Tax preparation is the act of preparing the filing of income tax returns. Because United States income tax laws are considered to be complicated, many people and corporations seek outside assistance with taxes. Tax preparation may be done by the filer, with the help of a tax preparation business, or with the help of tax preparation software and online services.

Tax returns, in the more narrow sense, are reports of tax liabilities and payments, often including financial information used to compute the tax. Information returns are reports used to transmit information about income, receipts or other matters that may affect tax liabilities. For example, Form W-2 and Form 1099 are used to report on the amount of income that an employer, independent contractor, broker, or other payer pays to a taxpayer. A company, employer, or party who has paid income (or, in a few cases, proceeds that may ultimately be determined not to be income) to a taxpayer is required to file the applicable information return directly with the IRS. A copy of the information return is also sent directly to the payee. These procedures enable the IRS to make reasonably sure that taxpayers report income correctly.

The legal obligation to file Federal tax returns in general is imposed under 26 U.S.C. § 6011. The more specific legal obligation to file Federal income tax returns is imposed under 26 U.S.C. § 6012.

The standard U.S. individual tax return is Form 1040. There are several variations of this form, such as the 1040EZ and the 1040A, as well as many supplemental forms.

U.S. citizens and residents who realize gross income in excess of a specified amount (adjusted annually for inflation) are required by law to file Federal income tax returns (and pay remaining income taxes if applicable). Gross income includes most kinds of income regardless of whether the income arises from legitimate businesses.

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With over 30 years of industry experience, we are your tax preparation professionals. We diligently work to ensure that your financial integrity remains secure. Count on us to get the job done professionally and correctly.

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