133-59 242nd Street, Rosedale, NY 11422
Ph: 718-712-1112 | Fax: 718-712-1115
email: info@gslfinancialgroup.com
Tax & Accounting Services
As the tax and accounting division of GSL Financial Group, Inc., GSL Tax & Business Services offers a wide range of services to our individual and business clients. Being a relatively small firm, we are able to offer our clients personalized quality service.
We prepare returns for individuals, partnerships, LLCs, and corporations. We also prepare returns for every state and city requiring tax forms. All eligible forms prepared by GSL Tax & Business Services personnel are filed electronically at no additional charge. We also offer electronic filing of self-prepared returns for a data input fee. For your piece of mind, our skilled preparers will advise you of possible tax deductions you may have overlooked in preparing your return.
Below is a list of the services that we offer to our clients along with a brief description.

Accounting Services
Bookkeeping/Write-Up
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping.

Consulting Services
Business Entity Selection:
Choosing the form of entity of your business (e.g. "S" corporation, sole proprietor, Limited Liability Company) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company.

Payroll Service
Before and after the fact Payroll:
As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner.

Sales Tax Service
Sales Tax Preparation:
Many of our clients are responsible for collecting and submitting sales taxes in many different localities. We can assist your company in the compilation of information and preparation of sales tax returns in an efficient and timely manner.

TAX SERVICES
Tax Preparation
Our significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations. We pride ourselves on close personal attention to your tax preparation, and our objective is always to ensure you pay the lowest possible tax allowed by law. Our preparers are experienced professionals, and attend continuing education on tax law changes each year. We guarantee our work and will pay any interest and penalties assessed when we have erred. 

All eligible forms prepared by GSL Tax & Business Services personnel are filed electronically at no additional charge. We also offer electronic filing of self-prepared returns for a data input fee. For your piece of mind, our skilled preparers will advise you of possible tax deductions you may have overlooked in preparing your return.

Tax Planning
Tax planning is an essential element of the tax preparation process. By making tax planning part of your overall business strategy, you can use our experience and access to the most current new developments in the tax laws to minimize both your current and future tax liabilities.

Tax Audit Representation
Our Enrolled Agents are licensed tax professionals admitted to represent taxpayers at all administrative levels of the Internal Revenue Service. Our team also includes CPAs and attorneys. When you are required to appear at an IRS office, we will not just go with you, in most cases we will go INSTEAD of you.  Since an "Enrolled Agent" is a federally licensed professional and is accepted by the Department of Revenue/Income Tax Divisions of all states, we can also represent you at the state level.

Tax Preparation Fees
A question we hear quite often during tax time, “How Much will you charge to do my taxes?” Well, this is a hard question to answer. The price you will pay for tax preparation services depends on how complex your tax return is. The more complicated your return, the higher the price will be.
For a common tax return with W2 income, interests and dividends, expect to pay between $150 and $250. If you are self-employed, a landlord, or have brokerage trades to report, expect to pay between $250 and $350.  If you are a partnership or corporation, expect to pay considerably more.
The more forms involved in a tax return, the more complex the return, the more time and attention the taxpayer's situation requires and the higher the fee.

Income tax planning services are charged at an hourly rate, generally $75 per hour.

Tax representation services for audits, appeals and collections (back taxes) are generally charged at an hourly rate of $150 with a minimum $500 retainer required. Additional hours are billed in advance in $500 increments.  Payment for any hours not used is refunded at the end of the engagement.
We accept checks, money orders, Visa, MasterCard or American Express.

What About Those Free E-File Offers?

The IRS has partnered with several large national firms to offer free electronic filing for a limited number of taxpayers (usually based on low income). You will probably have to go all the way through the entire online tax preparation process before they tell you if you'll have to pay or not.  Most of the firms offering free federal e-filing do charge for preparation of a state tax return.

GSL Tax & Business Services has always offered free electronic filing; in fact we recommend it for almost all clients. Your tax forms cannot get "lost" in the mail or at the IRS, and both the IRS and your state will process the return much faster so you receive your refund quicker. We also recommend having your refund directly deposited to your bank account; another service we offer for free!


What About Other Free Tax Preparation Offers?
You also may have seen or heard of some financial services firms and even retail businesses offering to do tax preparation for free or for a very nominal sum. But how can they do that, since they obviously lose money on the tax returns prepared?

They have to make money somewhere. Some retailers expect you to spend your tax refund with them.  Financial services firms may hope to make money on other products and services they plan to sell to you. Read the privacy policies carefully, as they will indicate if the company doing your tax preparation plans to share your personal financial information with "affiliates" or "subsidiaries" or "non-affiliated third parties." Some firms use free or cheap tax return preparation as a "loss leader" to generate prospects for their other financial products. Guard your financial privacy carefully!

As part of our Volunteer Income Tax Assistance program, we offer low cost or free tax preparation service to the elderly and low income families.

So call us today to find out if you’re qualified for the VITA program. 718-712-1112

What does your Preparer need from you?

Checklist for Your Preparer

Check off the items below as you assemble the information you need to send to your preparer.  If there are multiple documents in any category, write the number of items included on the line.  For a more detailed list, contact your preparer and ask for an Organizer.

Quick List:

  • W2 / W2-G
  • Send at least one copy for each employer you worked for in the year. 
  • Make sure the social security number listed is correct and verify the wages against your last paystub. 
  • If you hit it big at the casino, your gambling winnings will be reported to you on a W2-G.
  • 1099 You will receive a 1099-INT and a 1099-DIV for each payer who paid you interest or dividends during the year. 
  • Your mutual fund or stockbroker will send you a 1099-B reporting the gross proceeds from stock sales or the sale of mutual fund shares. 
  • Your preparer must also have the purchase date and original cost of the stock sold during the year..
  • You may also get 1099-SSA for social security benefits received;
  • 1099-R for pension income or cashing in your 401k or IRA funds;
  • 1099-G for state unemployment or state tax refund received;
  • 1099-S for the sale of real estate;
  • 1099-C for foreclosures or bankruptcies.
  • If you were self-employed (ie: no one withheld social security taxes from your pay), you should receive 1099-MISC from anyone who paid you $600 or more. 
  • You are responsible for reporting your earnings even if you do not receive a 1099-MISC, so be sure to tell your preparer about your self-employed earnings. 
  • 1098 This form reports the amount of interest you paid on your mortgage or home equity loan during the year. 

  • Check to see if it also shows how much you paid in real estate taxes.  If not, look up the amount paid for property taxes and send that figure as well. 
  • K-1 Send any K1s you received as a partner in a partnership or as a shareholder in an S
  • Corporation. Detailed List Top of Form Personal Data
  • Social Security Numbers of everyone listed on the return.
  • Date of Birth of everyone listed on the return.
  • Child care provider: Name, address and tax I.D. or Social Security Number and Daycare Statement.
  • Alimony paid: Social Security Number and name of person who received the alimony.
  • Employment & Income Data
  • W-2 forms for this year
  • Unemployment compensation: Forms 1099-G
  • Other income including rent: Forms 1099-MISC
  • Partnership, S Corporation, & trust income: Schedules K-1
  • Pensions and annuities: Forms 1099-R
  • Social Security/RR1 benefits: Forms RRB-1099
  • Alimony received
  • Jury duty pay
  • Gambling and lottery winnings
  • Prizes and awards
  • Scholarships and fellowships
  • State and local income tax refunds: Form 1099-G
  • Military: Combat pay, housing stipend
  • Homeowner/Renter Data
  • Residential address(es) for this year
  • Mortgage interest: Form 1098
  • Sale of your home or other real estate: Form 1099-S
  • Second mortgage interest paid
  • Real estate taxes paid
  • Rents received during the tax year
  • Moving expenses
  • Repairs/Improvements made to rental house
  • Financial Assets
  • Interest income statements: Form 1099-INT & 1099-OID
  • Dividend income statements: Form 1099-DIV
  • Proceeds from broker transactions: Form 1099-B
  • Retirement plan distribution: Form 1099-R
  • Financial Liabilities
  • Auto loans and leases / year and make of auto, if vehicle is used for business
  • Student loan interest paid
  • Early withdrawal penalties on CDs and other time deposits
  • Automobiles
  • Personal property tax information (Ad Valorem)
  • Expenses
  • Gifts to charity (qualified written statement from charity for any single donations of $250 or more)
  • Unreimbursed expenses or mileage related to volunteer work
  • Unreimbursed expenses related to your job (travel, uniforms, union dues, professional publications, entertainment)
  • Investment expenses
  • Job-hunting expenses
  • Job-related education expenses
  • Child care expenses: name, address, SSN or EIN of child care provider
  • Medical Savings Accounts / Health Savings Account
  • Adoption expenses
  • Alimony paid: SSN or receiver
  • Tax return preparation expenses and fees
  • College tuition paid for you, your spouse, or your dependent.  Were you at least 1/2 time? What year if in a degree program?
  • Contributions and withdrawals from Medical Savings / Health Savings Account
  • Alimony paid / name and SSN of receiver
  • Self-employment Data
  • Business income: Forms 1099-MISC and/or own records
  • Partnership SE income: Schedules K-1
  • Business-related expenses: Receipts, other documents & own records
  • Farm-related expenses: Receipts, other documents & own records
  • Employment taxes & other business taxes paid for current year: Payment records
  • Miscellaneous Tax Documents
  • Federal, state & local estimated income tax paid for current year: Estimated tax vouchers, cancelled checks & other payment records
  • IRA, Keogh and other retirement plan contributions: If self-employed, identify as for self or employees
  • Records to document medical expenses, health insurance paid
  • Records to document casualty or theft losses
  • Records for any other expenditures that may be deductible
  • Records for any other revenue or sales of property that may be taxable or reportable


    Additional Information for your Preparer…
  1. Did you buy, sell, or refinance real estate you own?  send a copy of the settlement statement.
  2. The 1099-B you received for the sale of stock only listed the gross proceeds you received from the sale. So tell your preparer when you bought the stock and how much you paid for it. You only owe tax on the difference between buying and selling. You may even have a loss to report!
  3. Tell your preparer about any new dependents. You will need name, social security #, and date of birth for each dependent.
  4. Add up the amount of cash and/or checks written for church, Sunday school, United Way, March of Dimes, etc. If you gave through work, look for a charity amount on your last paystub.
  5. Remember, for all charitable giving, you need receipts.
  6. Tell your preparer if someone on your return is taking college courses or vocational training and how much was paid for tuition during the year.
  7. You need the name, address, amount paid, and ID # of the care provider to claim child care expenses credit.
  8. Tell your preparer if you made Estimated Tax payments. Sometimes we set them up when last year’s return was prepared, but we don’t know if you actually made the payments, how much you paid or when. Your preparer will appreciate the reminder.
  9. Other deductions may be auto mileage, purchase of business equipment, health insurance premiums and medical expenses. 
  10.  Most preparers can send you an organizer with last year’s information and a space to fill in this year’s amounts. It is a great help if your life tends to roll along year after year.

 

tax_forms