Millennium Financial LLC
Personal Taxes
Individual tax preparation and planning for Nashville residents and business owners. Personal tax obligations are often complex for entrepreneurs, real estate investors, freelancers, and households with multiple income streams.
Why Professional Personal Tax Services Matter
Millennium Financial LLC provides thorough, tax-aware services to ensure accurate filing, optimized tax positions, and practical guidance for tax-efficient financial decisions.
Personal tax returns are more than a compliance chore; they reflect complex interactions between wages, self-employment income, investments, retirement accounts, rental properties, and business pass-through items. Mistakes or missed deductions can increase liabilities, trigger audits, and reduce available cash flow. An experienced tax preparer helps you capture all lawful deductions, credits, and planning opportunities.
Key Benefits of Working with an Expert
Maximize available deductions and credits tailored to your situation.
Reduce audit risk with accurate, defensible returns and documentation.
Coordinate business and personal tax strategies to minimize overall taxes.
Improve cash flow through tax-efficient timing and estimated tax planning.
Achieve tax-conscious retirement and investment planning.
Our Personal Tax Services
1. Individual Tax Return Preparation
We prepare federal Form 1040 and applicable state returns, including schedules for self-employment (Schedule C), rental properties (Schedule E), capital gains (Schedule D), and itemized deductions (Schedule A).
2. Self-employed and contractor returns
Independent contractors and freelancers face unique tax responsibilities: self-employment tax, quarterly estimated taxes, and deductible business expenses. We optimize deductions and advise on retirement contributions and health insurance deductions.
3. Rental property and real estate investor returns
We prepare schedules to capture rental income, depreciation, passive loss limitations, and short-term rental considerations including local lodging taxes and platform reporting.
4. Investment & capital gains planning
We advise on tax-efficient realization of capital gains, loss harvesting, and the tax impacts of stock sales, options, and dividend income.
5. Retirement and tax planning
Contributions to IRAs, 401(k)s, SEP-IRAs, and other retirement vehicles can provide tax benefits. We help you plan contributions and distribution strategies to reduce long-term tax burdens.
6. Estate and trust tax coordination
While not a substitute for estate planning attorneys, we prepare trust and estate tax returns where required and coordinate tax filings with estate planning strategies.
7. Amended returns and prior-year filings
If prior returns missed deductions or contained errors, we prepare amended returns to capture refunds or correct liabilities.
8. Audit support and representation
We assist in preparing audit responses, supplying required documentation, and coordinating with tax authorities or legal counsel.
How We Work - A Step-by-step approach
Discovery
Discovery and document collection: We gather W-2s, 1099s, K-1s, mortgage interest, investment statements, and prior-year returns.
Analysis
Analysis and tax optimization: We analyze filing options (itemize vs. standard deduction, timing of income and deductions) and recommend strategies to reduce taxable income.
Preparation
Preparation and review: We prepare returns, discuss results with you, and make adjustments based on your feedback.
Filing
Filing and planning: We file your returns electronically and provide a tax plan for the upcoming year, including estimated payment schedules and suggested retirement contributions.
Special Considerations for Nashville Residents and Business owners
State filings
Tennessee does not impose a state income tax on wages, but there may be other state-level considerations for business income or interest/dividend taxes (Hall Income Tax was phased out — but we stay current on all state-level changes).
Local tax issues
Local business taxes, licensing, or lodging taxes may affect individuals with rental properties or side businesses.
Multi-state taxpayers
We handle situations where residents earn income in multiple states and ensure proper filing and credits.
Common Taxpayer Scenarios we Handle
SCENARIO 1
Side-hustle income
Individuals with gig economy income who need to track expenses and pay estimated taxes.
SCENARIO 2
Home-office deductions
Proper documentation and calculation to comply with IRS rules and avoid audit red flags.
SCENARIO 3
Stock & Crypto
Reporting capital gains, reconciling 1099s, and handling cryptocurrency events with tax implications.
SCENARIO 4
Family & Credits
Child tax credits, education credits (American Opportunity), and dependent care credits.
Frequently Asked Questions
Should I itemize or take the standard deduction?
It depends. We compare both options and choose whichever yields lower tax liability, considering mortgage interest, state and local taxes, charitable giving, and medical expenses.
How do estimated taxes work?
Self-employed individuals and those with significant non-wage income typically make quarterly estimated tax payments to avoid penalties. We calculate and schedule payments to minimize surprises.
Do you handle K-1s from partnerships or S corporations?
Yes. We process K-1s and coordinate how pass-through income affects your personal return.
What records should I keep?
Maintain records for income (W-2s, 1099s), expenses (receipts, invoices), investment statements, mortgage documents, and rental property records. We provide a checklist during onboarding.
Security and Confidentiality
At Millennium Financial LLC, client confidentiality and data security are paramount. We use secure portals for document exchange, encrypted email where required, and adhere to strict internal controls to protect your personal financial information.