What the “Plus” is all about
My name is Joel Dimengo, co-founder of 1040Plus, a northeast Ohio tax preparation firm that has been saving taxpayers money for more than twenty-five years.
Over the years I began to take notice of a common pattern on tax returns that came across my desk:
- There was not enough investment income relative to wages, meaning clients were either not saving enough, or they were realizing poor returns on money that they had saved
- Too many clients had gotten poor financial advice in the past, as they suffered substantial losses in the financial markets, or were invested in products that were not suitable for their life stage
- The best guaranteed returns on investment that I’ve ever witnessed have been achieved via the tax return, courtesy of Uncle Sam
As a lifelong investor and student of the financial markets, it became readily apparent that there was a genuine need for taxpayers, with the help of their preparers, to become more vigilant of all the “tax advantaged” financial opportunities that are available to them. Which is why I developed the 1040Plus™ website, a valuable and engaging resource of information for individual taxpayers and preparers alike.
And who better to assist taxpayers in the planning and investment process than their tax preparer? After all, the tax preparer is a number-savvy professional who is already familiar with their client’s financial and life-stage circumstances, has been exposed to a wide variety of financial circumstances at similar life stages, and is genuinely interested in the financial well-being of each and every client. By making themselves available to their clients year-round for such matters as financial planning, investment advice, and investment management, the tax preparer becomes a one-stop shop for most clients’ financial needs.
Read on to learn more about the financial areas that 1040Plus™ tax preparers are able to assist you with.
Completing your taxes and gaining a better understanding of your financial situation presents an optimal time to have a preliminary discussion about your financial objectives. But because life circumstances tend to affect one’s willingness (or ability) to invest, here are a few points to consider before we proceed:
As tax professionals who are well-apprised of their client’s financial and life circumstances, we’ll help you explore financial opportunities that arise along three different timelines: 1) instant-benefit tax transactions, 2) downstream-benefit tax implications, and 3) long-term-benefit investment strategies
And it’s not only about a reduction in tax. Oftentimes by reducing income (aka AGI) we see other credits kick in that can enhance the return on investment. Here are some of the more popular strategies that can be implemented on your tax return to achieve immediate results during the preparation and filing process:
- Traditional IRA contribution -premium content available-
- SEP (Simplified Employee Pension) contribution
- HSA (Health Savings Account) contribution
- Qualified Charitable Distribution from IRA -premium content available-
- Weighing your Balance Due payment options
Some examples of downstream tax-saving financial strategies in which the tax savings are not realized on the current-year tax return:
- Contributions to a salary reduction retirement plan such as a 401(k) or 403(b)
- Roth IRA contribution, including “Back Door” Roth contributions for high earners
- Calculating the optimal time to begin receiving Social Security benefits -premium content available-
- Alternatives for high earners unable to deduct Student Loan Interest -premium content available-
- Purchasing or refinancing a principal residence or vacation home
- Switching from W2 employee to independent contractor to take advantage of new tax laws -premium content available-
Following are investment-tax “What-If” scenarios we are currently able to assist you with:
- Muni Bond Interest vs Ordinary Interest Income
- Qualified Dividends & Capital Gains vs Ordinary Interest Income
- Qualified Dividends & Capital Gains in a Traditional IRA vs IRA Distributions
- Real Estate Investment Analyzer -premium content available-
- Fixed Income Leverage Analyzer -premium content available-
All of our premium topics give users the option to access a web-based interactive calculator that demonstrates the results that can be achieved with our expert guidance. While there is free, limited-use access to each topic, registration will be required to gain access to the topic’s interactive calculator feature.
Traditional IRA Contribution
W-2 vs SE
When to begin drawing Social Security
Real Estate Investment Analyzer
Qualified Charitable Distribution
The Student Loan Interest Quandary
Fixed Income Leverage Analyzer
Our popular Fill-n-Send™ PDF forms
Tax Year 2022
Frequently Asked Questions
I'm in no position to invest. Can 1040Plus just do my taxes?
Are 1040Plus tax preparation fees higher as a result of its more analytical approach to taxes?
and as you can see from our flat fee Tax e-form service, our basic tax preparation fees can be very competitive, even if you require some of the most common extra forms.
Our more personalized one-to-one preparation services tend to result in higher fees as these services generally are more time-consuming and require extra forms such as Education Credit, Self Employment, Rental Income, etc. Fees start at $125 for the simple Federal Form 1040 with free State. Extra forms can run from $15 to $50 per form, plus time charges for those forms that require multiple entries. Feel free to call us for a quote if this is the service you prefer.
Performing the “What-If” scenario while preparing your tax return is ingrained in our preparation process, which we are eager to discuss with you if and when a tax-saving opportunity arises.
Will I be charged extra for 1040Plus to tell me how much I can save by making an IRA contribution on this year's taxes?
Will my 1040Plus preparer represent me in the event of an audit?
Per IRS Circular 230 Registered Tax Return Preparers “may represent taxpayers before revenue agents, customer service representatives, or similar officers and employees of the Internal Revenue Service (including the Taxpayer Advocate Service) during an examination if the registered tax return preparer signed the tax return or claim for refund for the taxable year or period under examination. Unless otherwise prescribed by regulation or notice, this right does not permit such individual to represent the taxpayer, regardless of the circumstances requiring representation, before appeals officers, revenue officers, Counsel or similar officers or employees of the Internal Revenue Service or the Treasury Department. A registered tax return preparer’s authorization to practice under this part also does not include the authority to provide tax advice to a client or another person except as necessary to prepare a tax return, claim for refund, or other document intended to be submitted to the Internal Revenue Service.”
Can 1040Plus recommend specific investment products for my tax-saving strategy?
Can I really achieve better returns on my investments if I have 1040Plus do my taxes?
What if my investment adviser disagrees with 1040Plus' tax-saving investment strategy?
Does 1040Plus advise on more speculative investments such as precious metals, commodities, options, and digital currencies?
Can I do my own taxes and use 1040Plus strictly for investment planning as it relates to my tax situation?
I'm halfway across the country from your offices. How can I get my information to 1040Plus?
- Secure Upload with Download Notification: https://share.hyperfiles.net/filedrop/1040plus
- Secure Email with Private Message: mailto:email@example.com
- Any of the Formcloud versions of our Fill-n-Send PDF forms
We strongly discourage the use of regular email to send sensitive financial information to us that is not encrypted.
I'd prefer to retain my current tax preparer. Will 1040Plus allow me to share its premium content with my tax preparer?
I'm a tax preparer and would like my clients to have access to your Premium content. Does 1040Plus offer a Group Plan?
“Empowering taxpayers with the resources they need to better themselves” – Joel T. Dimengo, President of 800-TAX REFUND, Inc., whose investments in technology and innovation would distinguish the methods by which 800-TAX REFUND, Inc. carries out its mission.
From its two neighborhood tax offices in northeast Ohio, 800-TAX REFUND, Inc. quickly gained a national following in January 1998 when IRS granted the company the first legislative privilege of its kind: the authority to accept fax signatures in lieu of original signatures. Continued development in delivering convenient, responsive, and affordable tax services to taxpayers nationwide would later help 800-TAX REFUND, Inc. become one of just two companies to earn the IRS Industry Partner Award in each of the thirteen years that IRS granted the award.
800-TAX REFUND, Inc. assists thousands of taxpayers each year in having their taxes prepared and/or filed electronically, and 1040Plus™ represents the company’s latest initiative to extend its expertise in areas of tax and finance that are certain to benefit taxpayers and preparer-advisers alike.
2775 Front Street
Cuyahoga Falls, OH 44221
PH: (330) 434-6655 or (800) TAX-REFUND
FX: (330) 434-8130 or (800) 794-8851
secure email: firstname.lastname@example.org
secure document portal: https://share.hyperfiles.net/filedrop/1040plus
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Tax Season Hours: 10-4 ET Mon-Fri 10-1 Sat
Off Season Hours: 10-1 ET Mon-Fri