Federal and State Tax Filing
Dollar Tax Filer is a dedicated & registered Electronic Return Originator (ERO) with the IRS and governed by Circular 230 of IRS Rules. When compared to the other tax consultants in Industry, we are differentiated for its transparency and with its unique procedures and accuracy diligently respects the establish time frame.
We engages only CPA's, EA's, Chartered Accountants, MBA's and registered tax return preparers (RTRP) who hold preparer tax identification number (PTIN). We assure 100% accuracy in the tax preparation and our knowledgeable staff are available to advise you.
Services offered for Individuals:
- Federal and State tax returns
- Tax planning to reduce the tax liability
- ITIN application
- Passport Certification
- Extension of Tax returns
- E-filing/Paper filing
- Filing of Amendment tax returns
- Individual Retirement Arrangements (IRA)
- FBAR
ITIN (Individual Taxpayer Identification Number):
You and any dependents claimed on your tax return must have either SSN (Social Security Number) or an ITIN (Individual Taxpayer Identification Number), or your return will not be accepted by IRS. For anyone filing a tax return or claimed as a dependant who is not eligible for a Social Security Number, an Individual tax Identification Number (ITIN), issued by the IRS, is required.
Dollar Tax Filer provides economical services to get Taxpayer Identification Number (ITIN), efficiently and effectively, and need not face the IRS officer without knowledge of IRS Provisions.
How to apply for ITIN:
Visiting IRS office:Tax Payer needs to visit IRS office along with ITIN applicants such as spouse and kid's carrying Federal Tax copy, ITIN applications and original Passports. IRS person will verify all the documents together with original Passports and accept the Tax Return (Original Passport will be returned after the verification).
Note: Nearest IRS Office address and all instructions will be provided by Dollar Tax Filer.
Tax Payer needs to certify the Passports of ITIN applicants through Indian Embassy/MEA. After sign the documents (Federal tax return and ITIN applications) where need to be signed, the Tax Payer shall post all the documents along with the certified passport copies to the IRS address.
Note: Dollar Tax Filer assists the Tax Payer if required, in getting the Certified Passport Copies.
FBAR (Foreign Bank Account Report):
Any United States person is a Citizen or Resident who has financial interest in or Signature authority, or other authority over any financial account in a foreign country and if the aggregate value of these accounts exceeds US $10,000 at any time during the calendar year must file a report of foreign bank and financial accounts by April 15th. However, there is an automatic extension available, which extends the filing deadline to October 15th.
FATCA ( Foreign Account Tax Compliance Act ):
The Foreign Account Tax Compliance Act (FATCA) requires certain U.S. taxpayers to report their financial accounts held outside the United States, and it imposes reporting obligations on Form 8938, which must be attached to the taxpayer’s annual income tax return. if you do not have to file a U.S. income tax return for the year, then you do not have to file Form 8938, regardless of the value of your specified foreign financial assets.
For individual taxpayers, the reporting thresholds for FATCA are as follows:
1. FATCA Form 8938 Thresholds:
- If you are living in the United States:
- The aggregate value of specified foreign financial assets must exceed $50,000 on the last day of the tax year, or $75,000 at any time during the tax year.
- Married individuals filing jointly are required to report if the aggregate value exceeds $100,000 on the last day of the tax year, or $150,000 at any time during the tax year.
- These thresholds are higher for taxpayers living abroad.
Please reach us if you need more information
Representation Services:
Professional representation can be Vital during an audit, and our experience with tax authorities enables us to guide clients in their dealing with Federal and State Agencies. If you have been chosen for an audit, the professional representation you can find with our firm can put many of your worries at bay. We are ready and willing to answer any and all questions the IRS may be asking you.
Retirement Account withdrawl
An individual retirement account is an investing tool used by individuals to earn and earmark funds for retirement savings. There are several types of IRAs as of 2016: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. Sometimes referred to as individual retirement arrangements, IRAs can consist of a range of financial products such as stocks, bonds or mutual funds.
TRADITIONAL IRAcontributions are often tax-deductible, all transactions and earnings within the IRA have no tax impact, and withdrawals at retirement are taxed as income.
ROTH IRAcontributions are made with after-tax assets, all transactions within the IRA have no tax impact, and withdrawals are usually tax-free
Avoid the early withdrawal penalty.If you withdraw money from your traditional IRA before age 59 1/2, there's a 10 percent early withdrawal penalty, and that's in addition to the income tax due on each withdrawal. However, you can take penalty-free 401(k) withdrawals beginning at age 55, if you leave the job associated with that 401(k) account at age 55 or later.
Roll over your 401(k) without tax withholding.If you withdraw money from your 401(k) when you change jobs, 20 percent will be withheld for income tax. However, you can avoid the tax withholding, and the potential to trigger penalties and fees, if you transfer the money directly from your 401(k) to the trustee of another 401(k) or IRA.
Due Date:
File an Income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due by APRIL 18th. If you want an extension of time to file your tax return file Form 4868, application for extension of time for 6 months. Then file form 1040, 1040A, or 1040EZ by OCTOBER 15th.