Just Say the Word, We Can Do it all Payroll Services, Bookkeeping, Income Tax Filing.
A Step-By-Step Roadmap To Success
WHAT WE OFFER
At Monroe Income Tax & Accounting, Inc., we spare no expense to give you the best and most diverse business solutions available in the area. If you have any thoughts about your current service or the accountants you were thinking of using, call us first and take advantage of our expert services which include:
Sure thing! Here are some important and concepts related to income tax:
- Taxable Income: The amount of income that is subject to tax, after deductions and exemptions.
- Tax Bracket: The range of income that is taxed at a specific rate.
- W-2 Form: A form issued by employers that reports an employee's annual wages and the amount of taxes withheld.
- 1099 Form: A form used to report various types of income other than wages, salaries, and tips.
- Schedule C: A form used to report income or loss from a business you operated or a profession you practiced as a sole proprietor.
- Tax Deduction: An expense that can be subtracted from gross income to reduce the amount of income that is subject to tax.
- Tax Credit: A direct reduction of the amount of tax owed, which can sometimes result in a refund.
- Standard Deduction: A set amount of income not subject to tax that can be used instead of itemizing deductions.
- Itemized Deductions: Eligible expenses that individual taxpayers can claim to decrease their taxable income.
- Tax Return: A form filed with a tax authority that reports income, expenses, and other relevant financial information.