Income Tax Preparation

A tax return is a form or forms filed with a tax authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes. In most countries, tax returns must be filed annually for an individual or business with reportable income, including wages, interest, dividends, capital gains, or other profits. 

UNDERSTANDING A TAX RETURN:

In general, tax returns have three major sections where you can report your income, and determine deductions and tax credits for which you are eligible.  The income section of a tax return lists all sources of income; which commonly comes from your W2 or form 1099NEC (non-employee compensation).   Deductions decrease your taxable income. Tax credits are amounts that offset tax liabilities, or the taxes owed.  

Tax preparation services  include reporting income, deductions, and credits, the end of the return identifies the amount the taxpayer owes in taxes or the amount of tax overpayment. Overpaid taxes may be refunded or rolled into the next tax year.  

Professional Business Solutions is registered with the IRS as a Tax Pro, with a PTIN and EFIN, which allows us to file your tax return electronically as an E-File provider. We are contracted with Santa Barbara Bank in order to provide you with the best service possible in overseeing the disbursement of your refund and the tax professional fees.