Description
Our network of tax professionals at Teaching Tax Flow stands ready to assist you with your tax preparation needs.
Recommended for taxpayers that:
- Have grown out of self-prepared or franchise model tax preparation and need a real estate industry specialist.
- Partnerships with investments, rental property, or business
- AND enjoy IRS real estate professional (REP) status or owns and materially participate in a short-term rental property
Tax Preparation (Form 1065)
What this service includes:
- Partnership (Form 1065) federal income tax return preparation – up to 3 reporting units, up to 10 K-1s
- One Schedule E property OR Schedule C
- If using QuickBooks Online, year-end adjusting journal entry input
- 1-year premium membership to Teaching Tax Flow
Cost Segregation Study
- In-depth analysis with a Cost Segregation Study for properties valued up to $1,000,000
Click on the “FAQs” tab above for more details on this product
FAQs
Who needs to file a Form 1040?
Individuals who have income from wages, salaries, tips, interest, dividends, alimony, or any other taxable income sources are required to file a Form 1040.
What is the deadline for filing a Form 1040?
The deadline for filing Form 1040 is usually April 15th of each year. However, if this date falls on a weekend or holiday, the deadline is extended to the following business day.
What happens if I miss the deadline for filing a Form 1040?
If you fail to file your tax return by the deadline, you may be subject to penalties and interest on any taxes owed. It is important to file your tax return on time even if you are unable to pay the full amount owed. Don’t be afraid to file a tax extension if you feel you may miss the filing deadline (must be done prior to the deadline).
What documents do I need for Tax Preparation?
You will typically need your Social Security number, W-2 forms, 1099 forms, and any other relevant tax documents such as receipts or bank statements. Additionally, you may also need information on deductions and credits you are eligible for.
How long does Tax Preparation take?
The time it takes to prepare and file your taxes depends on your individual situation. It can vary from a few hours to several days or weeks for more complex tax situations. It is important to start the process early to avoid any potential delays.
Up to what home value does this Cost Segregation Study service apply to?
This specific package is currently only offered to homes valued at $1,000,000 or below.
Who will complete the Cost Segregation Study?
One of the Teaching Tax Flow real estate-focused CPAs will be your study from start to finish.
