Tax Preparation for the Busy Professional. Fast and Convenient Tax Filing in Colorado and Beyond.
Simpolfied Fast 1040 - Compliant & Easy Tax Return Preparation
Updated November, 2024
Polzin Tax & Business Advisors (PTBA) is thrilled to introduce SIMPOLFIED Fast 1040—a streamlined tax return preparation service tailored for clients with straightforward tax situations who still want the expertise of a trusted tax firm. Let us handle the filing so you can check this task off your list and relax, knowing a team of professionals is behind you.
What Qualifies for Simpolfied Fast 1040?
Here are the basic guidelines for SIMPOLFIED Fast 1040 eligibility:
Document Simplicity: Up to 6 main tax documents, such as W-2s, 1098 mortgage interest statements, 1099-INT, 1099-SSA, and similar forms. If you’re close to the limit, we can discuss it, but simpler is better.
Schedule A Deductions: Allowed for medical, taxes, mortgage interest, and charity. For medical expenses and charitable donations, organized records are key.
Child/Dependent Care Credits: These are included (we’ll need the SSN or EIN of your provider, along with their full address).
IRA and 529 Contributions: Of course, we want you to save! These are covered.
Single-State Filings: Eligible for residents filing in one state only.
Here are a few situations that may require a more complex filing: 1099 brokerage accounts, K-1s, rental property income, self-employment income, sale of primary residences, and 1099-Rs (e.g., for rollovers or conversions). For these situations, we’ll recommend our more comprehensive tax preparation services.
Fee for SIMPOLFIED Fast 1040: $525 flat rate. (discount eligible)
Children and Student Tax Returns
PTBA also assists children and students needing tax preparation, often at the request of parents who want the whole family’s returns handled together. The 1040 tax return fee for children and students (age 24 and under) generally ranges from $225 to $400, depending on the complexity. For student tax returns with brokerage accounts or K-1 forms, we may recommend our traditional 1040 tax preparation services.
Key Considerations for Dependents:
Dependency Requirements: A child or student can be your dependent even with significant earned income, provided they haven’t paid more than half of their own support for the tax year.
Withholding Tips: Students earning below the federal standard deduction should consider themselves exempt from federal income tax. On the W-4, they should write “Exempt” under Step 4(c).
Education Credits: If parents’ income is too high to claim education credits like the American Opportunity Tax Credit (AOTC), it may benefit the student to claim them instead. We’ll analyze both scenarios to maximize tax benefits for the family.
Client Engagement for College Students: For students in college, we recommend setting up a personal client portal using their own email and contact details to streamline communication. Parents can still support the process, but we ensure clear engagement and secure interactions.