Tax Services
Virginia Tax and Accounting Solutions(VATAAS) has extensive experience helping families and individuals minimize their tax liability and can help you with all your tax planning and preparation needs. We take the time to explain the options carefully so that each of our clients has a clear picture of their financial standing. Personalized income tax services that make filing easy and stress-free. At VATAAS, we put a great deal of attention and detail into each tax return. We want to save you the most tax dollars possible, so we take the time to make sure that you are deducting the expenses you should be and are receiving all the tax credits you can!
Tax And Accounting Services For General Purpose
- 1.Tax return preparation
- 2.Individual income tax return (1040)
- 3.Income tax return for estates and trusts (1041)
- 4.Sole proprietorship taxes
- 5.Gift tax returns
- 6.Tax planning and consulting
- 7.Strategic tax planning to minimize tax liability
- 8.Cash flow management
- 9.Financial planning and budgeting
- 10.Succession planning
- 11.Insurance planning
- 12.Retirement planning
- 13.Estate and trust planning
- 14.College savings plans
TAX PREPARATION CHECKLIST
Individual
1. PERSONAL INFORMATION
- Valid picture ID
- Taxpayer Identification Number: Social Security Card, Social Security Number verification letter, or Individual Taxpayer Identification Number (ITIN)
2. PROOF OF INCOME
- W-2s for all jobs last year
- 1099s for any other income received last year including unemployment income
- Statements for prizes, scholarships/fellowships, or lottery/gambling winnings
3. PROOF OF HEALTH INSURANCE
- 1095-A and Form 3895 California Health Insurance Marketplace Statement, if you had coverage through the Marketplace, (Covered California or Obamacare)
- 1095-B or 1095-C if you had other kinds of insurance or coverage
4. ADDITIONAL ITEMS
- Checking and savings account information to have your refund directly deposited
- Tax return from last year, if available
- Child care expenses: provider’s address, phone #, and federal tax ID #
- Homeowners: 1098 mortgage statement and property tax bill
- Education: 1098-T college tuition and 1098-E student loan statements
- Alimony paid or received
- Notices: IRS, state tax, Health Insurance Marketplace, or anything that says “IMPORTANT TAX DOCUMENT”
- Copy of IRS of Letter 6475 for EIP (Stimulus) payments
- Copy of IRS Letter 6419 that provides the total amount of Advance Child Tax Credit payments that were disbursed to you during 2022
- Copy of 1099-MISC form if you received the Middle Class Tax Refund
Business
1.BUSINESS INFORMATION
- EIN Letter from IRS
- Shareholders SSN & Address
- Change is Partnership, Shareholders and stockholders
- Last year tax return
2. BUSINESS INCOME
- 1099-K
- 1099-NECs
- Profit & Loss
3. BUSINESS EQUITY AND LIABILITY
- Balance sheet
- Trial Balance
- Any asset purchased which is not recorded.
- Any asset sold/disposed during the tax year.
- Loan to shareholders or Loan to Shareholders.
4. ADDITIONAL ITEMS
- Operating Agreement with Partners
- Change in Partnership, Stocks or shares.
- Conversion in Accounting methods
- Conversion of LLC to S-Corp formation
What you can expect from tax experts?
100% Accuracy Guarantee, Maximize your tax outcome, Affordable expertise and Specialized in tax matters.
Here is an overview of the year-round support available for your small business:?
Before Tax Season:
The goal is to create a strong, effective accounting system that makes it easy to track your expenses and income throughout the year. The right software will make it easy to gather the necessary information when it is time to file your taxes each year. Ongoing tracking enables you to take advantage of the available tax write-offs. Additionally, your accountant will provide information regarding how tax laws are changing each year, so you can keep up with the newest rates and other details that impact your business.
It’s Time to File Your Taxes
During tax season, your accountant will review the financial reports and other applicable information. If you need both a business tax return and a personal tax return, then it is best to have the same preparer handling both filings. These services are designed to maximize the overall tax benefits available for your personal and business needs.
After Tax Season
When things quiet down and tax season is over, it feels good to know that your accounting team is always just a phone call away if you need support. Many business owners find it beneficial to have an accounting team assisting with payroll processing and ongoing bookkeeping services. Additionally, it is important to call your accountant right away, so you have representation if an audit occurs.
