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Tax Services

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

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Tax Problem Resolution

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

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For Small Businesses

Establish greater profitability and business efficiency.

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For Individuals

Worry-free financial management for you and your family.

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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.

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Let Us Help:

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...
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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,...
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How Does the Lifetime Learning Credit Work for Hampton Roads Students, Parents, and Professionals?

Quick Answer: The Lifetime Learning Credit (LLC) is a non-refundable federal tax credit worth up to $2,000 per tax return. It’s calculated as 20% of the first $10,000 in qualifying higher education tuition and fees, with no limit on the number of tax years it can...
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Should Virginia Beach Homeowners Add A Name To A Deed?

Quick Answer: While it’s mechanically simple to add a name to a deed, doing so during your lifetime is a financial mistake that triggers unexpected IRS gift tax reporting and destroys your child's future stepped-up basis tax shield. To safely bypass probate court...
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What Is the US Retirement Age Timeline for Virginia Beach Retirees?

Quick Answer: The official US Full Retirement Age is 67 for anyone born in 1960 or later, but true retirement is an 11-to-13-year financial timeline stretching from age 62 to age 73 or 75. Your specific birth year determines where you fall on this milestone spectrum,...
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Supporting Virginia Beach Charities? How 2026 OBBBA Charitable Giving Contributions Work

Quick Answer: Effective for the 2026 tax year, the One Big Beautiful Bill Act (OBBBA) establishes a new universal deduction allowing non-itemizers to deduct up to $1,000 ($2,000 for married couples) for qualified cash donations directly from their income. And...
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Calculating Crypto Taxes Simplified For Virginia Beach Investors

Quick Answer: Crypto taxes are calculated by subtracting your cost basis from your gross proceeds for each taxable sale, swap, or purchase made with cryptocurrency. The IRS treats crypto as property, so selling crypto, trading one token for another, or earning...
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How the Secure 2.0 Act Changes Beneficiary IRS Tax Rules For Your Virginia Beach Heirs

Quick Answer: Under the SECURE 2.0 beneficiary IRA tax rules, most non-spouse heirs must fully liquidate an inherited IRA within 10 years, with many also facing mandatory annual required minimum distributions (RMDs) if you pass away after age 73. Because the...
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Who Can Claim the American Opportunity Tax Credit? Guidance for Virginia Beach Parents

Quick Answer: The American Opportunity Tax Credit (AOTC) must be claimed by whoever legally lists the student as a dependent on their federal tax return. If a parent claims the undergraduate, the parent gets the credit; if the student is independent, they claim...
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Do You Get Better Tax Breaks For Being Married, Virginia Beach Couples?

Key TakeawaysMost married couples lower their tax liability by choosing the Married Filing Jointly status, which preserves access to deductions that separate filers lose. When there is a significant income gap between partners, combining earnings on a joint...
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