What types of tax services does Fiscal Integrity Group (FIG) offer?

We offer comprehensive tax services for both individuals and small businesses, including tax preparation, tax planning, filing, and audit support. Our services are designed to maximize deductions, credits, and overall savings while ensuring full compliance with tax regulations.

How much can I expect to save by using FIG's tax services?

Savings vary based on your financial situation, but our clients have saved an average of over $138,000 for businesses and $37,000 for individuals through our strategic tax planning and preparation services.

What’s included in the tax consultation?

Our free tax consultation includes a detailed review of your financial and tax situation, a breakdown of missed deductions or credits, and strategic advice on how to optimize your tax savings moving forward.

Can you help me if I’m behind on my taxes or facing an audit?

Yes, we can help you catch up on overdue taxes, file back taxes, and provide audit support. Our experienced team will guide you through the process and ensure compliance with all IRS requirements.

Do you work with specific tax software?

Yes, we primarily use QuickBooks and other cutting-edge tax software to ensure accuracy and efficiency in tax preparation and planning. This allows us to maximize your savings and ensure compliance.

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1040 Individual Tax

Form 1040 is the standard U.S. Individual Income Tax Return used by taxpayers to report their annual financial activities to the Internal Revenue Service (IRS). It serves as the primary mechanism for calculating tax liability, reporting income, claiming deductions and credits, and determining whether a taxpayer will receive a refund or owes additional taxes.

Key Components of Form 1040

Personal Information Section

Taxpayer's full name, address, Social Security number
Filing status (single, married filing jointly, married filing separately, head of household, qualifying widow(er))
Dependent information
Standard or itemized deduction election

Income Reporting

Comprehensive income reporting includes:Wages and salaries (W-2 forms)
Investment income
Retirement distributions
Capital gains/losses
Self-employment income
Rental income
Alimony
Other miscellaneous income sources

Deductions and Credits

Standard deduction
Itemized deductions (Schedule A)
Tax credits for:Child Tax Credit

Tax Calculation

Gross income calculation
Adjusted gross income (AGI) determination
Taxable income computation
Tax liability calculation
Credit application
Final tax refund or amount owed

Accompanying Schedules

Depending on individual financial circumstances, additional schedules might include:Schedule 1: Additional Income and Adjustments
Schedule 2: Additional Taxes
Schedule 3: Additional Credits and Payments
Schedule A: Itemized Deductions
Schedule B: Interest and Dividend Income
Schedule C: Profit or Loss from Business
Schedule D: Capital Gains and Losses
Schedule E: Supplemental Income and Loss
Schedule SE: Self-Employment Tax

Filing Options

Electronic filing (recommended)
Paper filing by mail
Professional tax preparation services
IRS Free File program for eligible taxpayers

Important Considerations

Annual updates to form and tax laws
Accurate and complete information reporting
Timely filing before annual deadline (typically April 15)
Retention of supporting documentation

Potential Penalties

Late filing
Underreporting income
Incorrect information submission
Failure to pay taxes owed

Recommended Best Practices

Gather all financial documents early
Review form thoroughly before submission
Consider professional tax preparation for complex situations
Keep copies of all filed documents
Understand potential deductions and credits

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FAQ

What types of tax services does Fiscal Integrity Group (FIG) offer?

We offer comprehensive tax services for both individuals and small businesses, including tax preparation, tax planning, filing, and audit support. Our services are designed to maximize deductions, credits, and overall savings while ensuring full compliance with tax regulations.
How much can I expect to save by using FIG's tax services?

Savings vary based on your financial situation, but our clients have saved an average of over $138,000 for businesses and $37,000 for individuals through our strategic tax planning and preparation services.
What’s included in the tax consultation?

Our free tax consultation includes a detailed review of your financial and tax situation, a breakdown of missed deductions or credits, and strategic advice on how to optimize your tax savings moving forward.
Can you help me if I’m behind on my taxes or facing an audit?

Yes, we can help you catch up on overdue taxes, file back taxes, and provide audit support. Our experienced team will guide you through the process and ensure compliance with all IRS requirements.
Do you work with specific tax software?

Yes, we primarily use QuickBooks and other cutting-edge tax software to ensure accuracy and efficiency in tax preparation and planning. This allows us to maximize your savings and ensure compliance.