Tax Solutions with a Side of Success
FREDNETWORK Tax Services
You Will Get
Gain a trusted partner committed to ensuring you make the most of every financial opportunity.
From your first tax consultation, you will know with zero uncertainty that we specialize in one thing – resolving tax problems. It’s all we do, our only mission, and our only focus. In the same way that IRS agents are experts at attempting to get what they want from taxpayers, we will show you that we’re experts at dealing with the IRS.
We will provide tax preparation for individuals and companies. We identify potential tax credits and liabilities and ensure accurate and complete returns are filed in a timely manner. We complete tax forms in accordance with policies and in compliance with legislation and regulations.
We will assist you with misreported earning and/or tax credits. We also will assist you with correcting errors so that you can receive the refund you deserve.
We Want to Help You Protect Yourself, Your Assests and Your Business
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Frequently Asked Questions
According to the IRS, income includes money, property or services. Any income is taxable unless the law specifically exempts it, and all taxable income must be reported on your tax return. Some nontaxable income must be reported, too, even though you won’t pay taxes on it.
There are five: single, married filing jointly, married filing separately, head of household and qualifying widow(er) with dependent child.Your filing status affects your tax rate, standard deduction, and eligibility for certain deductions and credits. The IRS provides an interactive tool to help taxpayers choose a filing status.
A dependent is a person you’re responsible for supporting. If you can claim a dependent, you can become eligible for certain tax breaks, including the child tax credit. You may also qualify for head-of-household status.
There are seven tax brackets under current tax law. To find out which one you fall into — and what your tax rate is — you’ll need to know your income. You can then use IRS Tax Rate Schedules for the taxable year to determine your bracket, what your marginal tax rate is, and how much tax you might owe.
Beginning with the 2018 tax year, a single Form 1040 has replaced the previous three versions — Forms 1040, 1040EZ and 1040A. The simplified 1040 form is half the size of recent forms and uses a “building block” approach to simplify the filing process. Taxpayers with more-complex tax situations may need to submit additional forms (called “schedules”), but all 150 million individual U.S. taxpayers start with the same basic form.
Customers have questions, you have answers. Display the most frequently asked questions, so everybody benefits. The deductions and credits you’re eligible to claim vary depending upon your situation.
Here are some deductions that you can claim even if you don’t itemize.
- Contributions to individual retirement arrangements, including IRAs, SEP-IRAs, Simple IRAs and solo 401(k)s (these phase out at higher incomes)
- 50% of self-employment taxes
- Student loan interest up to $2,500
- Tuition and fees for higher education up to $4,000 if you fall within income limits
- Health savings account contributions made with personal funds
Deductions you may be eligible to claim only if you itemize:
- $10,000 maximum for the aggregate of state and local taxes paid (SALT taxes)
- Interest on up to $1 million of eligible home mortgage debt for loans taken out before Dec. 15, 2017, and up to $750,000 of eligible home mortgage debt for loans taken out after that
- A deduction for medical expenses, but only if they cost at least 7.5% of your income
- A deduction for charitable contributions that don’t exceed a set percentage of income