We offer tax preparation services for individuals and businesses, including:
- Individual tax returns (Form 1040)
- Estates and trusts (Form 1041)
- Gift taxes (Form 709)
- Sole proprietorships – Schedule C
- US citizens living and working abroad (Form 2555)
- Partnerships – Schedule K-1 (1065)
- Corporations
- Homeowners Associations (Form 1120-H)
- Tax planning
Tax FAQs and useful links
How can I track my refund?
Follow this link to the IRS “Where’s My Refund” website. Have your social security number and the amount you are expecting ready to enter.
What are the 2025 tax brackets?
Single Filer (unmarried, not Head of Household)
| If your taxable income is: | Your tax will be: |
| Not over $11,925 | 10% of your taxable income |
| Over $11,925 but not over $48,475 | $1,192.50 plus 12% of the excess over $11,925 |
| Over $48,475 but not over $103,350 | $5,578.50 plus 22% of the excess over $48,475 |
| Over $103,350 but not over $197,300 | $17,651 plus 24% of the excess over $103,350 |
| Over $197,300 but not over $250,525 | $40,199 plus 32% of the excess over $197,300 |
| Over $250,525 but not over $626,350 | $57,231 plus 35% of the excess over $250,525 |
| Over $626,350 | $188,769.75 plus 37% of the excess over $626,350 |
Married, Filing Jointly
| If your taxable income is: | Your tax will be: |
| Not over $23,850 | 10% of your taxable income |
| Over $23,850 but not over $96,950 | $2,385 plus 12% of the excess over $23,850 |
| Over $96,950 but not over $206,700 | $11,157 plus 22% of the excess over $96,950 |
| Over $206,700 but not over $394,600 | $35,302 plus 24% of the excess over $206,700 |
| Over $394,600 but not over $501,050 | $80,398 plus 32% of the excess over $394,600 |
| Over $501,050 but not over $751,600 | $114,462 plus 35% of the excess over $501,050 |
| Over $751,600 | $202,154.50 plus 37% of the excess over $751,600 |
Married, filing separate returns
| If your taxable income is: | Your tax will be: |
| Not over $11,925 | 10% of your taxable income |
| Over $11,925 but not over $48,475 | $1,192.50 plus 12% of the excess over $11,925 |
| Over $48,475 but not over $103,350 | $5,578.50 plus 22% of the excess over $48,475 |
| Over $103,350 but not over $197,300 | $17,651 plus 24% of the excess over $103,350 |
| Over $197,300 but not over $250,525 | $40,199 plus 32% of the excess over $197,300 |
| Over $250,525 but not over $375,800 | $57,231 plus 35% of the excess over $250,525 |
| Over $375,800 | $101,077.25 plus 37% of the excess over $375,800 |
Heads of Households
| If your taxable income is: | Your tax will be: |
| Not over $17,000 | 10% of the taxable income |
| Over $17,000 but not over $64,850 | $1,700 plus 12% of the excess over $17,000 |
| Over $64,850 but not over $103,350 | $7,442 plus 22% of the excess over $64,850 |
| Over $103,350 but not over $197,300 | $15,912 plus 24% of the excess over $103,350 |
| Over $197,300 but not over $250,500 | $38,460 plus 32% of the excess over $197,300 |
| Over $250,500 but not over $626,350 | $55,484 plus 35% of the excess over $250,500 |
| Over $626,350 | $187,031.50 plus 37% of the excess over $626,350 |
How do I qualify as a Head of Household?
Generally, to qualify for head of household filing status, you must be unmarried, able to claim a qualifying child or qualifying relative as a dependent, and pay more than half of the cost of maintaining a household for the year. However, there are nuances, so it’s best to speak with your tax advisor to determine if you qualify.
Can I file as a single taxpayer if I am married?
No. You can either file as married individuals filing jointly, or as married individuals filing separate returns. IRS rules favor those who file jointly, and you are most likely to pay less taxes by filing jointly rather than separately.
What are the tax compliance rules for a small business?
There are a lot of tax rules even if you are a small business. Here is a quick overview of some of them.
You must file a return if you earn $400 or more in net earnings from your business. Net earnings equal taxable business income minus allowable business deductions. Your return must be submitted by April 15, unless you file as a partnership. Partnership returns are due March 15.
If you have employees, you must deposit and report federal (and where required, state) employment taxes including income tax withholding, social security tax, and Medicare tax, as well as federal and state unemployment taxes. How often you are required to deposit funds (monthly or semi-weekly) depends a number of factors, but they must be deposited electronically.
In addition to depositing employment taxes, employers must report wages, tips and other compensation paid to an employee by filing Form 941, Employer’s Quarterly Federal Tax Return, and any applicable state forms.
At the end of the year, you must prepare and send Form W-2 statements for each of your employees and 1099 forms for contract employees. Both W2 and 1099 forms must also be submitted to the federal (and, if applicable, state) governments. File W2s with the federal government using Form W3.
To set up an appointment, contact us at rachel@wallachandwallach.com
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