Looking for Tax Preparation Ohio? Don't Know Where to Turn? Trust The Experts at Sheppard Law Offices To Help You Get The Return You Deserve!
Tax Preparation Professionals OhioAttempting to prepare your own taxes in Ohio can be complex, and a frustrating task to say the least. You will end up spending hours on your tax preparation, and still won’t be 100% sure if everything was correct. One mistake could cost you more than hiring your local tax preparation attorney. They will complete the process correctly and not miss any information that could be helpful on your tax return. The attorneys at Sheppard Law Offices, located in Ohio, have years of experience in federal and Ohio tax laws. We stay on top of all annual changes to the laws to make sure you get the tax return you deserve. Our Ohio tax attorneys are here to make the process hassle-free. Our full team of professionals is here to answer any questions that you may have during the preparation process and we will help ease the tax return process.
Our Ohio tax return professional is here to assist you with the following tax preparation services:
- Individual Income Tax Preparation
- Small Business Tax Return Preparation
- Partnership Tax Return Preparation
- Corporate Tax Return Preparation
- Estate Tax Return Preparation
- Gift Tax Return Preparation
- Tax Identification Number Application Preparation
- State Tax Return Preparation
- Prior Year Tax Return Preparation
- Amended Return Preparation
- Delinquent Return Preparation
Personal Tax PreparationAt Sheppard Law Offices, we are here year-round to provide tax return preparation services. If you are filing late, we can help you with delinquent tax preparation as well as attempt to abate any penalties that may arise in your situation. We professionally prepare federal income tax returns, state income tax returns and local income tax returns. Our Ohio tax preparation attorneys are here to provide our services in a timely and affordable manner to maximize your refund and minimize your overall tax liability. At Sheppard Law Offices we proudly serve all of Ohio, including Columbus, Cincinnati, Cleveland, Akron, Canton, Newark, Mount Vernon and all surrounding areas. Call us today at (877) 505-9455 for a free consultation with one of our tax preparation professionals.
Do I Need to File an Ohio Income Tax Return?Yes, unless one of the following scenarios apply to you:
- Single Marital Status: Your federal adjusted gross income is less than or equal to $12,250 and you have an Ohio Schedule A Adjustments.
- Married Status: If you’re filing jointly and your federal adjusted gross income is less than or equal to $14,500, and you have an Ohio Schedule A Adjustments.
- Your Gross income is retirement income that is eligible for the retirement income credit in the Ohio Schedule of Credits section (line 2) and the credit is equal to or more than your tax before the credits on the Ohio IT 1040 (line 8c).
- Your exemption on Ohio IT 1040 (line 4) is equal to or more than your Ohio adjusted gross income Ohio IT 1040 (line 3) and you have no Ohio Schedule A adjustments.
I Haven’t Received a W-2 Form. What Should I do?Whether or not you have received your W-2 tax form, you must file your Ohio personal income tax. Employers are required to give or mail all W-2 forms to current or past employees in the year by January 31st. If by February 15th you haven’t received your W-2 tax form contact the employer to verify that it was sent to the correct address. Note: Always make sure that you update your address with current or past employers so you will receive your W-2 Tax Forms. If your employer has gone out of business or has refused to supply you with your W-2 tax form, report them to the IRS. If this is a fact, our tax attorneys at Sheppard Law Offices will make sure that the employer is reported and get your W-2 form to complete the tax preparation.
Income Tax Form W-2: “Wage and Tax Statement”The W-2 Wage and Tax Statement tax form are issued to an employee annually to report his or her wages, tips and other monies received. This tax form will also report your federal income, social security, and Medicare tax. State and Local taxes will also be reported on the W-2 form.
What is Form 1099-G / 1099-INT?The 1099-G / 1099-INT tax forms are to report income and interest required by the IRS. The 1099-G / 1099-INT tax forms are issued by the states for state income tax overpayments. These overpayments include:
- Credit that is carried forward
- Use tax
- Offsets issued
How Many Years Should I Keep my Ohio Individual Income Tax Records?When it comes to saving your Ohio income tax records we recommend keeping a total of 10 years in your files. The minimum that you should keep your Ohio Personal income tax records is 4 years. When submitting your taxes, we suggest that you make a copy of your complete tax return before mailing it. And you should keep them with your W-2’s, 1099 tax forms and any other important documents.
Where Should I Send My Payment for Ohio Income Taxes?When working with Sheppard Law Offices we can help you when it comes to paying your IRS and state taxes. If you owe taxes to the state of Ohio you would need a IT 40P payment voucher filled out and sent to the Ohio Department of Taxation.
If I Can't Pay the Tax Due by My Deadline, Is There an Extra Charge?A statutory interest rate will be added to any unpaid tax. In addition, you may owe delinquent payment penalties of up to 35% of the tax due. Below are the interest rates for the past 10 years:
- 2017= 4%
- 2016= 3%
- 2015= 3%
- 2014= 3%
- 2013= 3%
- 2012= 3%
- 2011= 4%
- 2010= 4%
- 2009= 5%
- 2008= 8%
I Moved to Ohio last year. How Do I File an Ohio Income Tax Return?If you earned income in Ohio, you must file an Ohio Personal income tax return. If you were a part-year resident of Ohio, you are entitled to a credit against your Ohio income tax for income earned in another state. You must file an Ohio tax form IT 1040 and use the Non-resident Credit under the Ohio Schedule of Credits. The tax attorneys at Sheppard Law Offices can assist you with the IT 1040 tax form to complete your Ohio Income tax.
What Do I Do If I Have Unfiled tax returns?According to the IRS form “Delinquent Returns – Enforcement of Filing Requirements”, the IRS will require you to be current with your taxes for the past 6 years of unfiled tax returns. At Sheppard Law Offices, we can help you become current with your tax returns and be current with the IRS and state taxing authorities.
How do I Get Up to Date with Unfiled Returns?For Sheppard Law Offices to help you get up to date with your unfiled tax returns you will need to follow these steps:
- Gather Your Tax Documents – We would need copies of your W-2s or 1099 tax forms that you received for your unfiled years. If you are possibly eligible for deductions, make sure that these are gathered to help prove these claims.
- Request Missing Documentation from the IRS - If you are missing tax documents from the last 10 years, you can request them from the IRS by filing the tax form 4506-T: Request for Transcript of Tax Return.
- Download your Prior Years IRS Tax Forms - You must always file your back-tax returns with the original forms for the tax year you are filing.
- Prepare Your Back-Tax Returns - Tax laws change yearly, using the wrong instructions may require you to prepare the return incorrectly. By hiring a tax attorney, you will have your back-tax submitted correctly to the IRS.
- Submit Your Forms - When the IRS receives your tax returns, you should receive notice of the exact penalty and interest charges you are responsible for.
Business Tax Preparation OhioSheppard Law Offices is a year-round tax service in Ohio. Our supervised income tax preparer also works with business owners to help ease their tax burdens. In addition to having your business income tax returns prepared at our Ohio tax preparation office, we can assist with your business taxation and tax planning needs throughout the year. There are 4 different business types:
- Sole Proprietorship - A Sole Proprietorship is considered a pass-through entity for purposes of federal income taxes. Profits or losses are reported on a Schedule C, which is then reported on and attached to the owner’s personal income tax returns on IRS form 1040.
- Limited Liability Company (LLC) - An LLC may be treated as a disregarded entity, which is a pass-through entity for purposes of federal income tax filing; however, if the LLC elects to be treated as a corporation or has more than one owner, it may be classified as a partnership. As a pass-through entity, profits and losses are filed on a Schedule C with the owner’s personal income tax returns on IRS form 1040.
- Partnership - A partnership is a joint business between two or more people, and these people are known as general partners. An LLC with at least two members can be classified as a partnership for federal income tax purposes unless it files Form 8832 and elects to be treated as a Corporation. Partnerships file Form 1065 with the IRS.
- Corporation - A corporation is a separate entity which is distinct from its owners, also known as shareholders. A corporation is created by state law by establishing a corporate charter and filing its Initial Articles of Incorporation with the Ohio Secretary of State. Many corporations seek an S-election through the IRS to avoid double taxation. Corporations file Form 1120 and S-Corporations File Form 1120-S.
Form 941, Employer's Quarterly Federal Tax ReturnForm 941 is used to report:
- Federal income taxes withheld
- Social Security taxes withheld
- Medicare taxes withheld
- The employer's share of social security and Medicare taxes
- Employment tax deposits made for the quarter.
Form 940, Employer's Annual Federal Unemployment (FUTA) TaxEmployer's Annual Federal Unemployment (FUTA) Tax is strictly an employer paid tax. Employees do not pay a FUTA tax. Form 940 is filed annually with the IRS by the business.
How do I know if my business is in trouble with the IRS?Below are the warning signs if you could be in trouble with the IRS as a business:
- Using employee tax withholding money to pay other creditors
- Failing to make quarterly estimated tax payments
- Delaying the filing of tax returns
- Plowing retirement money into the business, and using it to pay personal living expenses
- Unmanageable credit card debt