It still seems like we have more than enough time to prepare for taxes, however, tax season is coming up quickly. There are many of us who balk at the thought of hiring an accounting firm or a CPA for tax preparation. But when you or your business are getting ready to file taxes, there are times when it is more than necessary to hire a professional. Even when it appears that you will have an easy time of filing, there are situations in which it could save you time, stress, and money to call someone for tax assistance.
If a divorce is in the future, the IRS could pursue you for an ex-spouse’s tax liability, so you should consider filing separately. In addition, if there are child support or alimony payments being made, or money being received, these need to be reported properly.
Did you get married in the last year? A CPA can provide advice on adjusting your withholding amount and if you should be filing jointly or separately. Often, there are benefits to filing jointly depending on each person’s situation.
Working in Multiple States
If you have moved at any point during the year, you will need to pay both state taxes. It can be especially confusing if you live and work in different states as well. If you travel a lot of the time, some of the income could be taxed in whatever state you traveling to. A CPA will be able to file correctly as well as get you the biggest return possible.
Starting a Small Business
Contacting an accounting service sooner rather than later about small business taxes will help you file in the future. Is your business collecting sales tax? What expenses are tax-free? Small businesses need to be particularly careful about filing to ensure that everything is done correctly so there is less chance of an audit.
A tax advisor will assist you in capital gains questions, deductions for selling, and also deductions on the mortgage. Buying or selling a house can have huge tax benefits if filed correctly.
Even though filing taxes may seem like a simple task, managing filing taxes for different situations can mean a bigger tax return. Please give us a call. We would love to relieve you of some of your tax and accounting stress