The Income Tax Center

The Income Tax Center Experienced, Friendly and Affordable Tax Preparation with convenient locations in and around St. Louis, MO is just a phone call away. We have one focus, YOU.

When searching for experienced, friendly and affordable tax preparation or accounting with convenient locations in and around St. Louis, MO, your solution is just a phone call away. Our goal is to serve you well by lowering your tax liability to the most advantageous tax position within the tax code. We accomplish this by listening to your individualized tax and accounting needs and helpfully meet

ing those needs. We have 4 Convenient Locations around the metro St. Louis Area and offer a wide array tax and accounting solutions:

- Tax Preparation (All 50 States)
- Self Employment Tax/Advisory
- Multi-State Returns
- Bookkeeping
- Offer In Compromise
- Installment Agreements
- Accounting
- Small Business Consulting
- Business Formation
- Business Restructuring
- Tax Planning & Strategy

Our core values include competent expertise, uncompromising character and personable service. If these are some of the qualities you seek in a tax professional, then I highly recommend my seasoned staff with over 100 years of combined experience to serve your tax, bookkeeping and accounting-related needs. As founder and CEO of The Income Tax Center, I personally welcome your visit and understand the challenge of finding tax prep or an accountant who you can trust to consistently help meet your needs. It is my personal honor to serve you.

~ Nate Salah PhD, Founder & Tax Accountant

Taxes don’t need to be scary. We are here to help you!The extension filing date is 10/15/2025. Don’t be left in the dark...
10/09/2025

Taxes don’t need to be scary. We are here to help you!

The extension filing date is 10/15/2025. Don’t be left in the dark. File before the deadline.

Our new location is almost ready! Our offices will be closed June 27th through July 5th. We will reopen at our new locat...
06/21/2024

Our new location is almost ready!
Our offices will be closed June 27th through July 5th. We will reopen at our new location on Monday, July 8th.

*additional details will be emailed via our portal next week*

Just 3 more weeks!!😃**Please note, our office(s) will be closed during our move. **Beginning Thursday, June 27th and Re-...
06/04/2024

Just 3 more weeks!!😃

**Please note, our office(s) will be closed during our move.
**Beginning Thursday, June 27th and Re-opening on Monday, July 8th.

Unlocking Opportunities: The Moscholar Tax Credit 📚✨Did you know that your tax dollars can pave the way for a brighter f...
09/14/2023

Unlocking Opportunities: The Moscholar Tax Credit 📚✨

Did you know that your tax dollars can pave the way for a brighter future for Missouri students? 💡🌟

The MoScholar Tax Credit aims to make higher education more accessible to students who may not have the financial means to pursue it. This provides tax credits to individuals and corporations who donate to eligible educational institutions. The funds raised through this program are then used to provide scholarships and other financial aid to deserving students. By unlocking opportunities for these students, the MoScholar Tax Credit helps to level the playing field and ensure that everyone has a chance to succeed.

08/10/2023

Ride Share Drivers and Taxes: Do You Have to Pay taxes as an Uber Driver?

If you are considering starting a business as a rideshare driver, you may be unsure if you have to pay taxes on those funds. Is it a job? Are you going to be taxed on that income? It is quite important to understand the laws and regulations of this type of work no matter which rideshare company you decide to work with since these are key decisions that can impact how much you earn and whether the work is worth it.

Do You Need to File Taxes?
Anyone that earns income has to report that income to the Internal Revenue Service. When you work for companies like this, you are not an employee. That means they do not issue you a check that takes out money for federal, state, and local taxes, nor does it cover things like Medicare. That means you have to pay the IRS those taxes owed yourself.
As a business owner, you will receive a 1099 from the rideshare company that will state how much money you have been paid in the last year. That is not a W-2, which is what you would receive as an employee. Instead, the IRS requires that Uber, Lyft, or other companies that hire independent contractors like this to do work must report any income over the amount of $600. When the company sends you a 1099, they are also sending a copy of that to the IRS, which means the IRS already knows you are earning these funds.
Laws are also changing. New laws will require the payment processing company - the company that pays you like PayPal or Venmo- to send you a 1099-K that documents any income you've received. That's why it is always important to keep good resources and to monitor these things over time.
Rideshare drivers can still earn money through this type of business. Yet, it will be important for you to plan to pay taxes on those funds.

Finding the Answers You Need Is Easy to Do
At The Income Tax Center, we aim to provide our clients with outstanding information and reliable transparency in everything we do. If you are considering starting a business, driving an Uber, or engaging in other income-earning tasks, reach out to us first. We are happy to answer any questions you may have.

A surprise celebration for Nate’s “Big 5-0” earlier this week! 😃. Happy birthday Nate!!!🎂🎁🍾🎉
07/27/2023

A surprise celebration for Nate’s “Big 5-0” earlier this week! 😃. Happy birthday Nate!!!🎂🎁🍾🎉

07/24/2023

What Are Some Commonly Overlooked Tax Deductions You Haven't Thought Of Yet?

There are many ways to lower the taxes you owe to the Internal Revenue Service (IRS). As you take into consideration how much you are paying this year, you may want to make sure there are no opportunities available that could help you lower those costs further. There are a few commonly overlooked tax deductions that you simply don't want to miss if you qualify for them - why pay more than you should?

Are You Taking These Tax Deductions?
There are a few potential ways for you to save money on your taxes. Consider how each of these applies in your situation:
The Cost to Sell Your Home: Did you sell your home this year? You may be able to lower your capital gains tax by the amount you spent to sell your home, which includes legal fees, advertising, real estate commissions, and title insurance costs.
• Charity Donations: You may qualify to lower your taxes by writing off your charitable donations up to 20 to 60 percent of your adjusted gross income. You can do this if you itemize your tax deductions and you have verification of the donations, like a receipt.
• Volunteering Costs: If you volunteer for a charity - and all of your time spent during that trip is for the charity - you may be able to deduct your costs for travel for volunteer work.
• Medication Costs: Some people may be able to reduce their taxes by itemizing their deductions if they have substantial medical debt. If the amount of your medical expenses is more than 7.5% of your AGI, that may be a good deduction for you to take to further reduce your costs.
• Investment Expenses: You may be able to deduct the investment expenses you have, including any management fees and advisory fees, if you itemize your deductions.
There are likely other deductions available to you, though it will be important to work with your tax professional to determine if itemizing or taking the standard deduction is best in your case.

Set Up a Consultation with Our Team to Learn More
At The Income Tax Center, we work with our clients to ensure they are not leaving any money on the table or overpaying in taxes each year. Let us help you to determine what options exist to help you lower your tax obligations even further. Contact us for a consultation.

06/20/2023

Will Saving for Retirement in an IRA Lower My Taxes?

The investment in your retirement is always a good thing, but there may be another reason to put money aside now to pay for your needs later. That comes in the form of tax savings. Depending on the type of retirement investment you make, you may see a significant reduction in your taxable income, which means you end up paying less on your taxes. It is important to work with your tax professional to make sure you understand the terms and conditions, but there are several things to keep in mind.
IRAs and Tax Benefits
An Individual Retirement Account, or IRA, is one way to save for retirement. It allows you to reduce your taxable income, depending on what your income is. With a traditional IRA, your money is put into the account prior to it being taxed. It grows there until you reach retirement age without additional taxes on it. More so, you only pay taxes on these funds once you start taking money out.
That means that you are paying less tax each year because your taxable income is lower. It also means you may be paying less tax over the long term when you begin to withdraw the funds from your retirement account if your tax rate is lower then than it is now.
There are limits to this. For example, for 2023, if you are filing as a single individual with a modified adjusted gross income of under $138,000, your contribution limit is $6,500. If you are a married couple filing a joint return with a modified adjusted gross income of $218,000 or less, your contribution limit is $6,500. You may be maxed out when your income reaches a higher level as well.
Work with your tax professional to determine where you stand when it comes to contributing to this or other tax deferred retirement accounts. It could make a big difference in what you pay in taxes throughout your lifetime and help you cover your financial needs during retirement down the road, and that can be well worth the investment.

Let Our Team Provide Insight Into Your Options
The Income Tax Center is dedicated to working with you to maximize your tax savings opportunities. A personalized consultation is always best. Turn to our team today to learn more about how we can help you reduce your taxes while saving for retirement.

05/15/2023

5 Reasons to Invest in Professional Accounting

Professional accounting services are not just for big businesses. They can also provide insight and guidance for smaller companies, startups, and individuals. If you are looking for a way to better manage your money, you need to have a licensed accountant by your side.

Here are some reasons why you
should turn to an accountant today.

#1: It Will Save You Money
One of the best reasons to use professional accounting is because it can provide insight into how you spend your money and where you can save it. With more oversight, you gain the ability to make better decisions and leave more in your pocket.
#2: Compliance May Require It
Having a way to verify that you are making all required tax payments is one of the reasons to use professional accounting. It is nearly always necessary to ensure you have oversight into the rules that may impact your business accounting objectives and growth goals. For example, simply having tracked your employees’ earnings accurately is essential but not easy to do without professional help.
#3: Plan Your Next Big Move
When you have a professional working with you to oversee and manage your finances, you can work closely with them to create some goals. Perhaps you want to open a new location for your business or take on the next phase of development of your product line. Not only can having insight help, but your accountant can also work closely with you to create a plan for saving money and aiding you in estimating costs.
#4: It Makes Tax Time Easier Hands Down, taxes are hard at all levels. Having an accountant managing your books, personal or business, throughout the year helps to minimize the amount of frustration you’ll face when tax season arrives. You also want to prevent tax penalties and fines that could tackle your business.
#5: Plan for Changes in Operations
Are you making enough profit on your products to remain profitable? Do you have a plan in place to pass on your business to your heir? Perhaps you need to make changes in your finances. An accountant can help you plan for this.

Let Our Team Guide You
If you are unsure if you need professional accounting services, reach out to us for more information and support. The Income Tax Center is designed specifically to address your unique needs. Set up a consultation to learn more about how we can personalize our services to meet your objectives

02/01/2023

IRS: Updates to Reporting Digital Assets

WASHINGTON — The Internal Revenue Service reminded taxpayers that everyone must answer a digital asset question and report all digital asset-related income.

What is a digital asset?

A digital asset is a digital representation of value which is recorded on a cryptographically secured, distributed ledger. Common digital assets include:

· Convertible virtual currency and cryptocurrency

· Stablecoins

· Non-fungible tokens (NFTs)

When to check "Yes"

Normally, a taxpayer must check the "Yes" box if they:

· Received digital assets as payment for property or services provided;

· Transferred digital assets for free (without receiving any consideration) as a bona fide gift;

· Received digital assets resulting from a reward or award;

· Received new digital assets resulting from mining, staking and similar activities;

· Received digital assets resulting from a hard fork (a branching of a cryptocurrency's blockchain that splits a single cryptocurrency into two);

· Disposed of digital assets in exchange for property or services;

· Disposed of a digital asset in exchange or trade for another digital asset;

· Sold a digital asset; or

· Otherwise disposed of any other financial interest in a digital asset.

How to report digital asset income

Besides checking the "Yes" box, taxpayers must report all income related to their digital asset transactions. For example, an investor who held a digital asset as a capital asset and sold, exchanged or transferred it during 2022 must use Form 8949, Sales and other Dispositions of Capital Assets, to figure their capital gain or loss on the transaction and then report it on Schedule D (Form 1040), Capital Gains and Losses, or Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, in the case of gift.

If an employee was paid with digital assets, they must report the value of assets received as wages. Similarly, if they worked as an independent contractor and were paid with digital assets, they must report that income on Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship). Schedule C is also used by anyone who sold, exchanged or transferred digital assets to customers in connection with a trade or business.

When to check "No"

Normally, a taxpayer who merely owned digital assets during 2022 can check the "No" box as long as they did not engage in any transactions involving digital assets during the year. They can also check the "No" box if their activities were limited to one or more of the following:

· Holding digital assets in a wallet or account;

· Transferring digital assets from one wallet or account they own or control to another wallet or account they own or control; or

· Purchasing digital assets using U.S. or other real currency, including through electronic platforms such as PayPal and Venmo.

01/16/2023

Did You Start a Side Gig in 2022? You Need to File Taxes in January

For many people, taking on a side gig to add income to your budget sounds like a good thing. It can be, especially if it opens the door for you to meet your financial obligations. Yet, even a side gig where you do not earn a lot of money throughout the year may still require tax reporting. That is, if you make over $600 for the year, you’ll need to report that income to the IRS come tax time.

There’s more, though.

Why You Need to File Taxes in January
You may know you need to report your taxes for the year on your annual return, but most people with a side gig should also be paying taxes quarterly. That means you’ll need to calculate what your estimated quarterly taxes are and pay them.

Estimated quarterly tax payments apply to most people with self-employment income, gig economy work, small business earnings, and investment earnings. The IRS expects you to determine how much income you made in the previous quarter, estimate your tax obligations for that quarter, and then make that estimated payment by the middle of the next month. In this case, that means making your estimated tax payment by January 17th.

Even if you missed this month’s deadline, you’ll still need to take these steps and ensure you’re ready to go for the next quarterly filing requirement.

What Happens If You Miss Estimated Quarterly Taxes?
A few things can occur if you do not make your payment on time. First, chances are good that if you do not make your quarterly payments throughout the year, you’ll have a big tax bill come April that you’ll need to pay.

Second, there’s also the risk of having to pay a fine for not reporting and paying those taxes in advance. A late payment penalty of 0.5% on any unpaid balance for each month may be applied to your account. That’s up to 25% of what you owe and it can have interest applied to it. It’s a costly mistake but one that’s easily fixed by putting in place a consistent tax reporting schedule.

Let The Income Tax Center Help You
Minimize risk and ensure you have the best possible tax situation this year. Before you file your taxes, meet with The Income Tax Center to get more information and support for filing your taxes. We can be reached @ 314-209-8299

01/13/2023

IRS sets January 23 as official start to 2023 tax filing season; more help available for taxpayers this year;

April 18 tax filing deadline in 2023

The filing deadline to submit 2022 tax returns or an extension to file and pay tax owed is Tuesday, April 18, 2023, for most taxpayers.

Have the right information before filing. The IRS encourages individuals to have all the information they need before filing a complete and accurate return. Organize and gather 2022 tax records including Social Security numbers, Individual Taxpayer Identification Numbers, Adoption Taxpayer Identification Numbers and this year's Identity Protection Personal Identification Numbers valid for calendar year 2023.

This is especially important for people who may receive one of the various Forms 1099 from banks or other payers reporting unemployment compensation, dividends, pension, annuity or retirement plan distributions.

Visit IRS.gov first for questions. The IRS reminds people to visit IRS.gov first for common questions and also to check on the status of their refunds. IRS.gov has much of the same information that IRS phone assistors have.

Speed refunds by filing electronically and choosing direct deposit. There are important steps people can take to help ensure their tax return and refund are processed without delays. The most important is to file electronically with direct deposit. This is still the fastest and easiest way to file and receive a refund. To avoid delays in processing, people should avoid filing paper returns wherever possible.

IRS Free File available January 13

IRS Free File will open January 13 when participating providers will accept completed returns and hold them until they can be filed electronically with the IRS. Many commercial tax preparation software companies and tax professionals will also be accepting and preparing tax returns before January 23 to submit the returns when the IRS systems open.

The IRS's Free File program, available only at IRS.gov, allows taxpayers who made $73,000 or less in 2022 to file their taxes electronically for free using brand-name software provided by commercial tax filing companies. Free File Fillable forms, a part of this effort, is available to any income level and provides free electronic forms that people fill out and file themselves also at no cost.

Key filing season dates

January 13: IRS Free File opens

January 17: Due date for tax year 2022 fourth quarter estimated tax payment.

January 23: IRS begins 2023 tax season and starts accepting and processing individual 2022 tax returns.

January 27: Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.

April 18: National due date to file a 2022 tax return or request an extension and pay tax owed.

October 16: Due date to file for those requesting an extension on their 2022 tax returns.

Address

Town And Country, MO

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Tuesday 8:30am - 2pm
Wednesday 8:30am - 3:30pm
Thursday 8:30am - 3:30pm
Friday 8:30am - 2pm

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+13142098299

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