Serving Your Personal Tax and Accounting Needs
Income Tax Prep
James River Taxes, d.b.a. Exclusive Tax Service can prepare tax returns for businesses and their owners, as well as Estates and Trusts.
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Accounting
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Benefits & Payroll
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Important Planning Information
Tips on Financial Planning
Individual Retirement Accounts Traditional IRAs
What is an IRA? An IRA is an individual retirement arrangement. It is a personal savings plan that gives you tax advantages for setting aside money for retirement. An IRA is referred to as a traditional IRA if it is not a Roth IRA, SIMPLE IRA, or SEP IRA. View and...
Sale of a Principal Residence
Principal residence defined. A principal residence is your main home, which is the home where you ordinarily live most of the time. You can have only one main home at any one time. View and Download PDF
Tax Scams— Protect Yourself
There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax season and target virtually everyone. Stay alert to...
Testimonials
Dana, I am so glad that I have met you. I don’t worry anymore about my books or taxes. That is such a relief to finally have someone I can trust and cares about their clients. I look forward to seeing you each month!
Darlene H.
Personal Tax Client
Linda Q.
Business Owner
About James River Taxes
Frequently Asked Questions
Is there an age limit on claiming my child as a dependant?
What are the new Inflation-Adjusted Tax Brackets?
The IRS announced new inflation-adjusted tax brackets for the coming year, setting the standard deduction for a single filer at $15,000 and for a married couple at $30,000 for the first time. The new tax brackets, standard deduction and other policies will apply to income earned in the year 2025, which Americans will report on their tax returns in 2026.
Are there benefits to filing a separate tax return than my spouse instead of filing jointly?
If you’ve experienced one of the following, it may be more beneficial for you to file separately instead of jointly:
• You have relatively equal incomes.
• One spouse has significant medical expenses, various itemized deductions or casualty losses.
Filing separately may benefit these couples because the adjusted gross income will be calculated separately for taking the above deductions.
What is the most tax beneficial way to give to charity?
When you plan on making a charitable contribution that you plan to deduct on your taxes, donate the appreciated capital asset rather than selling it and donating the after-tax proceeds to the charity. If you donate the asset itself rather than cash from the sale of it, you can avoid paying the capital gains tax on the sale, and you can deduct the item for the full fair-market value.
