Welcome to Transport Workers Tax Service

Welcome to Transport Workers Tax Service. We are one of the Maritime’s Industry foremost accounting firms engaged in tax preparation and financial services.Our commitment to you is based on the highest of professional accounting standards. We will anticipate your needs and work to exceed your expectations.

The shipping industry has changed a lot in the past 12 months, and unfortunately so has the tax code. Although standard deductions has increased significantly (standard deduction will be $12,000 for single filers and $24,000 for married couples) it was accompanied by the disallowance of personal exemptions and unreimbursed employee expenses.

IN ADDITION TO TAX CODE CHANGES, SO HAVE OUR FEES, NOW STARTING AT ONLY $365!!!

In an attempt to simplify the tax code, the U.S. Individual Income Tax Return, better known as form 1040, has a whole new look. The new form, 1040 Simplified, seems to be just simplified on the surface. This one form has taken the place of the 1040A, 1040 and 1040EZ. The new form has been drastically cut down in size: The draft released by the IRS in June has about half the lines of the original 1040. Half the size should indicate half the work, but unfortunately, that doesn’t seem to be the case. According to the IRS, there have been at least six new schedules that will accompany the new 1040. Underneath the tax table below I listed the new Schedules that accompany the new Form 1040.

With the Form 1040 shrunken to the size of a post card the idea of using a computer based DIY software package may appeal too many, this is not a year I would suggest switching, even with the loss of your mariner deductions. The new Schedules that accompany the Form 1040 will require you to shift through many pages of instructions to ensure you are calculating and taking advantage of all deductions available to you. This is especially important to those of you who reside in states that impose state income taxes. So I highly suggest you use a tax preparer who is familiar with the new Schedules and Form 1040.

There are also state implications in determining if the taxpayer should claim itemized deductions or the standard deduction. Many states require the state return to follow the method used for federal. For example, if the taxpayer claims the standard deduction on the federal return, many states require the taxpayer to also claim the standard deduction on the state return. For these states, it may be advantageous to claim the lower itemized deductions for federal if it is higher than the state standard deduction. States with a low standard deduction amount that are most likely to fit this scenario are;

District of Columbia, Georgia, North Carolina, Oklahoma, Oregon, and Kansas.

On our Downloads Page you will find our organizer for both this year and last year’s taxes. Email me if you need any prior year

State Income Tax-We will file and prepare your state income tax return for you.

Extensions-We automatically file federal extensions on behalf of all of our clients.