Tax Preparation Services in Odessa, TX

Start with last year's return, a photo ID, and Social Security numbers or tax IDs for everyone on the return. Then add W-2s, 1099s, any K-1s, and records of deductible costs. Business owners should bring a profit and loss statement, balance sheet, payroll reports and entity paperwork. If you made estimated payments, sold investments or property, have foreign accounts, or took money out of a retirement plan, bring those records too.

Yes. We begin by pulling your IRS wage and income transcripts so we can see what the IRS already has on file, then compare it with your own records and any returns you did file. Late returns can change your balance, trigger or reduce penalties, and affect whether you qualify for a payment plan. That's why we treat them as part of a bigger plan rather than just paperwork to catch up on.

Yes. Our founder earned the Enrolled Agent license, which is issued by the U.S. Treasury with unlimited practice rights before the IRS. If a question comes up after we file, whether a notice, an audit or a collection issue, we can deal with the IRS for you. That's one of the practical advantages of having your return prepared by someone who can also handle tax resolution.

For most people, April 15. If that falls on a weekend or federal holiday, it moves to the next business day. An extension gives you until October to file, but it doesn't give you more time to pay, so estimate what you owe and send it by the April date to limit interest and penalties. Texas has no state personal income tax, but if you worked across the line in New Mexico or another state, you may still owe a return there.

If your net earnings from self employment are $400 or more, you generally have to file, and you'll owe self employment tax on top of income tax. That catches a lot of people who pick up 1099 contract work in the oilfield or on the side. Keep records of what you were paid and what you spent to do the work, and plan for quarterly estimated payments so the bill doesn't land all at once.

Mainly by complexity. A W-2 return with a few deductions is a small job. A business return, several income sources, rental property or a set of overdue years takes more time, especially if records need sorting first. We look at your situation before quoting so you know the scope, and the price, up front.

Getting returns filed correctly is the first step, and it often stops the failure to file penalty from growing. Removing penalties already charged is a separate request. Depending on your history and circumstances, First Time Abate relief or reasonable cause may apply. We look at the whole balance first, then decide whether a penalty request, a payment plan or both make sense.

Don't set it aside. Note the date, keep the letter with your tax papers and bring it in. Notices can ask for information, flag a mismatch with a 1099, show a balance due or propose changes to an old return. Some need a response, some don't. We'll read it, tell you which kind it is, and handle the reply with the IRS if one is needed.