Calling On Professional Tax And Accountant Services
With tax season right on top of you, it can be tempting to save yourself some money and file your own tax return. For millions of Americans, that works just fine, but not everyone will benefit from self-filing, and a great many could actually do serious damage in the process. Unless you're a certified public accountant yourself, it's important that you know when it's time to seek out help with your taxes so you can avoid paying the wrong amount, or accidentally omitting critical information.
Your Tax Situation and Income Level
For the 2015 tax season, the IRS allowed any household with a total income under $60,000 to file at no charge, either electronically or by mail. If your household income level is above this, before deductions or adjustments, you'd pay out of pocket to file. How you make your money can also impact the cost of filing, and may complicate matters further.
Unless you and your spouse are only using W-2's to report your income there's a good chance you'll need additional forms in order to complete your taxes. Independent contractors, sole proprietors and anyone making an income all on their own will need to claim that income differently. If that describes you, it might be a good idea to contact a tax professional for help.
Major Life Events
There are certain events in your life that can have a major impact on how you file your taxes. Inheritance, the sale of a home, the purchase of a business, or a messy divorce can all change how you file your taxes, and the information you need to provide to the IRS. The documents, forms and details you need to provide with your tax return can get confusing, so rather than risk making the mistake on your own, you'll need to work with a professional.
In the case of large influxes of cash, you'll need to pay capital gains taxes in order to be in compliance with U.S. tax law. Figuring out just how much you owe, and factoring in any deductions or credits you may receive during the year can easily leave the average taxpayer staring blankly at a screen. More than any other scenario, this is an important time to make use of tax preparation services.
No one likes doing their taxes, but everyone likes it when they get a refund afterward. To improve your chances of getting money back, and to lower your odds of being audited, make sure you seek help in scenarios that demand the attention of a skilled professional such as Bauer & Associates LTD.