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  • Writer's pictureJon

Personal Tax Preparation at MyBuilderCPA



Hello everyone, Jon Markee here, founder and CEO of MyBuilderCPA. Today, I want to discuss our personal tax preparation services, specifically for Form 1040.

Continuous Client Relationship

At MyBuilderCPA, we specialize in working with clients on a continuous basis throughout the year. This approach ensures that your bookkeeping and financial records are always up to date, making the end-of-year tax preparation seamless. Our personal tax preparation service is designed for clients who are already working with us on their business finances every month. If you maintain your own books and just need a one-off 1040 preparation, our services might not be the best fit for you.

Problem Prevention

We see ourselves as problem preventers, not problem fixers. By working with you throughout the year, we ensure that your financial records are accurate and up-to-date, preventing any last-minute issues during tax season. If you come to us with years of unresolved tax problems, we might need to enlist a specialist, as our routine schedule is built around ongoing maintenance rather than intensive corrective work.

Integration with Business Tax Preparation

Our goal is to handle both your business and personal tax returns together. If you’re a sole member LLC or sole proprietor, you might only need a 1040 with a Schedule C, skipping the business tax preparation forms like 1065, 1120, or 1120S. This integration ensures that your business tax information flows directly into your personal tax return, simplifying the process.

Timing and Deadlines

One of the challenges we face is getting all necessary documents from clients in a timely manner. The IRS opens e-filing in late January, but we often see critical documents like 1099s arriving in February. To avoid the need for amendments, we prefer not to file 1040 returns before February 15th and aim to complete filings by March 15th. Extensions are not uncommon and can be beneficial, allowing for additional retirement contributions and other strategic planning. However, it’s important to note that an extension to file is not an extension to pay. If you owe taxes, penalties and interest will accrue from the original April 15th deadline.

Payment with Extensions

If you’re likely to owe taxes, we recommend submitting an estimated payment with your extension. This reduces or eliminates penalties and interest. Overpayments will be refunded once the return is filed.

Personalized Tax Meetings

We value the opportunity to meet with clients to review their entire financial situation. Life events such as marriages, births, and other significant changes can impact your tax situation, and we want to consider these factors when preparing your returns.

Conclusion

Our approach to personal tax preparation is comprehensive and continuous. If you’re interested in an ongoing relationship where we regularly review and update your financial records, MyBuilderCPA is a great fit. If you prefer a once-a-year tax preparation service, you might be better served by another CPA firm.

Thank you for considering MyBuilderCPA. If you have any questions or want to discuss your tax situation further, feel free to reach out.

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