Services
TAX PLANNING/ADVISORY SERVICES:
In the light of the increased and persistent tax queries from clients on planning their taxes before the close of the tax year, SRM360Tax now offers US Individual Advance Tax Planning/Advisory Services on the below areas – W-4 Analysis for ensuring appropriate federal, state and tax withholdings (ideal for consultants on H1/L1/TN Visa including those on EAD/Green Card), Wage Income Planning through Pre-tax Contributions like 401k/Cafeteria Plans/Other eligible plans, Non-resident Income Planning for Non-immigrant Individuals on H1/L1/EAD/F/M/J/Q Visa, Setting up of Self-Directed IRA and creation of IRA LLC and Custodian Account for routing investments into India or elsewhere, Health Savings Account/Flexible Spending Account, Exercising of Stock Options (ISO/ESPP/NSO/RSO), Multiple Entity Structuring for strategically splitting income or assets into complex tax havens, Establishing Children Education Trust/Private/Public Foundations for building Schools/Colleges, Temples, Hospitals, etc. in US/India or elsewhere, Drafting Living Trust, Pour over will and many more. This way one can plan their taxes before close of the tax year i.e. before 12/31 without waiting for your Form W2. The Tax Analysts at SRM360Tax will analyze the tax scenario of each client and offer customized tax planning solutions adaptable to him/her.
TAX RETURN EVALUATION SERVICES:
We introduced the concept of Tax Return Evaluation Services with the intention that we can reach out to people who have already filed their returns to revisit the tax returns to ensure accuracies, claim additional refunds on tax benefits they missed out in their original tax filing and file revised tax returns, if necessary. This does not necessarily mean that their tax filing through online/other service providers is incomplete or incorrect, but doing so would help them avoid any tax compliance issues and audit risks with their tax returns in the near future, especially the time when they are trying to have their permanent place of abode in US. This FREE Evaluation will make sure that there are no extra-ordinary items in their tax returns or huge refunds. Accordingly, you can get your last THREE year tax returns evaluated by our Tax Experts for FREE. This evaluation may help you in: Filing Right Tax Return Claiming additional dependents Removing dependents you erroneously claimed Reporting your correct filing status & additional income Making changes in your Above-the-Line Deductions, Standard/Itemized Deductions, etc. Changing your personal exemptions for correctness Incorporating Tax Treaty Benefits that you missed Recalculating various tax credits - Child Tax Credit, Education Credits, Foreign Tax Credits, First Time Home Buyer Credit, & Dependent Expenses Credit, etc. Analyzing the return for accuracy and correctness.
TAX REPRESENTATION SERVICES:
If you receive any audit letter/notice/enquiry on your tax return, we at SRM360Tax will represent your case for FREE before the IRS/State Revenue Department, regardless of who prepared your tax return, as long as the representation does not involve the preparation of an amended tax return. Further, we at SRM360Tax offer UNLIMITED years of Error Free Tax Representation Guarantee for every tax return processed through us.
ITIN PROCESSING:
If you are looking for guidance on applying for ITIN (Individual Taxpayer Identification Number) for your Spouse/Kids/Parents/Other Relatives to claim higher tax benefits when filing your tax return, SRM360Tax can advise you on filling the Form W-7 and the procedure for attaching the necessary identity documents.
EXTENSION FILING:
If you are not able to file your federal/state individual income tax return by the due date, you may be able to get an automatic 6-month extension of time to file. SRM360Tax can help you file your extension for FREE regardless of whether you file your tax returns through us or not. Please be aware that an extension of time to file your return does not grant you any extension of time to pay your tax liability. Amendment to Your Tax Return: You should file an amended tax return if you need to correct any piece of information that will alter your tax calculations. You can use an amended return to make corrections to your filing status, dependents, income, deductions, or tax credits. For example, if you need to report additional income from a W-2 that arrived after you filed your original return, you'll need to file an amendment. Similarly, if you need to remove dependents because you were not eligible to claim them, you should file an amendment. You should not file an amended return if you are only correcting math errors as the IRS computers will check your math and correct any errors in calculation. Math errors are errors in adding or subtracting items on your tax return. Be aware that you have three years to make any corrections that result in additional tax refunds. That's because there's a three-year statute of limitations on issuing tax refund checks. This three-year period is measured from the date you filed your original tax return. If you filed your return before April 15th, the three-year period begins from April 15th. If you requested an extension, the three-year period runs from October 15th (Internal Revenue Code section 6511(b)(2)(A)). If you are beyond the three-year period, you can only receive refunds for overpaid taxes that were actually paid during the previous two years. People who need to report additional income and to correct overstated deductions can file an amended return at any time. Be aware that the IRS has three-years to audit your tax return, and may have a longer period of time if there's substantial under-reporting. Reasons for filing an amendment include: Claiming additional dependents, Removing dependents you previously claimed, Reporting your proper filing status, Reporting additional income – from a W2, 1099, or other income statement, Making changes in your above-the-line deductions, standard deduction or itemized deductions, Changing your personal exemptions, Claiming additional tax credits, removing tax credits mistakenly taken, or recalculating the amount of the credits; and Reporting additional withholding – from a W2 or 1099.
