Income Tax

INCOME TAX
PREPARATION

We Stand Behind Our Work

Here at IGSS Services with every return we prepare. If we make an error, you can come to us anytime of the year, and we will resolve the issue. And if you’re audited, we’ll explain your IRS tax audit notice and what documentation you should provide to the auditor.

In the end, nothing is more important than your satisfaction. That’s why we offer our 100% attention to anything related to your tax that might concern you.

Prepared To Prepare Your Taxes

Our Tax Professionals are required to complete 15 hours of training each year. We can explain IRS rules so you understand them and we have specialists who handle nearly every kind of tax situation.

Don’t have time to wait?

No problem!. Drop off your tax documents and we’ll prepare your taxes while you spend your time the way you prefer.

How It Works:

  1. Download, print and complete the Document Checklist form
  2. Gather your tax documents such as W-2s, 1099s, mortgage statements, etc.
  3. Drop everything off here at IGSS Services or send your information via email or fax.

A Tax Professional will contact you to follow up. When we’re finished, you can come to the office to review and sign your return or you can approve your return online — whichever’s easiest to you.

We will thoroughly and conscientiously study your personal situation, and tailor our advice to your specific needs.

 If you’re looking for a firm that will focus on your individual needs, and always treat you like a client who matters, look no further.  IGSS Services offers a full range of professional services, while promising to give you the individual attention that you deserve. Contact us for more information regarding income tax at the phone number or email written above.

We will thoroughly and conscientiously study your personal situation, and tailor our advice to your specific needs.

  An income tax is a tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public. Most states have two taxes which are:

  • Federal income tax is imposed on all citizens and residents of the United States, regardless of the State in which you live. If you make your home (and/or business) in one of the fifty states, you are subject to income tax by the Federal government. While legislators are in charge of constructing and passing tax laws, the Internal Revenue Service (IRS) is the Federal agency which enforces those tax laws and collects the taxes from individuals.

The amount of Federal income tax that you owe each year is based on your income level. The United States uses a progressive tax system — which means that the more money you earn, the more taxes you must pay. Your marginal tax bracket is the highest tax rate that you will pay on your income.

  • State income tax is separate from the Federal tax laws enforced by the IRS. State taxes are levied by each individual State’s government ― there is no system that encompasses the separate taxes for all fifty states. For this reason, State taxes will vary depending on where you live, work, shop, invest, etc. State taxes may be administered by a State department of revenue, department of taxation, state treasurer, or state controller.

State Rate:

States’ approaches to income taxes vary in other details as well. Some states double their single-bracket widths for married filers to avoid the “marriage penalty.” Some states index tax brackets, exemptions, and deductions for inflation; many others do not. Some states tie their standard deductions and personal exemptions to the federal tax code, while others set their own or offer none at all. In the following table, we provide the most up-to-date data available on state individual income tax rates, brackets, standard deductions, and personal exemptions for both single and joint filers.

State taxes: New York

New York’s state income tax rates range from 4% to 8.82% over 8 income brackets. More on the Empire State’s taxes can be found in the tabbed pages below.

Accounting Software Selection & Implementation

There is no shortage of accounting software solutions for your business. Software as a service (SaaS), cloud computing, and other technological innovations are adding more dimensions to technology decisions. Choosing the right solution that will meet the needs of your business now and in the future while also providing a necessary level of security is crucial. We can analyze the nature of your business and financial transactions, current technology, future business plans and emerging needs to identify and implement a software solution that is flexible enough to grow and change with your business.

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Audits, Reviews, and Compilations

Our audit, review and compilation capabilities are a core part of our services. We tailor each process to the unique needs of your business. We deliver financial statements and reports that are clear, concise and acceptable to all outside parties and that can provide information and insight to help you run your business more effectively. We will work closely with you and your key employees to develop and execute a plan to complete this work by minimizing employee time spent on the process and without disrupting operations.

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Bookkeeping/Write-Up

If your business does not currently have accounting staff or if your business is outgrowing its current bookkeeping system, we can provide comprehensive bookkeeping and write-up services to ensure the smooth operation of the financial side of your business. As your business needs grow and change, we can provide input and planning assistance to make sure your accounting and financial systems keep pace with your business needs.

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Buying or Selling a Business

Few business decisions are more important, complex and potentially business altering than a buy or sell decision. When you are ready to sell your business, we can provide support at every step, including valuing the business, vetting potential buyers, and supporting due diligence. If a buying opportunity presents itself, we can help by providing valuation services, developing negotiation and financing strategies, and managing the due diligence process.

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Estate & Trust Tax Preparation

Estate matters affect everyone. By taking proactive steps today, you can ease the way for your heirs during a very difficult time. We can work with your legal counsel to help you to structure your estate and trusts to minimize taxes and ensure the smooth transition to your heirs. We are available to handle all estate and trust tax-related matters.

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Financial Analysis

When a business is able to undertake strong financial analysis, it opens up new opportunities to improve management, planning and decision making. Financial analysis provides the numbers to support, reject or contemplate a course of action. Prospective analysis can show how situations may evolve under various scenarios, providing a new dimension to decision making. We are ready to provide this type of financial analysis to support the continue prosperity of your business.

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Financial Statements

Financial statements are an important tool for management decision making. Financial statements also represent your business to lenders, partners, potential buyers and other interested parties. We  will work closely with your key personnel to develop and finalize accurate and timely financial statements.

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IRS Representation

An IRS audit can be an intimidating and complex process. If you or your business face an IRS audit, we can bring to bear years of experience in dealing with tax matters and IRS audit procedures to ensure that you are properly represented when dealing with the IRS and other tax authorities.

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Management Advisory Services

Our Management Advisory Services focus on improving the efficiency and effectiveness of your business and its operations. We  can provide support in business planning, mergers, acquisitions, and other advisory support. Contact our office to learn about the full range of services we provide.

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Notary Public

A notary public can help you to handle various business matters, including witnessing and authenticating document execution and signatures. We offer Notary Public services and are available when you need us.

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Payroll Services

Constantly changing federal, state and local laws and tax regulations make payroll management an ongoing challenge for business owners. Our payroll services professionals are well versed on these laws and regulations. We can proactively alert you to material changes that will affect your business and your employees while also keeping payroll running smoothly no matter how large your business and your employee population become.

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Retirement Planning

Retirement planning is critical in these uncertain times. Whether you are developing a retirement plan for yourself or choosing a retirement plan to offer to your employees, we can help you evaluate the available options. Our focus is on helping you to make the choice that is most appropriate for your own financial situation. If you are choosing a retirement plan for your business, we will base our recommendations on the unique characteristics of your business and your employee population, as well as the legal and compliance issues related to each type of plan.

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Sales Tax Services

State and local tax authorities are looking to maximize sales tax collections. We can help you understand and manage your sales tax obligations and prepare sales tax returns in an efficient and timely manner.

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Tax Preparation & Planning

Effective tax preparation and planning can help you to minimize your future tax liability. We can help you proactively manage both your personal and your business tax issues, including understanding how upcoming business opportunities impact your tax status and vice versa. Not all tax planning opportunities are readily apparent. By having us on your team, you are more likely to benefit from those opportunities. We understand how the latest federal, state and local tax legislation and other developments affect you and your business and we are constantly identifying new ways to reduce federal, state or local tax liabilities.

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