A personal income tax report is submitted with the assistance of our firm’s tax department. The tax department helps clients prepare their personal income tax report, which is legally required annually by the tax authorities from independent businesses, partnerships, salaried company managers, and senior executives.
The personal annual income tax report is primarily required from independent business owners and is accompanied by an unaudited profit and loss statement. This statement includes the business’s revenues, deducting direct operating expenses, general and administrative expenses, financing costs, and adjustments for non-deductible expenses and income for tax purposes. The personal income tax report essentially reflects the business’s profit calculated according to income tax regulations. While the report is not audited, the department team reviews its components to ensure the accuracy of the data and prepares the report in a format appropriate for the type of business—whether commercial, industrial, service-based, construction, agricultural, or others.
After preparing the profit and loss statement, relevant data is collected that affects tax calculations, including the taxpayer’s family status to determine eligibility for tax credits. Additional information may include military discharge date, completion of academic studies, number of children, residence in a location eligible for tax benefits, and family members with disabilities. Couples working together in the same business are subject to stricter tax rules requiring joint tax calculations, meaning both spouses’ incomes are treated as if earned by one individual. However, certain conditions, such as the location of the business and work hours, may allow separate tax calculations even if both spouses are employed in the same business.
Our tax department has the expertise required to prepare annual reports for various businesses and taxpayer types, utilizing available tax benefits and legitimate tax planning strategies to reduce the tax burden legally. At Michael Weizman & Co. – Consultants and Certified Public Accountants, our team of expert accountants and tax advisors ensures that the reports are prepared accurately, enabling clients to maximize their tax rights, deductions, and credits.
An accountant from our firm will be happy to assist you with this service. Contact us today for a no-obligation consultation.
