Sawant & Kadrekar LLP

Preparation of return under Income Tax, Property Tax etc.

Gather Documents: Collect all necessary documents such as W-2 forms, 1099s, investment income statements, receipts for deductions, etc.
Choose a Filing Status: Determine your filing status (single, married filing jointly, married filing separately, head of household, qualifying widow/widower).
Calculate Gross Income: Add up all sources of income including wages, salaries, tips, interest, dividends, rental income, etc.
Claim Deductions: Subtract eligible deductions such as student loan interest, IRA contributions, educator expenses, etc. You can either itemize deductions or take the standard deduction, whichever is higher.
Calculate Taxable Income: Subtract deductions from gross income to calculate your taxable income.
Calculate Tax Liability: Use the appropriate tax tables or tax calculation methods based on your taxable income and filing status to determine your tax liability.
Apply Tax Credits: Reduce your tax liability by applying any eligible tax credits such as the Child Tax Credit, Earned Income Tax Credit, etc.
Check for Errors: Review your tax return carefully to ensure accuracy and completeness.
File Your Return: File your tax return electronically or by mail before the deadline (usually April 15th in the US).
Pay Taxes Due: If you owe taxes, make sure to pay them by the deadline to avoid penalties and interest.

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