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Tax Preparation Attorneys
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Tax Return Preparation
Before you know it, April 15th will be just around the corner, meaning that it’s officially time to file your taxes. At Victory Tax Lawyers, we advise you to prepare for the process as much in advance as possible to avoid any unnecessary stress. Our tax relief services are here to ensure quick and responsive help for your tax return preparation.
Tax preparation is the process of preparing tax returns. It is the actual process done before you or performed by a tax preparation service, which will file your owed taxes. There are several ways you can go about tax preparation, a few of which we will cover below.
Do You Need To File?
Before jumping into the process, it is important to identify whether you actually need to file or not. Factors such as marital status, age, filing method, and income all help determine whether you need to file taxes or not. To find this out, check the IRS website for info. It is also important to confirm whether you are dependent and if you have to file. During this initial step, it is also important to identify which status you are filing under, such as single, married (separately or jointly), unmarried, or as a widow/widower.
You As The Tax Preparer
At this point, it is time to gather all of your necessary documents (W-2, 1099, school taxes, property taxes, etc). Filing will be much easier if all documents are organized beforehand. Next, you must determine which form you use in order to file. There are three forms used to file taxes:
1040EZ – The easiest of the 1040 forms, the 1040EZ allows you to take the standard deduction, however, you can’t itemize deductions, claim adjustments to income or any tax credits other than the Earned Income Tax Credit (EIC). If you have earned any income through self-employment, alimony, dividends or capital gains, the 1040EZ is no longer an option.
1040A – This form allows more tax breaks for childcare, education, and retirement; however it remains limited in regards to deductions and other credits beyond the ones mentioned above. While more flexible than the 1040EZ, the 1040A remains fairly limited compared to the IRS Form 1040.
Form 1040 – The lengthiest of the three forms, Form 1040 is meant for those with larger earnings (income over $100,000), various investments, tax credits, and itemized deductions. Essentially, the more money you make, the longer the tax form. And the longer the tax form, the more tax breaks, and credits are available.
Form 1040EZ is the easiest to complete but only works for some taxpayers. Check the stipulations on the IRS website to ensure you are using the right form for you and your income status / financial situation. Make sure to deduct whatever is necessary as well. Once completed, you can either submit online or mail a paper return to the IRS. If you are unable to pay the full amount of your current tax liability, the IRS Installment Agreement will allow you to pay a portion of that tax issue. There are different types of installment plans based on your financial situation. These payment plans can be paid by payroll deduction, direct debit, credit card, and more.
What If I Don’t Want To File Taxes Myself?
Tax preparation can be overwhelming and stressful. We get it. Since there are so many factors to consider and different stipulations for everyone, Victory Tax Lawyers want to help turn your tax worries into tax relief. We understand it can be a challenge to keep all of your tax documents organized and clear. The good news is that today there are a plethora of resources and services that can do your taxes for you, making filing your own taxes all the easier.
Standard Deduction vs Itemized Deduction
When filing taxes, you are faced with two options to lower your taxable income: the standard deduction or itemized deduction. The standard deduction will lower your income by a single fixed amount, while itemized deductions consist of various expenses for which you may or may not qualify. Whichever deduction lowers your tax liability the most is the right choice for you.
File Taxes Yourself With Help
If visiting an actual tax preparation company is something you’d like to avoid, there are several companies that offer online services at affordable prices. This makes it easy for you to file taxes yourself with the support of a website guiding you through the entire process. Services vary as well, making it customizable to your financial situation and personal needs. These online filing services are great if you have some idea about taxes but would rather not do it all yourself. Some of these online companies include TurboTax and HR Block. Feel free to read reviews to determine which service is best for you.
A Tax Deadline
The tax deadline is the date by which your federal income tax return should be filed with the Internal Revenue Service (IRS). Normally, for U.S. federal income tax returns, the deadline is April 15th. However, if this date falls on a weekend or holiday, the deadline may be extended to the next business day.
Ensuring your tax return is filed by the deadline is critical to:
- Avoid late-filing penalties and interest.
- Ensure a timely receipt of your tax refund if applicable.
- Stay in compliance with IRS regulations, preserving your financial standing.
Consequences of Missing the Deadline
Financial Implications: The IRS imposes penalties for late filing, which can be a substantial financial burden. In addition to penalties, interest accrues on the unpaid balance after the deadline.
Legal Repercussions: Owing to the legal obligation of filing taxes, failing to do so timely can bring about legal consequences, especially in cases of significant tax evasion.
Impact on Financial Health: Your credit score might be impacted if the IRS files a tax lien against you due to unpaid taxes.
How to Ensure Timely Filing
Be Prepared with Documents: Gather all necessary documents, such as your W-2s, 1099s, and receipts, well ahead of the tax season. This ensures that you are not scrambling for information at the last minute.
Utilize Technology: Consider using tax preparation software or hiring a professional. Technology can provide reminders, guides, and tools to ensure accurate and timely filing.
Submit Even If You Can’t Pay: If you’re unable to pay the taxes you owe, it’s still pivotal to file your tax return or at least file for an extension by the deadline to minimize penalties.
Provisions for Late Filing
Filing an Extension: You may file Form 4868 to request an automatic extension, which gives you until October 15th to file your tax return. However, any tax owed is still due by April 15th.
Addressing Unpaid Taxes: If you can’t pay your tax bill, options are available, such as payment plans and Offer in Compromise, which can facilitate reduced burden while remaining compliant. Navigating through these alternatives, it’s crucial to consult a tax professional to ensure that the chosen path aligns with your financial situation and adheres to regulatory guidelines, protecting you from potential penalties and further financial strain.
Reporting A Side Gig or Freelance Income
Legal and Ethical Obligations
As a resident and income-earner in a country, there’s a legal obligation to report all forms of income to the relevant tax authorities, like the Internal Revenue Service (IRS) in the United States. This includes income from side gigs and freelancing. Beyond legality, ensuring accurate and comprehensive reporting of all income fosters a culture of transparency and ethical financial management.
How to Report Side Gig and Freelance Income
It’s pivotal to comprehend what qualifies as taxable income. Generally, all income earned, cash or otherwise, is deemed reportable unless specifically exempted. In the U.S., income from freelancing or a side gig is often reported on Schedule C (Form 1040) or Schedule E, depending on the nature of the income. Understand and leverage applicable tax deductibles, such as home office expenses, business-related purchases, and mileage for work purposes, to offset your tax liability.
Implications of Not Reporting Side Income
Omitting income reporting can result in considerable penalties, accumulated interest on unpaid tax liabilities, and, potentially, legal interventions. Neglecting to declare any form of income increases the risk of audits, during which unreported income could be unearthed, exacerbating penalties and undermining your financial credibility.
Impact of Marriage on Taxes
Marriage typically alters tax filing status. Couples can choose between Married Filing Jointly and Married Filing Separately. Each status carries its own implications, affecting tax brackets, deductions, and potential credits.
Incomes and Deductions: Combining incomes may push couples into a higher tax bracket, while joint deductions and credits might offer new advantages or challenges.
Liability: When filing jointly, remember that both partners are equally responsible for the accuracy and liability of the tax return.
The Financial Ramifications of Parenthood
Tax Credits for Parents
Being a parent can unlock various tax credits:
- Child Tax Credit: Depending on your income, you might be eligible for credits for each qualifying child.
- Child and Dependent Care Credit: Expenses related to the care of qualifying children may render you eligible for additional credits.
Dependent Deductions
With a child as a dependent, you may be entitled to additional standard deductions. Certain child-related expenses might be itemized and deducted, such as medical expenses.
Educational Credits and Plans
Contributions to a 529 plan for a child’s future educational expenses can be advantageous. The American Opportunity Credit and Lifetime Learning Credit can alleviate tax burdens related to educational expenses.
Get Your Taxes Done
If you have a lot of questions and are totally overwhelmed by taxes, then meeting with qualified individuals may be your best option to answer your questions and guide you through the process with IRS tax expertise. There are several different tax preparation agencies that take care of the process for you and are easily accessible in most areas — especially relief services in Los Angeles. There are plenty of outlets available for your services, including electronic filing, though one-on-one consulting is always an option.
If you have not filed for many years, be sure to check with the IRS to confirm which years they are looking for. Sometimes, the IRS is not always looking for all returns to be filed. Would you like to find out how many years of tax returns you need to file? Contact us at 866.640.0640 to make sure you are owing the least amount possible. At Victory Tax Lawyers, our tax experts will help you establish a payment plan that most efficiently satisfies any tax issues you might have regarding federal refunds or state returns, standard deductions, tax liens, tax forms, or anything else related to tax preparation and filing.
Got Questions?
Tax Preparation: Frequently Asked Questions
Tax preparation is the process of assembling all necessary tax-related documents and information with the aim of filing a complete and accurate tax return. It involves identifying taxable income, calculating the tax payable or refund due, and submitting the applicable forms to the relevant tax authorities.
Commonly, individuals, businesses, and various entities that have earned income in a fiscal year are obligated to file a tax return. Specific income limits and filing requirements can vary based on age, filing status, and type of income.
In the United States, the deadline for filing individual federal tax returns typically falls on April 15th. Deadlines can vary for state taxes and may be extended in certain circumstances, such as due to natural disasters or global events like a pandemic.
The standard deduction is a flat amount that reduces taxable income. The itemized deduction involves listing eligible expenses to reduce taxable income. Taxpayers can choose the method that offers them the most tax savings.
Missing the filing deadline may result in penalties and interest on any unpaid taxes. If you expect to miss the deadline, consider filing for an extension, although this may not exempt you from late-payment penalties.
The IRS recommends keeping tax records for a minimum of three years from the date you filed your original return. In situations involving property or audits, keeping documents for seven years is advisable.
Tax credits reduce the amount of tax you owe, dollar-for-dollar. They can be nonrefundable (reducing your tax liability to $0) or refundable (you may receive a refund even if it exceeds your tax liability).
If you’re unable to pay your tax bill in full, the IRS offers several payment plan options. Always file your tax return on time, even if you can’t pay, to avoid additional penalties.
Yes, unemployment benefits are generally considered taxable income. However, there can be exceptions or adjustments, especially in unique circumstances like pandemic relief measures.
The EITC is a tax credit for low to moderate-income workers. Eligibility is determined by your income, filing status, and family situation (e.g., number of dependents). Consult the IRS guidelines or a tax professional for specifics.
✓ Attorney-Reviewed Content
This content was written and reviewed by the licensed tax attorneys at Victory Tax Lawyers, LLP. Our attorneys specialize in IRS tax relief and are licensed members of the California State Bar with a nationwide practice.
Last Reviewed: 2026 · Meet Our Attorneys →
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