tax Preparation for Individuals
Offering a Broad Spectrum of Comprehensive and
Thorough Year-round Tax Preparation
Many months have holidays so famous, the two are inextricably linked. April and the April 15th tax deadline feel that way to us. While the filing deadline is one day of the year, we are focused on tax law changes year-round so we can identify the tax planning implications and proactively apply updated strategies to minimize our clients' tax liability. We offer a broad spectrum of comprehensive and thorough year-round tax preparation services for individuals and families, from estate tax planning, to the preparation of personal state and federal tax returns, and representation before taxation authorities.
How We Work With Clients
If you’re looking for a tax advisor who will get to know you, your family, your goals and your long-term plans, you’ve come to the right place. At EPBI, you’re not just another tax return in the stack. Our tax preparation services are comprehensive. We’re invested in what matters to you, and our professionals can help you get there.
Our Services
+ Tax Planning
EBPI’s tax professionals continuously monitor federal, state, and local tax law changes to help clients minimize current and future tax liabilities. If necessary, we can implement tailor-made due-date tax compliance monitoring systems and provide guidance on quarterly estimated payments to prevent costly interest and penalty assessments attributable to late filing.
+ Tax Preparation
Tax return forms and schedules are more complicated than ever. By choosing an EBPI tax specialist instead of a DIY online system, you can have full confidence in your tax preparation - without the stress! With just one visit to our office, EBPI can prepare and electronically file your federal, state, and local tax returns.
+ Trust Tax Return Preparation
Proper estate planning is an important component of protecting your assets and providing for your loved ones down the line. Our experienced team will prepare federal and state trust tax returns.
+ IRS and State/Local Representation
Tax clients can turn to EBPI for representation if needed. Our firm knows the tax laws, and we know how your tax return was prepared. We can provide complete representation services before the IRS as well as state and local taxing authorities. We are also experienced in negotiating Offers in Compromise with the IRS.
Is EBPI Right For You?
While nothing would make us happier than being able to help everyone with their tax needs, we know that your circumstances are unique, and we may not be the best provider for your tax planning and preparation. Here’s a brief guide to choosing the right tax preparer:
+ If you are part of a high net-worth family, require international filing, or require year-round guidance…
Working with an experienced advisor is essential when it comes to achieving your philanthropic goals and leaving a legacy for future generations. Proper filing is one piece of the puzzle, along with tax planning, accounting, compliance, estate tax planning, and a range of other services. Our sister company, Livingston & Haynes, provides a full range of tax planning, compliance and consulting services, which may be a better fit for your needs.
Livingston Haynes may be right for you!
+ If you or your spouse are self-employed, you receive income from investments, hold rental properties, or are a partner in your firm…
Even moderate earners can benefit from working with a tax professional. Correctly accounting for business expenses, rental properties, brokerage accounts, K1s or PTPs can help minimize your tax payment and prevent fines and fees due to errors or omissions. The EBPI team’s wide range of experience can give you the confidence that your taxes will be done right, on time and with minimal stress.
EBPI may be right for you!
+ If you receive a W2 from your employer, do not claim expenses, and do not own any rental properties...
Your tax situation is probably pretty straightforward. Claiming expenses, self-employment income, real estate investments and investment accounts start to make your tax return more complicated. In your case, you may be able to save time and money by completing your return online with a provider such as TurboTax, H&R Block, or directly on the IRS website. Additionally, we are unable to assist clients who receive the Earned Income Tax credit.
An online self-preparation tool may be right for you!
EBPI Fee Estimator
Being transparent about pricing is one way we can start to gain your trust and build a relationship with you. Answer a few questions about your tax situation and get an instant price estimate.
Answers to Commonly Asked Questions
+ Do I Have To Pay Capital Gains Taxes On The Sale Of My House?
You do not have to pay capital gains taxes on the sale of your primary residence if the gain does not exceed $250,000 for a single taxpayer or $500,000 for married filing joint tax payers. For 2020 going forward the house must have been your primary residence for 5 of the last 8 years. It does not matter whether or not you buy another house. NOTE: The capital gain is calculated by subtracting the original purchase price plus the cost of major improvements from the selling price. The balance you owe on any loans has NO direct bearing on your gain or loss.
+ How Much Money Can My Child Make Before They Have To Pay Taxes?
Many children hold summer jobs but do not work during the school year. If you claim them as a dependent they can earn up to the standard deduction amount, $12,400 for 2020 forward and 12,550 for 2021, without paying taxes. If that is the case they should claim "exempt" on their W4. NOTE: If they are paid on a 1099 they will be held responsible for the social security taxes. Make sure they are filling out a W4.
+ I'm A Single Taxpayer. How Much Can I Make Before I Have To File A Return?
If you are under 65 you must file if you make over $12,400 for 2020. If you are a dependent of someone else see above.
+ When Do I Have To Make My IRA Contribution?
Any IRA contributions you wish to be counted for 2020 must be posted by April 15, 2021 even if you choose to file for an extension.
+ How Much Can I Contribute To My IRA?
Except for rollover contributions the maximum amount you can contribute to an IRA in 2020 is $6,000, assuming you have that much in earned income. If you turn 50 before the end of the tax year you may increase the amount by $1,000.
Why EBPI?
“They know their business. Very helpful in our retirement options. Extremely friendly and above all else makes you feel very comfortable.”
Individual Tax Services Specialists
Steven Haynes E.A., President
Cheryl Morse E.A., Easton Manager