You know tax season is here when you have a big pile of year-end statements, tax return forms and crumpled receipts. According to IRS, an average taxpayer takes around 13 hours to prepare and file a tax return. Most of the time is spent in organizing everything; each and every single thing has to be accounted for.
Hiring a pro to do your taxes may make you feel incompetent, but they are certain scenarios, where you might actually need help.
A Major Life Change in the Past Year
Remember whenever, there is a change in your life, tax changes happen along with it. Getting married, divorced, having children or adopting them, taking an elderly relative under your care or coming into inheritance are all major life changes.
A pro can actually help you with your tax returns and deductions by presenting you with various available options.
Self-employment / Owning a Business
According to IRS data, around 30% of tax returns are filed by self-employed individuals. There are strict and specific rules when you are filing your tax returns with deductions and claims.
Anxiety Related to Filing Allowable Deductions
Allowable deductions include student loan interest, home mortgage, property tax, charitable contributions, medical expenses and even state and city income taxes.
You have a choice to itemize deductions to lower your tax liability and you might even save hundreds of dollars in the process.
Owning Investment Properties and Having Investment Transactions
Investment properties include rentals and real estate for business.
Tax deductions can happen here, but they are usually involved transactions and help from a skilled tax navigator is always required. Similarly, if you’ve had a heavy investment year, you will need help navigating tax-loss harvesting and correctly calculating capital gains and losses.
You Haven’t Filed in a Year
It is better to tackle the issue fort rightly, instead of avoiding it. Be honest about your situation. There is always a way around you.
Experts at Tax MD Help are always ready to get connected with you and Tax Related issue
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