Tax season comes quickly. It’s good to stay organized all year and keep a good record of your expenses or any necessary documents. The deadline for taxes, as most people know, is April 15. Starting early means that you won’t face extra charges or run into problems or missing forms without any time to fix them. Once you receive your tax forms in the mail, begin gathering other necessary documents that can call your trusted tax preparer.

It happens. You can ask for an extension if you think you might not be able to file on time. If you filed after the deadline and didn’t ask for an extension, the IRS might peg some fees, fines, and interest.

Filling out Form 4868 with the IRS online or by mail. Your tax preparer can help you file this form as well. If you’re running late this year and need a little more time, call us and let us know that you want to file an extension.

In order to qualify for head of household filing status, you need to have a qualifying child or a dependent. If you are a custodial parent, you might be able to qualify as well.

This is a common question, as people are often confused as to what they can include in their taxes. Exemptions and deductions are similar in that they work to reduce your taxable income. This lowers your tax bill. You can have deductions for several different things like student loan interest, charitable deductions, tax-preparation fees, etc. Exemptions are what you get for people in your family. Credits are different, as they are a type of discount on your tax bill. You get credits for a variety of things as well including low income, buying investments. 

People often think that getting married means that you have to file together with your spouse. This is not exactly true. You actually have a choice as to whether you want to file separately or jointly. The reason most people file jointly, however, is because of some advantages that people get when it comes to filing together. At the same time, there are certain circumstances that might have it to your advantage to file separately. For example, if you want to deduct certain costs that your combined income would be too much for. If you have a question as to whether you should file separately or together, give us a call today.

There is no shortage out there of miracle software programs that promise easy tax filings. The problem is, taxes are not always straightforward. Everybody’s situation is different. Income, property, credits, deductions, and exemptions, can all make things very confusing. A professional will guide you through the forms and help you fill them out correctly. Also, they will inform you of new credits or changes to the tax law that may pertain to you and make a difference. A professional will help you avoid any errors or discrepancies that may letter cost you problems with the IRS.

If you are an independent contractor or freelance, saving expenses can be beneficial to you in order to ‘write them off.’ This was the case, in fact, for many years. This has seen a few changes with the new restructuring of the tax system in recent years.  Contact a tax professional to find out more.

It’s true that the two biggest tax breaks include the mortgage payment and having kids. That doesn’t mean that you don’t get any breaks on your taxes. Other things can qualify as deductions including student loan interest, tuition, etc. 

If you haven’t filed in previous years, you should contact a tax office and have them help you correct the issue with the IRS. You might have to pay taxes you owe but it’s best to straighten out the record. In terms of making mistakes, this happens. Sometimes the IRS will correct these mistakes. If you didn’t file the correct status or you need to change your income, deductions, or credits, you can file an amended or corrected return using Form 1040-X Amended U.S Individual Income Tax Return. We can help you correct the issue as well. Give us a call. 

We want to answer all your questions! Call us today at 915-500-4007.