planning strategies that lower your tax bill.
• We review and adjust your paycheck withholding so that it accurately reflects your tax situation and lets you keep more of your money (why give the IRS a free loan?).
• We help you understand how to defer tax liabilities through pension plans, retirement contributions, and similar plans.
• We make sure you take advantage of certain investments to produce tax-exempt income (federal, state, or both).

KEY TAKEAWAYS

• The top individual federal income tax rate would rise from 37% to the pre-Trump rate of 39.6%.
• The corporate rate would rise from 21% to 28%, and a 15% alternative minimum tax would apply to corporate book income of $100 million and higher.
• Individuals earning $400,000 or more would pay additional payroll taxes.
• The maximum Child and Dependent Tax Credit would rise from $3,000 to $8,000 ($16,000 for more than one dependent).
• Tax relief would be offered for student debt forgiveness, and first-time homebuyers’ credit would be restored.
• The estate tax exemption would drop by about 50%.

If you feel like too much of your hard-earned money goes straight to the IRS instead of your bank account, then we can help.