Individuals

JK Associates, LLC, offers a full line-up of all services an individual taxpayer will need. This includes all the forms and schedules typically filed by most of our clients — Schedules A, B, C (sole proprietors), D (investments) and E (rentals).

We can also help you through the tax implications of special situations, such as retirement tax planning, starting a business, divorce, stock options, death of a spouse or parent, selling a property or getting the dreaded letter from the IRS or the state taxing authority.

We like to get to know our clients so they consider us a trusted source of help with all of their tax concerns — and they talk with us before they make what could be a costly mistake. In our first meeting with new clients, we take the time to review previous tax returns and ask lots of questions to help us prepare an accurate, current return. We will ask clients to complete a questionnaire about income and potential deductions. We also require you to sign an Engagement Letter. This spells out our responsibilities to you as well as your responsibilities in helping us prepare an accurate return for you.

Our standard is that every tax return is treated with the same care and concern that we use in our own returns. That means that if something appears to be wrong or missing, we’ll contact you.  Learning about the lives of our clients helps us identify possible tax issues or opportunities. We stay current on the rules and will work to get you the largest honest refund possible. We won’t fill your head with a lot of confusing jargon, and we won’t put you into a position that we cannot defend.  And we’ll do all of this at a fair price.

Let’s get started

There’s always paperwork — from a tax organizer to engagement letters — to complete so we can start preparing your tax returns.

PLAN AHEAD: For 2021 tax returns, our deadline for receiving your documents is March 1, 2022, with the exception of brokerage statements and K-1s, of course. Documents received after this date will likely be put on extension. 

It’s easy to get started. Sign our 2021 Engagement Letter and fill out our Questionnaire online – click below to be taken to the forms.  Upload your tax documents to our secure portal. (No scanner? Use a scanner app on your phone!) If you would also like a meeting to discuss your documents, you can schedule with Nancy Jo online or with Keith or Karen by calling the office. We will contact you if we have questions – please be mindful of the deadlines below.

We will also work with you if you prefer a paper process. You can request paper versions of the engagement letter or questionnaire by calling the office or downloading the PDFs from our Paper Forms page. Documents can be dropped off at the office during normal business hours (please call to make sure someone is here first). Allow an additional week for scanning before we can look at your documents.

Tax Year 2021 – Two special items

First, the stimulus payments. We must know how much you received for the third stimulus payment to correctly prepare your 2021 tax return. You should receive Letter 6475 listing the stimulus amount you received; please include that letter with your tax documents. You may also have direct deposit bank records (though there were offsets for back child support). Otherwise, if you need to find out the amount of stimulus that you received you will need to look at your IRS account transcript for 2021. Please see our page on IRS Transcripts for information on obtaining yours.

Second, the Advanced Child Tax Credit payments. We must know how much you received for the advanced CTC in 2021 to correctly prepare your return. The IRS is mailing Letter 6149 in January 2022, to taxpayers who received the advanced credit. Please include this form with your tax documents. Both spouses will receive a letter, with half the amount on each – we need both letters. Unlike the stimulus payments, you will need to repay any advance credits you are not entitled to. Again, if you do not have the IRS letter, we will need copies of your IRS account transcripts (for each spouse).

Deadlines

We are anticipating another stressful tax season and would like to set expectations. We generally work on returns in the order received, and by early March we expect the queue to be full. We must have a completed engagement letter and questionnaire as well as all your tax documents (except for late-arriving consolidated brokerage statements and K-1s) before we can begin work. This is a “complete client folder.” If you are dropping off/mailing your documents, please allow an additional week for us to scan your documents and put them in your client folder. If you fill out the Engagement Letter/Questionnaire online and submit your documents through our secure portal your folder will be complete and ready to work on sooner.

Here are the deadlines we have:

Client folder complete and ready to work on:

Expectation

January – March 1, 2022 We plan to complete by April 18th
March 2 – March 31, 2022 Will be placed on extension, and we will estimate your balance due with your extension and first-quarter 2022 estimated payments
April 1 – April 18, 2022 Will be placed on extension, but we will not prepare balance due with extension or first-quarter 2022 payments
April 19 – October 1, 2022 We plan to complete by October 17th

 

Drastic Steps

We anticipate another horrible tax season because of the numerous complications in the tax code. We will need additional time for each tax return, and we need to make more time in our schedule. We plan to semi-close our office April 1-18. During this time, we will be working hard on completing the returns that were in by March 1st, and calculating extension balances due and first-quarter 2022 payments due by April 18th.  We most likely will not begin work on any new returns, review returns received after March 1st, or answer tax planning questions. Please limit your phone calls/emails if you can – our office prepares nearly a thousand tax returns each year in the span of three months and every minute spent on the phone or answering an email means less time working on returns. We have never taken such drastic steps but our experience over the last two years forces us to try this new experiment. Please be assured that we will do our best to help with truly urgent situations.

The office will be closed the week after April 18th so we can recuperate before we begin working on extended returns.

We are open year-round and love to talk taxes. Give us a call. 410-884-0317 (except in April!)