As tax time approaches, many people are at a loss when it comes to choosing the right deductions and filing the right paperwork. It can be time consuming and frustrating when things don’t work out as expected. Instead, of attempting to come up with the answers alone, consider hiring a Manhattan Accountant to get the best insight into the situation and walk away with added peace of mind about the figures.
Gather Up the Paperwork Documenting Income
Accountants use the paperwork provided by customers in order to file taxes. While each person’s situation is different, there are certain documents that everyone will need to provide. Employed individuals will need a copy of their W-2, detailing their salary for the year as well as some important deductions. For the self-employed, forms like the 1099-MISC detail royalties, rents, and other miscellaneous forms of income.
Gather Up the Paperwork Documenting Deductions and Credits
Sometimes a person is unsure whether or not a certain expense is deductible. It is always a good idea to err on the side of caution and save receipts just in case. When the time comes to file taxes, a Manhattan Accountant will be able to sort through everything and decide which expenses are valid. Common deductions come from things like mortgage insurance, childcare expenses, and work related expenses.
Be Available for Questions
With all of the paperwork in hand, an accountant may still have questions about a person’s taxes. For this reason, it is important to be available to answer any queries that come up along the way. An initial meeting often answers some of the larger questions including how the taxes will be filed (single or joint etc.) but there could be questions about certain expenses or certain forms of income that need to be addressed.
By answering the questions in a timely fashion, an individual has the ability to expedite the process of calculating taxes and find out how much money he or she is owed or how much money will be returned. Filing taxes can be confusing and often times frustrating. By working with a professional and handing over all the necessary documentation, individuals can enjoy extra peace of mind when April rolls around. For more information visit Rawcpa.com.
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