Broker Check

Taxes

 Coronavirus (COVID-19) Updates  

The IRS has created a special web page to update professionals and taxpayers alike with the newest information on how the US Treasury Department is handling issues with the Covid-19 https://www.irs.gov/coronavirus

An open letter to our clients from the Tax Lady regarding changes within our office to address Covid-19

FIRST, please know that we are implementing a required change in our Return Prioritization during this challenging and changing Tax season. Due to the economic impact on our community's families by Covid-19, to those with their retirement / savings accounts in the stock market, as well as how the IRS has responded with extending filing deadlines, please know the following:

1.) We are contacting all of our clients individually and will be updating as well on our Website once we have personally contacted everyone. Please know that we are staying 100% open and available to our clients via phone, text, email and even video conferencing. PLEASE do not hesitate to contact us with questions or concerns. 

2.) We have been and will continue working with support staff remotely to provide the safest work environment we can. This however has some delays associated with it for logistical communication and work processing. We truly appreciate your patience with us. 

3.) The IRS has extended BOTH filing and payment deadline for all returns originally due April 15, 2020 to July 15, 2020.  The Indiana DOR has done the same. (This included 2020 Estimated Payments but not previous years taxes owed) The Illinois DOR has not yet announced any Deadline extensions other than sales tax at this time. ***This means that the actual deadlines have been moved without a need for any kind of extension.

4.) With filing and payment deadlines moved and the economic hardship some families are experiencing, I have decided to re-prioritize return processing to all those with potential refunds BEFORE those who will likely owe. I am completely aware of all of my previous year clients and where they will fall in those categories.


2019 TAX SEASON INSTRUCTIONS

We hope everyone is having a fantastic start to 2020! Tax season is here and we look forward to completing your annual income tax filing. A warm welcome back to all our existing clients and we are excited to meet our newcomers. You will soon see what sets us apart from other tax firms. Everything you need to know to get started with MWM is listed below. If you do not see what you are looking for, please call our office for information.


CLAIM YOUR TAX PREP TIME SLOT!

There is only one Amber F Murphy, so our tax prep service is very limited. Professional tax preparation takes time. If you are looking for rapid, fast, quick...there are other tax firms that handle speed. Enrolled Agents are tax code experts. Their job is to utilize the tax code to benefit your unique situation. There is no cookie-cutter application or generic software at Murphy Wealth Management. A true tax professional will complete your return, not a part-time employee hired for data entry.


Step 1: Call or email our office to check availability and Alexis can book your tax appointment. We will confirm the day and time of your tax appointment via email, so you can add to your calendar. Included in email will be our letter of engagement, which you will print, sign and return with your tax documents. Again, space is limited so please contact us for open dates/times before sending your documents:

Valparaiso Office: 219-510-5069

Email: alexis@mwmfinancial.tax


Step 2: DOCUMENTS- Please review our Tax Document Checklist and Client Tax Organizer.  Print and complete applicable sections and send to us with your documents.


Tax Document Checklist: Please confirm your tax documents by checking line next to document description.


Tax Organizer: Please complete all applicable sections. 

Once your appointment is confirmed via email, it will include instructions on how to securely deliver your tax documents, letter of engagement, and completed tax organizer/checklist to our firm. Please send all the documents at one time! Make sure you have received everything before you send. Do not send one at a time, or you may trigger a migraine! We take security VERY seriously.

A few convenient ways to send us your docs:

1) Drop off at our office: We are located in a bank, so physical security is at the highest level. Please make sure you come by during business hours. If for any reason we are not in the office, there is a document dropbox outside our door in the bank lobby.

2) Mail to our office: Please use a trackable delivery service.

3) Fax: (844) 410-9363 Please include a cover page with your contact info. This is also a secure fax line.

4) Email: amber.murphy@mwmfinancial.tax

5) Verifyle Encrypted Document Upload: If you would like to upload your docs via Verifyle, please let us know and we will send you an invite.


Step 3: PRICING- Keep in mind that the prices below are estimates based on past returns to provide approximate charges. If your return will cost more than prices below, or you need special services we will provide a quote BEFORE we begin work. To allow for accurate invoicing, payment will be expected prior to E-Filing unless otherwise arranged in advance with our office. We accept the following payment: cash, check, credit cards and electronic fund transfers for the convenience of our clients. 

2020 Fees

$250 and up: Federal 1040 + 1 State (additional States $30.00/$50.00) 

Includes 1 full annual interview + required follow ups via email/phone, tax return preparation, e-file transmittal, filing fees for Fed +1 state, client copy of return provided in a choice of hard copy or electronic format.  *Existing client discounts may apply - see me with questions

$50.00: EA Mobile Service:  I come to you or your home / business for interview and if needed Client Copy follow up drop off interview. *This is an add-on to chosen service.

$300 and up: Federal + Sch. A + State

(Itemized Deduction digging, analysis and filing)

$400 and up: Federal + Sch. C + State    

(includes sole proprietors & single-member LLCs)

$50 and up: Additional Schedules

$50: Schedule (D)  Stock sales / Capital Gains Calculation reporting

$50 per: Schedule (E)  All rental property owned by (a) person(s) - $ per property

$30: Additional State Returns (Stand Alone State returns are quoted and if a new setup, $50.00)                   

$500 and up: Business Returns  (includes LLCs, S & C corps, Partnerships, etc.)

*Minimum $500.00 - Current Business owners will receive details separately.

Inquire: Other (Amendments, Planning, Quarterly services, IRS services, etc. )

These may be quoted, fee based or hourly depending on the service.


Step 4: TAX APPOINTMENT- Prior to filing your documents, Amber will complete one full interview via in person, by phone, or email...whichever method you prefer. Existing clients that have had no changes in their financial or tax situations since last year can complete the pre-return interview quickly and choose to have the annual review after filing. Amber will discuss current situation and review strategies to implement for the following year. 

TAXES – “NO TAXATION WITHOUT REPRESENTATION!”

PROFESSIONAL TAX PREPARERS AND PLANNERS SAVE YOU MONEY

When was the last time you had a tax plan review? How did it go? Did you leave knowing MORE than you did when you came?

If any of the answers are a form of never, I don’t know or no…. then it might be time to have a comprehensive review of your tax plan by a professional BEFORE you start making financial decisions. Taxes, and having a tax plan is a vital piece of everyone’s financial puzzle. We do not often think about tax planning until AFTER we find out we need it. In fact, I find that many situations where I represent taxpayers before the IRS or State Taxing Authorities, come from a lack of tax planning.

While we are young, single, working for someone else, have no children and own no assets…taxes are no big deal, an almost afterthought. They are paid and rarely seen. Sometimes they end pleasantly in a refund even.

As we get older, venture out financially, have relationships, acquire assets, start families, re-arrange and add to families, experience the illness or passing of a loved one, support our children in their futures, change jobs, retire, own anything…taxes and tax laws permeate more of our lives, and can effect us much more deeply on a financial level.

THAT is why planning to meet and utilize the tax laws is a key tool of the financially successful.

Services Provided

  • IRS and State Tax authority Representation / Resolutions
  • Retirement and Estate Tax Analysis / Planning
  • Employer Taxes and Benefits Consulting
  • Individual and Business Tax Preparation / Planning
  • Business Setup Consulting / Administration
  • Setup and Filing

Tax Resources

Click on one of the categories below to find forms, explanations, and other tools to help you manage your taxes.


Tax Calendar

A list of important dates from the federal tax calendar

Tax Lady Forms

Downloadable forms from Amber

Tax Publications

A full set of downloadable publications from the IRS

Tax Rates

Tables to enable you to find your federal marginal income tax rate

This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.