Services
What is TaxLab ?
Brought to you by Practical Financials, TaxLab is our revolutionary tax preparation service where we do all the work for you by preparing your tax return and maximizing your refund. We focus on delivering high-quality service and value to our customers, so you can focus on enjoying life.
No confusion
We'll take care of all the tedious calculations for you. All you have to do is submit required documents.
Save time
Taxes can take up a lot of time - especially if you're not good with numbers.
Larger refund
We'll help you find every possible credit or deduction that's available to maximize your refund.
Take The Guess Work Out of Filling Your Taxes
We designed our TaxLab service to make tax preparation simple and painless. It's the easiest way to get your taxes filed, questions answered and make sense of confusing tax laws.
Get your taxes prepared professionally in 3 easy steps
1
Schedule your free consultation
2
Submit required documents
3
Review & sign
Choose A Plan That Suits You
Our plans are based on filing status to ensure the right tax expert is assigned to you.
Single
$79.00
*Student discount available
*Returning client discount
Head of Household
$129.00
Married
$179.00
Starting at
$200.00
Are You Ready?
Tax day is approaching fast and we can help you prepare. Contact us today!
Checkout Our Favorite Tax Resources
All tools provided by CalcXML and the IRS
Talk With One Of Our Tax Experts Today
You provide the documents. We handle the rest.
We not only handle the preparation process, but also provide personalized financial insights and recommendations to help you plan for the future.
Frequently Asked Questions
To get started as a tax client you’d need to schedule a call with us to help us get a better understanding of your tax situation and filing status.
The best way to reach us is via the chat or message page on our website or social media accounts and we will get back you within 24 hours!
Yes, we can definitely help with prior year returns.
Yes, we can assist you with correcting this. We would need a copy of your tax documents that you submitted to the previous preparer and a copy of the return that was filed. If you do not have a copy, you will need to setup an account with the IRS to receive a tax transcript. We can provide assistance with this as well.
If by the end of February, your Form W-2, Wage and Tax Statement has not been corrected by your employer after you attempted to have your employer or payer issue a corrected form, you can request that an IRS representative initiate a Form W-2 complaint. Call the IRS toll free at 800-829-1040 or make an appointment to visit an IRS Taxpayer Assistance Center (TAC).
To claim your child as your dependent, your child must meet either the qualifying child test or the qualifying relative test:
- To meet the qualifying child test, your child must be younger than you and either younger than 19 years old or be a "student" younger than 24 years old as of the end of the calendar year.
- There's no age limit if your child is "permanently and totally disabled" or meets the qualifying relative test.
In addition to meeting the qualifying child or qualifying relative test, you can claim that person as a dependent only if these three tests are met:
- Dependent taxpayer test
- Citizen or resident test, and
- Joint return test
Employers use Form W-2, Wage and Tax Statement to:
- Report wages, tips, and other compensation paid to an employee.
- Report the employee's income and social security taxes withheld and other information.
Payers use Form 1099-MISC, Miscellaneous Information or Form 1099-NEC, Nonemployee Compensation to:
- Report payments made of at least $600 in the course of a trade or business to a person who's not an employee for services, payments to an attorney, or any amount of federal income tax withheld under the backup withholding rules (Form 1099-NEC).
- Report payments of $10 or more made in the course of a trade or business in gross royalties or broker payments in lieu of dividends or tax-exempt interest or $600 or more made in the course of a trade or business in rents or for other specified purposes (Form 1099-MISC).
- Report sales totaling $5,000 or more of consumer products to a person on a buy-sell, a deposit-commission, or other commission basis for resale (Form 1099-NEC or Form 1099-MISC).
- Report payment information to the IRS and the person or business that received the payment.
The determination can be complex and depends on the facts and circumstances of each case. The determination is based on whether the person for whom the services are performed has the right to control how the worker performs the services. It's not based merely on how the worker is paid, how often the worker is paid, or whether the work is part-time or full-time.
There are three basic categories of factors that are relevant to determining a worker's classification:
- Behavioral control (whether there's a right to direct or control how the worker does the work),
- Financial control (whether there's a right to direct or control the business part of the work), and
- Relationship of the parties (how the business and worker perceive the relationship).
You file a federal income tax return annually, but the federal income tax system is a pay-as-you-go system.
If your business is a sole proprietorship or an unincorporated single-member LLC with you as the sole owner, the income is attributable to you personally. If your business is a partnership, an unincorporated multi-member LLC, or an S corporation, the ordinary business income passes through to members and is attributable to them on their personal returns.
If you expect to owe more than the amount allowed by law at the end of the year after deducting any withholding on other income and refundable credits:
- You should make quarterly estimated tax payments or increase the withholding on other income subject to withholding.
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