"Maximize Returns, Minimize Stress: Your Expert Tax Solution"

Sonal Patel

Sonal has more then 15 years of experience in  tax preparation. She speaks Hindi, English , Gujarati

• Accuracy Assurance: A thorough review can help identify any errors, inconsistencies, or missing information in your tax return. This ensures that you report your financial information correctly and comply with tax regulations, reducing the risk of audits or penalties.

• Maximizing Deductions: A review can help you identify all eligible deductions and credits, potentially reducing your tax liability and increasing your refund. Tax experts can pinpoint deductions you might have overlooked.

• Reducing Tax Liability: Identifying tax-saving opportunities and credits can significantly reduce the amount you owe. This, in turn, can lead to substantial savings and better financial planning.

• Audit Prevention: A comprehensive review helps to reduce the chances of an IRS audit. By ensuring your return is accurate and complete, you demonstrate your commitment to compliance, which can deter potential audits.

A "simple tax return" is defined by the IRS Form 1040, where there's no necessity to attach any additional forms or schedules. However, this applies to certain taxpayers meeting specific conditions.

• Situations covered under a simple tax return (assuming no added tax complexity) include:

• W-2 Income:

  • If your income primarily comes from an employer and is documented via a W-2 form, your tax situation is straightforward and can be handled with ease.

• Interest or Dividends:

  • If you earn interest or dividends (1099-INT/1099-DIV) that don't require filing a Schedule B, your tax return is still considered simple.

• IRS Standard Deduction:

  • Being eligible for the IRS standard deduction simplifies your tax return, making it fit for TurboTax Free Edition.

• Earned Income Tax Credit (EIC):

  • Qualifying for the Earned Income Tax Credit doesn't complicate your tax situation and allows you to use TurboTax Free Edition.

• Child Tax Credit (CTC):

  • Claiming the Child Tax Credit is part of a simple tax return and can be managed through the TurboTax Free Edition.

• Student Loan Interest Deduction:

  • If you're claiming a deduction for your student loan interest, your tax return remains simple and can be handled using the free edition of TurboTax. 

However, certain situations are not covered under a simple tax return:

• Itemized Deductions:

  • If you choose to itemize your deductions instead of taking the standard deduction, your tax situation becomes more complex and requires a different level of assistance.

• Unemployment Income:

  • Receiving unemployment income reported on a 1099-G adds complexity to your tax situation and necessitates a more comprehensive approach.

• Business or 1099-NEC Income:

  • Earning income from self-employment, contracting, or freelance work complicates your tax return, requiring a higher level of expertise.

• Stock Sales:

  • Selling stocks during the tax year introduces more intricate tax calculations and therefore is not part of a simple tax return.

• Rental Property Income:

  • If you're a landlord and have rental property income, your tax return becomes more complex when dealing with this additional source of revenue.

• Credits, Deductions, and Income on Other Forms or Schedules:

  • Any income, credits, or deductions reported on additional forms or schedules, such as income related to crypto investments, move your tax return into the realm of added complexity.