Tax season can feel overwhelming, but with the right approach, filing your personal taxes doesn’t have to be stressful. Whether you’re a W-2 employee, self-employed, or managing multiple income sources, proper tax preparation can help you minimize your tax liability and maximize your refund.

At Basso & Guida, we specialize in helping Long Island residents navigate their tax filings with ease, ensuring compliance while identifying every deduction and credit available. This guide will walk you through everything you need to know about personal tax preparation on Long Island, from gathering documents to choosing the right tax strategy.

1. Understanding Your Filing Status

Before you file, you need to determine your correct filing status, which impacts your tax rates, deductions, and eligibility for certain credits.

Single – If you’re unmarried or legally separated as of December 31st.
Married Filing Jointly – If you and your spouse file together, often resulting in lower tax rates.
Married Filing Separately – If you and your spouse file separately; sometimes beneficial in cases of student loans or tax liabilities.
Head of Household – If you’re unmarried, provide financial support for a dependent, and meet specific IRS requirements.
Qualifying Widow(er) – If your spouse passed away in the last two years and you have a dependent child.

2. Key Tax Documents You Need

Having your documents in order is essential for an accurate tax return. Common tax forms include:

Income-Related Forms

• W-2 – If you are a full-time or part-time employee.
• 1099-NEC – If you are self-employed or work as an independent contractor.
• 1099-DIV/1099-INT – For dividends and interest earned from investments.
• 1099-B – For capital gains and stock sales.
• K-1 – If you have partnership or S-Corp income.

Deduction & Credit-Related Forms

• 1098-T – For education-related expenses (tuition, fees).
• 1098-E – Student loan interest paid.
• 1098 – Mortgage interest statement.
• Medical and dental expense records.
• Charitable donation receipts.

State-Specific Considerations for Long Island Residents

New York has state and local income taxes, so it’s important to ensure compliance with both federal and NYS tax laws.

3. Maximizing Your Deductions & Tax Credits

Long Island taxpayers can take advantage of several deductions and credits to lower their taxable income.

Common Deductions for Long Island Residents

Mortgage interest deduction – If you own a home, interest on your mortgage may be deductible.
State and local tax (SALT) deduction – Deduct up to $10,000 in property and state income taxes.
Medical expenses – If they exceed 7.5% of your AGI, they may be deductible.
Retirement contributions – Contributions to IRA, 401(k), or other retirement plans may reduce taxable income.

Tax Credits to Reduce Your Tax Bill

Child Tax Credit – Up to $2,000 per qualifying child.
Earned Income Tax Credit (EITC) – For lower-income individuals and families.
Education Credits – The Lifetime Learning Credit (LLC) and American Opportunity Tax Credit (AOTC) help offset tuition and fees.
Saver’s Credit – Available for lower-income individuals contributing to retirement accounts.
Residential Energy Credit – If you’ve made energy-efficient home improvements (such as installing solar panels, energy-efficient windows, or upgrading insulation), you may qualify for a tax credit of up to 30% of the cost of eligible improvements.

Pro Tip: Credits reduce the amount of tax you owe dollar-for-dollar, while deductions lower your taxable income—both are important to maximizing savings!

4. Should You Itemize or Take the Standard Deduction?

For 2024 tax filings, the standard deduction amounts are:

• $14,600 for single filers
• $29,200 for married couples filing jointly
• $21,900 for heads of household

If your total eligible deductions exceed these amounts, itemizing may save you more money. Common itemized deductions include medical expenses, mortgage interest, and charitable donations.

5. Common Tax Mistakes to Avoid

Waiting until the last minute – Rushing through taxes increases the risk of errors and missed deductions.
Forgetting to report income – Even side gigs and small freelance jobs require tax reporting.
Not tracking deductible expenses – Many people miss out on deductions simply because they don’t keep records.
Filing under the wrong status – This can impact tax liability and eligibility for credits.

Pro Tip: Use a professional tax preparer like Basso & Guida to avoid mistakes and maximize your refund.

6. Should You File on Your Own or Work with an Accountant?

While DIY tax software (like TurboTax) is an option, it doesn’t provide the personalized tax strategies and savings opportunities that a professional accountant can offer.

Why Work with a Professional Accountant?

Ensure accuracy and compliance with federal, state, and local tax laws.
Identify every possible deduction and credit to maximize your savings.
Avoid IRS audits and penalties by filing correctly the first time.
Save time and reduce stress—let a pro handle the paperwork!

Pro Tip: If your finances are complex, you own a business, or you have multiple income sources, an accountant can save you more money than DIY software.

Final Thoughts: Get Expert Tax Help from Basso & Guida

Preparing your taxes doesn’t have to be overwhelming! With the right approach—and the right tax professionals—you can stay compliant, maximize your deductions, and ensure you’re getting the best refund possible.

At Basso & Guida, we provide expert personal tax preparation for Long Island residents, ensuring that every client receives the one-on-one attention and strategic planning they deserve.

Schedule Your Tax Appointment Now and let us handle your taxes with Precision in Numbers and Passion in Service!