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Tax Preparation

Professional Income Tax Preparation

Preparing your own income tax return can leave you with more questions than answers. Incorrectly filed returns, missed deduction opportunities, late filing and ignorance of the new tax laws could put you at risk. Let Accounting Solutions maximize your deductions and virtually eliminate the risk of an IRS audit.

 
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Income Tax Returns

We specialize in personal income tax form preparation. We help resolve IRS and NYS personal income tax problems and will respond to tax notices on your behalf.

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Business Corp Returns

Detailed knowledge of state and federal tax laws can overwhelm any business. We can work with your accounting staff to assemble the documents required to file your return.

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Amended Tax Returns

We can help prepare and submit your amended tax return. Overlooked deductions, windfalls, recharacterizing a Roth Conversion could require you to update your return.

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Federal Refund Status

Click to check the status of your
federal tax return.

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NY STATE REFUND STATUS

Click to check the status of your
NY State tax return.

Don't let tax law changes delay your return

Call Accounting Solutions

716.681.2694

Accounting Solutions Team

Jeff Kelchlin

Tax Return Specialst

Owner of Accounting Solutions with over 20 years experience in tax preparation, tax planning, and retirement planning.

Maryann Sommers

Enrolled Tax Agent

After 35 years working as an Auditor for NYS, Maryanne brings a wealth of knowledge in tax law. She is also an Enrolled Agent with the IRS.

Chris Kelchlin

Tax Preparer

With ten years experience in banking, Chris is always keeping up on the current top financial products in the industry.    

Stephanie Haefner

Office Manager

Stephanie has a keen eye for detail and will help to you to have a wonderful tax preparation experience.                            

 

** Not pictured ** Karen Kelchlin - Accounts Receivable Clerk and notary public.

Frequently Asked Questions

What are the new standard deductions and personal exemptions for 2018?

The standard deduction is increased to $24,000 for married filing jointly; $18,000 for head of household and $12,000 for all other taxpayers. These amounts will be indexed for inflation. Personal exemptions are suspended through tax year 2025. With this increase in the standard deduction, many taxpayers will no longer itemize deductions causing a simplification in the preparation of their income tax returns.

What happens if I miss the filing deadline?

An extension will keep you from getting hit with a late-filing penalty of 5% of the unpaid taxes for each month or part of a month you’re late, up to 25%. That’s in addition to a late-payment penalty of 0.5% of the unpaid taxes for each month or part of a month—plus interest at a rate of the federal short-term interest rate plus 3%. If you expect a refund, you obviously have an incentive to get your return in as soon as possible to get those dollars in your pocket. If you file for an extension thinking you’ll get a refund and instead find that you owe, you’ll have to tack on the late-payment charges..

What is the time limit to file an amended tax return?

Three-year time limit. You usually have three years from the date you filed your original tax return to file Form 1040X to claim a refund. You can file it within two years from the date you paid the tax, if that date is later.

Has alternative minimum tax for individuals changed?

The exemption amount has been increased. With the increased exemption amount and due to the new limit on the deduction of state and local taxes and suspension of the deduction on miscellaneous itemized deductions, fewer individuals will be subject to the alternative minimum tax.

Can you write off property taxes in 2018?

The IRS said that people may be able to deduct their 2018 state and local property taxes only if they were assessed and paid during 2017. People can only deduct prepaid property taxes that have already been assessed by local governments.

How are self-employed and small business owners affected?

The bill has a myriad of changes for business. The biggest includes a reduction in the top corporate rate to 21%, a new 20% deduction for incomes from certain type of “pass-through” entities (partnerships, S Corps, sole proprietorships), limits on expensing of interest from borrowing, almost doubling of the amount small businesses can expense from the 2017 Section 179 amount of $510,000 to $1,000,000, and eliminates the corporate alternative minimum tax (AMT).

How is health care expenses and the no-insurance penalty affected?

The bill eliminates the tax penalty for not having health insurance after December 31, 2018. It also temporarily lowers the floor above which out-of-pocket medical expenses can be deducted from the current law floor of 10% to 7.5% for 2017 and 2018 So for 2018, you can deduct medical expenses that are more than 7.5% of your adjusted gross income as opposed to the higher 10%.

Our Office

Accounting Solutions

36 Brunswick Road
Depew, NY 14043
716.681.2694
info@elitetaxprosplus.com

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