Services

Tax Services

We have the expertise and knowledge you're looking for in a tax professional and can help you navigate your options.

LEARN MORE ➜

Tax Problem Resolution

Let our team of experienced tax relief experts help you find the light at the end of the tunnel.

LEARN MORE ➜

For Small Businesses

Establish greater profitability and business efficiency.

LEARN MORE ➜

For Individuals

Worry-free financial management for you and your family.

LEARN MORE ➜

Additional Services We Offer

At FasTax Inc., our mission is to to help you maintain financial stability today while proactively planning for tomorrow. That’s why we offer a range of additional services designed to support your growth and success:

Entity Selection and Restructuring – choose the right setup or make changes as life and business needs evolve.

Employee Benefits, Pension, and Profit-Sharing Plans – create smart strategies for your team and your own future.

Financial Projections and Forecasts – gain clarity and confidence about what’s ahead.

Mergers, Acquisitions, and Sales – expert support during major transitions.

Debt and Finance Advising – strategies for individuals and businesses to manage, reduce, and optimize debt.

International Taxation – ensure compliance while maximizing opportunities across borders.

If you’d like to explore any of these services, book a free consultation and let’s talk about your goals.

Schedule Consultation

How To Donate Appreciated Stock to Avoid Capital Gains Tax For Virginia Beach Investors

Quick Answer: Donating your long-term appreciated stock to a qualified charity removes federal and state capital gains taxes and secures an itemized tax deduction for the full fair market value of the shares. To preserve these tax benefits, execute an in-kind DTC...
Read More

What Taxes Do You Pay in Retirement That Most Virginia Beach Retirees Overlook?

Quick Answer: The most frequently overlooked retirement tax traps are taxable Social Security benefits, Medicare IRMAA surcharges, and forced Required Minimum Distribution (RMD) tax pileups. These hidden costs occur when mandatory RMDs and uncoordinated pre-tax...
Read More

Last Minute Tips for Virginia Beach Taxpayers to File By Extended Tax Day

Quick Answer: To meet the October 15 deadline, pull missing tax records directly from your IRS Online Account and verify your identity using your prior-year AGI or IP PIN. Submitting your e-file before midnight locks in your official timestamp and stops late-filing...
Read More

How Much Do Independent Contractors Pay In Taxes? FasTax Inc.’s Tax Strategies for 1099 Contractors

Quick Answer: How much do independent contractors pay in taxes? Independent contractors typically pay between 25% and 35% of their net profit in total taxes, covering federal and state income brackets alongside the mandatory 15.3% self-employment tax. Because 1099...
Read More

Do You Have to Pay Taxes on PayPal, Venmo, or Cash App Payments For Your Virginia Beach Side Hustle?

Quick Answer: You have to pay income tax on any net profit earned through PayPal, Venmo, or Cash App, regardless of whether the platform issues you an official Form 1099-K. However, the IRS only taxes true financial gain, meaning personal bill splits, gift...
Read More

What’s the Best Time for Virginia Beach Retirees To Execute Retirement Planning Tax Strategies?

Quick Answer: Retirees should execute retirement planning tax strategies during their gap years, which are the temporary low-income window after you stop full-time work but before Social Security benefits and Required Minimum Distributions (RMDs) begin. This...
Read More

What Is the Tax Extension Date For Hampton Roads Extended Filers?

Quick Answer: For individual taxpayers, the federal deadline to file your extended tax return (Form 1040) is October 15. Or September 15, if you're waiting on a business Schedule K-1. Just remember that an extension grants extra time to file your paperwork, not...
Read More

What Are the IRS Rules on Claiming Dependents After Divorce For Hampton Roads Parents?

Quick Answer:  The IRS automatically gives the dependent tax claim to the parent the child slept under the same roof with for at least 183 nights. A noncustodial parent can only claim the child if the custodial parent officially signs IRS Form 8332 to pass over...
Read More

How Does the SALT Deduction Work For Hampton Roads High Earners?

Quick Answer: In 2026, the State and Local Tax (SALT) deduction allows you to write off up to $40,400 on Schedule A, but a Modified Adjusted Gross Income (MAGI) over $505,000 triggers a 30% phaseout that reduces the cap down to a $10,000 floor. To legally bypass...
Read More

How 529 Plans Are Taxed for Hampton Roads Families

Quick Answer: Contributions to a 529 plan are made with post-tax dollars, allowing your investment to compound shielded from federal and state capital gains taxes during the growth phase. Withdrawals are 100% tax-free when used for qualified education expenses,...
Read More

Ready to come in for an appointment?

Click here to schedule a time to meet with us. We will NOT make dealing with a tax professional as painful as it’s been in the past!