Services
Personal Tax
Includes Personal Tax with Different Types and FAQ's
What’s Personal Tax?
- Income Tax
- Retirement Contributions
- Investment Income
- Estate and Gift Taxes
- Self-Employment Tax
- Personal Tax Planning
Different types of Personal Tax
- Earned Income: Tax on wages, salaries, bonuses, and other compensation for work.
- Unearned Income: Tax on interest, dividends, rental income, and other passive income sources.
- Self-Employment Income: Taxes for individuals who are self-employed, including both income tax and self-employment tax (which covers Social Security and Medicare contributions).
- Short-Term Capital Gains: Tax on profits from the sale of assets held for one year or less, taxed at ordinary income rates.
- Long-Term Capital Gains: Tax on profits from the sale of assets held for more than one year, often taxed at lower rates.
- Qualified Dividends: Dividends from stocks held for a specific period, taxed at reduced rates.
- Non-Qualified Dividends: Dividends that do not meet the requirements for lower tax rates, taxed at ordinary income rates.
- Federal Estate Tax: Tax on the transfer of an individual’s estate upon death, applicable to estates exceeding a certain threshold.
- State Estate Tax: Some states impose their own estate taxes with different thresholds and rates.
- Social Security and Medicare: Taxes paid by self-employed individuals to cover Social Security and Medicare, calculated based on net earnings from self-employment.
Our Value-added Service
Our dedicated team of tax specialists is committed to supporting your personal tax needs.We excel in optimizing income tax, managing retirement and investment accounts, and handling estate and gift planning with meticulous attention to detail.
Our fast delivery Service
At FAZ Personal Tax, we are very proud of our prompt delivery service with minimal fuss. Our job is to gather all the essential paperwork, go away and do the necessary number crunching, and prepare full accounts very quickly.
Never Miss a Deadline
Our proactive approach includes timely reminders for important information and deadlines, helping you avoid last-minute stress and potential penalties. With our expert handling, you can trust that your personal tax planning is in capable hands, allowing you to focus on what matters most to you.
FAQ
Tax planning involves analyzing your financial situation and implementing strategies to minimize your tax liabilities while ensuring compliance with tax laws. It includes planning for income, deductions, credits, and investments to optimize your tax outcomes.
Tax planning helps you reduce your tax burden, avoid penalties, and make informed financial decisions. It ensures that you take advantage of all available deductions, credits, and incentives, ultimately saving you money and enhancing your financial efficiency.
For businesses, tax planning can optimize deductions and credits, structure financing for tax efficiency, manage income and expenses strategically, and ensure compliance with tax laws. It helps in reducing overall tax liabilities and improving profitability.
To get started, you can contact us to schedule an initial consultation. We will review your financial situation, discuss your goals, and develop a customized tax planning strategy to optimize your tax position.
Tax planning should be reviewed regularly, at least annually, or whenever there are significant changes in your financial situation, such as a change in income, investments, or business structure. Regular reviews ensure that your tax strategy remains effective and up-to-date.