Tax season is almost upon us. You read that right—you should already be thinking about preparing your taxes, even though 2018 hasn’t even started yet! For countless people, preparing taxes can be a confusing and tedious time. Attempting to translate the seemingly never-ending forms and confusing code of deductions is a trying task. That’s why many people choose to turn to a professional tax preparer in Jamestown, ND. In fact, the Internal Revenue Service says approximately 60 percent of taxpayers opt to have a professional file their annual taxes. But concerns about costs or questions of whether you really need professional help might be holding you back from getting the help you need.
Save yourself both time and stress by hiring a tax preparer if any of the following situations apply to you:
- Just married: First, congratulations! Second, find a tax preparer immediately! Your marital status at the end of the year will dictate the rest of your filing process. Both you and your new spouse are faced with determining whether to file jointly or separately. A tax preparer can help you evaluate your situation before determining the best option to keep your taxes low.
- Past tax return mistakes: A tax preparer can help minimize the damage of past filing mistakes. Failing to catch these mistakes could leave you paying thousands of dollars in back taxes. This way, a professional can help file an amended return within the three-year limit and prevent future mistakes.
- Employed in multiple states: State income tax can be confusing—and it only gets more complicated when you’ve done work in multiple states. Figuring out the requirements for each state can be incredibly confusing, so it’s best to leave this one to the experts.
- Recently divorced: The IRS isn’t concerned about whether you’re divorced when unpaid taxes are on the line. A tax preparer will help you file separately from your former partner so you won’t be held responsible for their unpaid tax liability by the IRS.
- Started a new business: Starting a new business is complicated enough without having to figure out your first year’s taxes. Take one item off your packed to-do list by letting a tax preparer deal with it. Starting off on the right foot will ensure your first-year tax elections won’t negatively impact your future filings.
- Adoption: Did you know your family could qualify for a sizable tax credit if you adopted a child within the last year? The tax credit could save you up to $13,400 per child based on pre-established income limits. Speaking to a tax preparer in Jamestown, ND in the beginning stages of the adoption process will help you better understand what payments need to be documented and reported on your tax return to get the most out of the credit.
Tax preparation can never start too early. Luckily, it’s simple with the help of Craig S. Hanson, CPA. Our full-service accounting firm is open year-round to answer all of your tax questions. Call us today to schedule an appointment.