Everyone knows that the best part of tax season is receiving your tax refund after you’ve filed. Whether you’re using your tax refund to boost your saving, pay off debt, invest in the stock market or just buy yourself something nice! For the 2017 tax year the IRS collected more than $3.4 trillion, processed more than 245 million tax returns and other forms and issues more that 121 million individual income tax refund that totaled almost $437 billion, with the average direct deposit tax refund totaling about $3,000! Gurian CPA wants you to be able to maximize your tax refund and has provided some tips that will help you do just that!
1. Know your deductions and exemptions
Knowing deductions and exemptions that you may qualify for could gain you a tax deduction for your overall expenses when it comes to filing your taxes. We don’t expect you to be an expert when it comes to your taxes, so consulting with an expert can ensure that you’re taking advantage of all your deductions. Also, Click Here to see a list of 13 purchases you might not have known were tax deductible. When you meet with Gurian CPA, we will ask you simple questions about your life and determine the tax deductions and credits that you would be eligible for based on your answers. We don’t expect you to know anything about tax laws or tax forms and will take care of the technical aspects of filing your taxes for you.
2. Keep accurate records
No one knows your expenses better than you do, so it’s important to make sure that you’re keeping accurate records and saving your receipts on costs that can be tax deductible. For example, it would be a good idea to keep track of expenses such as child care, health care, home ownership, charitable contributions, education and any other expenses that can gain you a tax credit. Keeping track of business expenses is extremely expensive for business owners and those that are self-employed. Keeping track of all these expenses might seem like a daunting task, but once you become organized with your system and get in the habit of keeping track of your expenses it will become less challenging. When you incur a valid expense, write the nature of the expense on the receipt and put it in a safe place where you will continue to contribute the rest of your receipts throughout the year. It might also be a good idea to periodically transfer all your expenses to a spreadsheet once a month to ensure that all of your expenses are in order when tax filing season rolls around.
3. Consult an expert
For some tax payers keeping track of the changing tax laws can be overwhelming. If you aren’t constantly keeping yourself informed, you could miss something important and vital to your taxes. Especially with the new Tax Cuts and Jobs Act, also known as “tax reform”, there are a lot of changes regarding reductions to income tax rate for most individual tax brackets and changes to personal exemptions and standard deductions. Consulting with an expert at Gurian CPA, we will ensure that your taxes are done quickly and correctly. Tax preparations services at Gurian CPA include both federal and state tax returns for individuals (1040), partnerships (1065), corporations (1120, 1120-S), estate (706), trust (1041), and non-profit organizations (990).
Below is a video provided by Gurian CPA regarding everything you need to do for The Tax Cuts & Jobs Act.
It’s also a good idea to consult with an expert CPA because if tax problems arise navigating the IRS bureaucracy can be a nightmare, which Gurian CPA is experienced in resolving. Our firm has helped countless clients with a variety of tax issues and problems in areas such as:
- Collection Due Process Hearings
- Offers in Compromise
- Payment Plans
- Substitute for Return Reconsiderations (SFR Recon)
- Audit Representation
By: Paige Knight