FOR INDIVIDUALS

Income Tax

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Personal Tax Preparation Services

At Nexo Tax Corp, we understand that personal income tax can be a complex and stressful process. However, with the right guidance, you can turn this annual obligation into an opportunity to maximize your savings and financial growth. To help you better understand the process and make the most of your tax returns, we provide comprehensive personal tax preparation services.

Our team will work with you to ensure all relevant information is included in your documents and that they are filed correctly.

We are certified by the IRS as an authorized e-file provider, so you can trust that your taxes will be handled correctly.

An income tax return is a formal document that taxpayers submit to the Internal Revenue Service (IRS), detailing their income, deductions, and credits for a specific tax year. The purpose of filing an income tax return is to calculate whether the taxpayer has paid an appropriate amount of tax throughout the year. If too much tax has been paid, the taxpayer may be eligible for a refund.
Conversely, if not enough tax has been paid, additional payment may be required. All individuals, businesses, trusts, and any other entity that has received income during the year must file an income tax return, provided they meet certain income requirements.
A personal tax return should be filed by any individual who has earned income during the tax year. This includes, but is not limited to, earnings from employment, self-employment, rental income, investment returns, and unemployment benefits. Depending on your age, filing status, and gross income, you may be required to file a tax return.
Additionally, if you owe any special taxes such as self-employment tax, alternative minimum tax, or additional tax on a qualified plan, you will need to file a tax return.
At Nexo Tax Corp, we can help determine if you need to file a personal tax return and guide you through the process to ensure maximum accuracy and benefit.
Here's a basic list of what you might need:
Personal Information: This includes your Social Security number, ITIN number, as well as those of your spouse and dependents, if applicable.
Income Information: Documents detailing your income for the tax year, such as
- W-2 forms from your employer,
- 1099 forms for other types of income (like self-employment, investments, retirement, and others).
- 1098-T forms scholarships.
- and any other income records.
Deductions and Credit Information: Receipts or records for deductions you plan to claim, including student loan interest, medical expenses, mortgage interest, and charitable donations. Also, include any documents for tax credits, such as education expenses or child care costs.
Previous Year's Tax Return: This can help as a reference and for consistent record-keeping.

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Benefits of Professional Tax Preparation Services

Filing your taxes yourself can be time consuming and overwhelming, especially if you're dealing with multiple streams of income or complex investments. Hiring a professional to prepare your taxes takes away the hassle and ensures accuracy. Plus, with our experienced team of tax professionals, you can be sure to get the most out of your return.

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TAX FILING MADE EASY AND STRESS-FREE

Contact us.

info@nexotaxcorp.com
(718) 690-3536

3272 Steinway St 301
Astoria, NY 11103

Where is my refund?

The IRS typically issues most refunds within 21 days, but it could take longer . The timing depends on several factors, including how you filed (electronically or by mail), the complexity of your return, and whether the IRS is experiencing any delays due to peak filing seasons or other factors. Keep in mind that state tax refunds can vary and might take longer.
Several factors can contribute to this outcome. Changes in tax law, variations in your income, adjustments in your deductions or credits, or inaccuracies in your return can all affect your refund amount. Additionally, your refund may be reduced if you have outstanding federal debts, such as student loans or child support arrears

About Tax Credits

The Earned income Credit (EIC) is a U.S. tax credit designed to help individuals and families with low or moderate incomes. This credit reduces the total amount of taxes a person must pay and, in some cases, may result in a refund, even if no federal taxes are owed.
The Child Tax Credit (CTC) is a U.S. tax credit designed to ease the tax burden of parents and guardians with minor children. This credit helps reduce the amount of taxes a family must pay, and in some cases, o portion of the credit may be refunded if the credit is greater than the total taxes owed.

Forms for taxes

Form W-2 is a document that is given to each employee in the United States by the employer at the end of the fiscal year to inform them, and also the Internal Revenue Services (IRS), about the income they earned and the taxes withheld during the year. It is essential for employees to prepare and file their annual tax return.
Form 1099 is a tax document in the United States that employers, clients, or financial institutions use to report to the Internal Revenue Service (IRS) income received by an individual who is not a traditional employee. It is commonly used to report income from self-employed workers, contractors, freelancers, and other forms of income that do not come from a regular salary.