Let Gleason Tax Advisory ease your tax season stress! With over two decades of experience in the financial and tax field, Bruce Gleason, an enrolled agent in Jamestown, NY, is here to help. Whether you’re an individual taxpayer or a business owner, Bruce is committed to providing personalized tax preparation services tailored to your unique situation.
One of the biggest concerns for many taxpayers is the uncertainty surrounding their tax liabilities. Rest assured, Bruce will work diligently to maximize your deductions and credits, ultimately minimizing your tax burden. Whether you’re facing complex tax situations or simply want peace of mind knowing your taxes are done right, Gleason Tax Advisory has the expertise to handle it all. With a client base of over 800 tax returns annually, you can trust in his expertise and dedication to providing top-notch tax services.
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Tax Preparation Services
Personal 1040
Tax Return
Due April 15th
The personal 1040 tax return is the standard form used by individuals to report their annual income to the Internal Revenue Service (IRS). It encompasses various sources of income including wages, salaries, tips, and investment earnings. Additionally, it considers deductions and credits that may lower the individual’s taxable income and, ultimately, their tax liability. Common attachments to the 1040 form include schedules for reporting income from self-employment, rental properties, or capital gains. It is the foundational document for calculating an individual’s federal income tax liability.
Schedule C
Tax Return
Due April 15th
The Schedule C tax return is a form used by sole proprietors and single-member LLCs (Limited Liability Companies) to report their business income and expenses to the IRS. It’s an attachment to the individual’s personal tax return (Form 1040). Schedule C allows self-employed individuals to detail their business revenue, deduct eligible business expenses, and calculate their net profit or loss. This form is crucial for accurately reporting income generated from freelancing, consulting, or operating a small business.
S Corp (1120S)
Tax Return
Due Date March 15th
The S Corporation 1120S tax return is designed for S corporations, which are a specific type of corporation that elects to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Similar to partnerships, S corporations are pass-through entities, avoiding double taxation at the corporate and individual level. The 1120S form allows the corporation to report its income, expenses, and other financial activities to the IRS. Shareholders then receive a Schedule K-1, which outlines their share of the corporation’s income or loss, to be reported on their personal tax returns.
Partnerships 1065
Tax Return
Due Date March 15th
The partnership 1065 tax return is utilized by partnerships to report their income, deductions, gains and losses to the IRS. partnerships are “pass-through” entities, meaning that the profits and losses of the partnership flow through to the individual partners who report them on their personal tax returns. The 1065 form details the distributive share of each partner’s income or loss, along with any other pertinent information related to the partnership’s financial activities. It provides transparency into the partnership’s financial affairs and ensures proper taxation of partners’ shares of income.
Refund Processed
Taxes in House
C Corp (1120)
Tax Return
Due Date April 15th
The C Corporation 1120 tax return is utilized by traditional C corporations to report their income, deductions, gains, and losses to the IRS. Unlike S corporations and partnerships, C corporations are subject to corporate taxation at the entity level, which means they are taxed on their profits. Additionally, shareholders of C corporations may also face taxation on dividends received from the corporation’s earnings, leading to potential double taxation. The 1120 form provides a comprehensive overview of the corporation’s financial activities, ensuring compliance with federal tax laws and regulations.
Trusts and Nonprofits (990)
Tax Return
Due Date May 15th
The 990 tax return is specifically designed for tax-exempt organizations, including charitable trusts, foundations, and nonprofit entities recognized under Section 501(c) of the Internal Revenue Code. This form, commonly known as the “Form 990,” provides transparency regarding the organization’s finances, activities, and governance. It discloses key information such as revenue sources, program expenses, executive compensation, and compliance with regulatory requirements. Filing the Form 990 is essential for maintaining tax-exempt status and demonstrating accountability to donors, stakeholders, and regulatory authorities.
Estates & Trusts (Form 1041)
Tax Return
Due Date April 15th
Form 1041 is used to report income, deductions, gains, and losses for estates and trusts. When an individual passes away and leaves behind assets in a trust or estate, those assets may generate income that needs to be reported to the IRS. Form 1041 is used by the trustee or executor to report this income and calculate any taxes owed. The form covers various types of income, including interest, dividends, capital gains, and rental income, as well as deductions such as administrative expenses and distributions to beneficiaries. It ensures proper taxation of trust and estate income in accordance with federal tax laws.
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Tax Preparation Advisory
Don’t let tax preparation season stress you out any longer.
Let Gleason Tax Advisory take the reins and help you navigate your tax obligations with confidence and ease.
Contact us today to schedule your tax appointment and experience the difference firsthand.
