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Your W-2, or "Wage and Tax Statement", is sent by any employers you worked for over the course of the year. Employers must send it if you earned over $600, but many send one even if you earn less.
This form details the total wages you were paid as well as the taxes already withheld from your paychecks. You'll need it to correctly report your income to the IRS.
If you earned income outside of a traditional employment relationship, you'll receive 1099s in the mail. There are actually a few different kinds of 1099s, including:
1099s are important, as you're required to report all income you earn.
1098 forms help you save money on taxes by claiming credits or tax deductions. There are also different kinds of 1098 forms, including:
Deductions reduce taxable income while credits cut your tax bill on a dollar-for-dollar basis, so a $2,000 tax credit would reduce a $6,000 tax liability down to $4,000.
If you purchased health insurance on a state or federal Obamacare exchange, this form will be used to determine if you received the correct amount of Advanced Premium Tax Credits.
These tax credits, more commonly known as insurance subsidies, can be paid to your insurer throughout the year to help you afford coverage. However, the amount you're entitled to is based on your income. If you make more than you estimated when buying insurance, you may have received too much in subsidies and have to repay a portion. If you make less, you may be eligible for additional credits at the end of the year.
This form details who was covered in your family and how much your subsidies were worth.
If you're missing these forms, you're likely to find yourself frustrated when you try to do your taxes. If necessary, contact your employer, the company you work for, your lender, or customer support for your healthcare marketplace to find the forms you're missing.
When you receive them, keep them together to give to your accountant or refer to as you finish up your tax return. Having all your documents ready should make tax filing a much easier process.
The Tax Cuts and Jobs Act of 2017 made several changes to federal income taxation that may affect you when filing your tax return for 2018. The IRS has published a summary of the changes to help you understand how they affect you. View IRS Publication 5307, Tax Reform Basics for Individuals and Familiesfor details.
Monarch Tax Solutions LLC, its employees cannot provide legal advice. You should consult your attorney regarding your situation. This content should not be depended upon for other than broadly informational purposes.