CJFS Tax Practice

Long Island Tax PrepWe at CJFS have always placed a strong emphasis on your taxation both while working and in retirement because your taxes will have an undeniable impact on your financial health. We think it is vital to properly assess our client’s taxes to ensure we come up with the most comprehensive and successful financial plan that we can. We want to make sure we are doing our best to preserve your hard-earned assets; with that being said, we are proud to offer tax preparation services!

Ms. Megan Muccio, CPA, is the head of our CJFS Tax Practice. Megan brings both a wealth of experience to CJFS and the unique personal touch that is needed when dealing with complicated tax matters.

Some services offered include Form 1040 & State Returns without itemized deductions, Itemized 1040 with Schedule A & State Returns, and Itemized 1040 with Schedule C Business Income & State Return. Bookkeeping services are also available upon request. All of these services are offered for a competitive price.

Please call our office (631) 393-2888 or email me for more details if you are interested in getting your tax return completed.

End of Year and Tax Statements

When the end of year and tax time come around, there is always an abundance of requests for statements.

Tax statements are generated by each custodian, and normally they are not available until the mid or end of February due to new reporting requirements. If you own investments that report on a K-1, you will not receive those tax documents until the middle to end of March.

If you have accounts held at TD Ameritrade or Fidelity, all income received over $10.00 (such as dividends, interest and proceeds from sales) is reported on a Consolidated 1099. If the dividends or interest you received during 2010 were below the $10.00 threshold, a 1099 will not be generated. If needed, you can use monthly statements for any tax-reporting responsibilities under the $10.00 threshold. TD Ameritrade and Fidelity are required to report all income activity to our clients as well as to the Internal Revenue Service (IRS).

The end of March may be the best time to meet with your CPAs or set up a meeting with our in-house CPA. Please wait to book a tax preparation meeting until you have all your tax documents.

We are happy to assist you with compiling your tax documents. Please contact us at least two weeks before meeting to allow ample time for us to prepare and mail them to you.

We are also happy to speak with your CPA or accountant in regards to your accounts, but we need your permission ahead of time to do so. You can either give our office a call to give permission to speak with your CPA or accountant and we will document it, or you can be on the line as we speak with your CPA or accountant.

If you are having your taxes completed by our in-house accountant, then any CJFS documents will be prepared and supplied to our CPA directly. She also works for Craig James Financial Services, so communication and questions will be answered more efficiently.

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