Tax season is just around the corner. Online services have become a popular choice for individuals and families to prepare and file their returns. But there are a wide range of situations that call for professional assistance. A certified public accountant can save you a lot of time, stress (and money) by ensuring that your tax return is properly filed. Here are some of the reasons to let a tax preparation services company do the work for you.
If big life and family events happened over the year, it’s a good idea to consult a CPA about how they might impact your taxes. That includes anyone who gets married (or divorced), or having kids.
Your marital status on Dec. 31 determines your status for that year’s tax return. If you get married during the year, a tax professional can advise you on adjusting your withholding taxes and whether it’s best to file jointly or separately, based on your particular situation. Meanwhile, new moms and dads may also be entitled to certain tax credits.
On the hand if you’re in the process of a divorce you may want to consider filing separately so the IRS can’t pursue you for an ex-spouse’s unpaid tax liability.
Multiple Income Streams
Tax returns can get complicated quickly for anyone who has to report income from more than one source.
For many of us, our jobs are the primary source of the money we make over the year. Plenty of people are working more than one job these days, however, including a wide range of independent contractor positions that are treated differently than traditional employment. Contractors are largely considered small business owners, even if they’re only working a few hours a week. That means taxes generally are not withheld when the person is paid. It also means that you can write off certain business expenses.
That’s not to mention other forms of taxable income. Pension payments, alimony, commissions, income or loss from rental properties, and sales of real estate or securities can all present various tax issues.
Mistakes on Prior Year Returns
If you find mistakes on a prior year’s tax return and it’s within three years, a tax preparation services company can help you file an amended return and minimize the damage or if applicable obtain a refund. When a new client comes to our office, we’ll review past returns to determine whether any refund opportunities exist.
The IRS requires taxpayers to report foreign bank accounts and investments, as well as income and inheritances from other countries. For example, you may have a relative in England who passed away and left you a brokerage account. Even though you’re not withdrawing funds from the account, you still have to report the income and disclose information about the account. An accountant can file the correct forms and properly calculate the foreign exchange rate.
You Want to Plan Ahead
A tax preparation services company can not only help you file your tax return for the current year, but also help you plan for the future.
The CPAs at East Coast Tax Consulting can provide tax planning advice throughout the year that can save you thousands in tax dollars. A tax professional can also get you prepared for upcoming changes in federal and state tax laws.
You’re Busy – Let East Coast Tax Consulting Help
Some people just don’t like the hassle of filing taxes. By enlisting a tax preparation services company, you can let someone else do the work. You also get the peace of mind that comes with knowing that an experienced professional is ensuring that your return is properly filed. Contact the tax advisors at East Coast Tax Consulting Group by filling out our online form or calling 866-550-7655.