Dayton, Ohio Tax Preparation Services
Taxes can be complex, regardless of if you’re an individual or small business owner. That’s where S&S Tax and Accounting Services LLC comes in. We are experienced in personal and business taxes and a wise alternative to DIY solutions like tax software.
Accountants Providing Tax Preparation Services To Dayton Individuals & Businesses
Personal Tax Preparation
With our individual tax preparation service, you’ll save time and money. Whether you have a fairly simple tax situation or a more complicated one due to investments or a life event like bankruptcy or divorce, we’ll ensure you don’t pay more in taxes than you have to. You’ll receive the peace of mind of knowing your personal taxes are prepared accurately.
Business Tax Returns
Our business tax preparation service makes it easy for your organization to stay-up-to-date with monthly or quarterly taxes. Once we learn more about your business, we’ll review the tax rules and regulations related to it so that you can minimize your tax burden as much as possible. You’ll never miss a deduction or credit with us.
State & Local Returns
We also assist Dayton area individuals and businesses with their state and local taxes. Our extensive knowledge on ever-evolving tax law at every level will alleviate stress come tax time. We’ll take care of all your tax needs so you can sit back and relax knowing your taxes are in the very best hands.
We offer tax preparation services to individuals and businesses in the following cities & townships: Dayton, Centerville, Oakwood, Fairborn, Harrison Township, Huber Heights, Kettering, Miami Township, Miamisburg, Riverside, Springboro, Trotwood, Vandalia, Washington Township, West Carrollton, and Xenia.
Common Questions Regarding Tax Preparation in Dayton & Other Ohio Areas
Below are just a few commonly asked questions. Please click on a question to be taken to the answer.
Are there deadlines for filing my tax return?
Yes! Unfortunately, you can’t file your taxes whenever you feel like it. This holds true if you’re an individual or business tax filer. For most tax filers, taxes are due mid April. The good news is you can request an extension if you’re unable to meet that deadline. With an extension, you may be able to extend your filing deadline to mid October.
In the event you have to pay quarterly taxes, they will be due in January, April, June, and September. When you partner with our tax preparers, you don’t have to worry about missing a deadline because it’s our job to stay on top of all deadlines for our clients.
Can I check the status of my tax refund?
If you are entitled to a tax refund, you can easily check its status once we file your return. The easiest way to do so is via the IRS Where’s My Refund tool. All you’ll have to do is plug in your Social Security number or Tax Identification Number, filing status, and exact refund amount. If you’d like to check the status of your refund but don’t want to use the online tool, you can always call the IRS at 1-800-829-1040. Just keep in mind if you go this route, you may experience a long wait time. If you have trouble figuring out your tax refund status, simply let us know and we’ll help you out.
Should Dayton residents hire a tax preparer?
It may be tempting to do your taxes on your own via a tax software. Doing so, however, can cost you more time and money in the long run. A tax software is only as good as the individual who is using it. If you’re new to taxes or inexperienced in them, you may make errors when you file your taxes through software. With a professional tax preparer, you can ensure your tax return is filed with 100% accuracy and won’t have to worry about any mistakes that prolong your refund and/or lead to consequences in the future. This is true for both your federal, state and Dayton area local taxes. Leave your tax needs to our professionals so you can focus on other things.
How do I know what my tax bracket and tax rate are?
Tax brackets and tax rates change often, making it important to stay up-to-date on them by visiting the IRS website. They will depend on your tax filing status and taxable income. Generally speaking, the more you earn, the more you can expect to pay in taxes. This is because the tax system is progressive.
Fortunately, tax brackets allow each chunk of your earnings to get taxed at the corresponding tax rate. Therefore, regardless of which bracket you’re in, you won’t have to pay that tax rate on your total income. In addition, you can reduce your tax bill and qualify for a lower tax bracket through tax credits and tax deductions that you may be eligible for
Should I take the standard deduction or itemize?
Whether or not you should take the standard deduction or itemize depends on your tax filing status and changes often. If your standard deduction is less than your itemized deductions, we’ll likely suggest that you itemize so you can save money. On the other hand, if your standard deduction is more than your itemized deductions, it makes more sense to take it and save time. Our firm can evaluate your unique situation and inform you if you’d be better off taking the standard deduction or itemizing.
What’s the difference between a tax credit and tax deduction?
While the terms tax credit and tax deduction often get used interchangeably, they do not mean the same thing. A tax credit is a dollar-for-dollar reduction in the amount of tax you owe. So if you’re eligible for a $2,000 tax credit and you owe $8,000 in taxes, the credit will reduce your tax burden to $6,000.
A tax deduction, however, reduces the amount of income you pay taxes on. Before you calculate how much taxes you owe, you’ll subtract your deductions from your income. Your tax bracket will determine how much you can save from a deduction.
What income do Dayton residents have to pay taxes on?
The income that Dayton area residents have to pay taxes on depends on their age, filing status, and dependency. In most cases, you’ll be required to pay taxes on your entire income. If your income is below a threshold limit set forth by the IRS, however, you might not have to file taxes. Even if your income is below the threshold, it may be beneficial for you to still file a return so you can receive a refund.
If you’re self-employed, you don’t have an employer who automatically withholds taxes from each paycheck. Therefore, you’ll have to report your income and expenses on a Schedule C form when you file your individual tax return. Depending on your situation, you may need to make quarterly tax payments to the IRS. In Ohio, certain income related to self-employment may be exempt from state income tax.