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Income Tax Preparation

Calculator, pen and tax forms on a desk.

We provide a comprehensive system of income tax services to our clients and prospective clients. We keep current on new tax laws and legislation, and are in a position to identify key tax planning opportunities that minimize both your tax liabilities. We provide individual and business clients with forward-thinking, comprehensive solutions to financial and income tax issues.

 

Thefeld & Associates is experienced in filing tax returns for various entities, include but not limited to the following:

  • Individuals
  • Corporations
  • Partnerships
  • LLCs/LLPs/LPs
  • Estates, trusts & gift
  • Not-for-profit entities
  • Pensions
  • Property Tax

Thefeld & Associates understands that with numerous law and new regulations, that self-preparing income taxes can be a daunting task, that is whey we are here to help. We understand that is extremely easy to overlook  deductions and credits to which you may be entitled to that is why we aim to help and advise our clients by providing tax solutions with our tax knowledge. Our experienced tax professionals are available to assist our client year-round with income tax implications and help. We ensure our clients stay up-do-date and compliant with tax law changes.

 

Frequently Asked Questions by Individuals about their Federal Income Taxes

How do I know if I have to file quarterly individual estimated tax payments?

You must make estimated tax payments to the IRS for the current tax year only if BOTH of the following apply: (1) You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits, and (2) You expect your withholding and credits to be less than the smaller of 90% of the tax expected on your current year’s tax return or 100% of the tax of the prior year tax return.

 If I claim my child as a dependent because he/she is a full-time college student, how does he/she calculate their exemption on their tax return?

An individual already claimed as a dependent on a tax return cannot claim a personal exemption on his/her tax return. The dependent filing their reutrn shoudl check the box indicating that another taxpayer claimed them as a dependent.

Where is my tax refund?

Individual taxpayers can expend their refund in less than 3 weeks from the date they e-filed their tax return or 4 wees after you mailed a paper return to the IRS. The IRS has a feature on the IRS website that allows you to see where your refund is. The information you will need to check the status of your refund is your SSN, filing status, and the amount of the refund shown on your tax return. To utilize this feature click WHERE’S MY FEDERAL TAX REFUND?

California income tax refunds can be expected 7-10 days after e-filing your return or 8-12 weeks from the date you mailed your paper return. Franchise Tax Board also has an online feature that allow you to check your California State Tax Refund. The information you will need is your SSN, your mailing address shown on your tax return, and the amount of state tax refund shown on your 540. to utilize this feature click WHERE’S MY CALIFORNIA STATE TAX REFUND?