Tax preparation recommendations from services

Top class tax help firms in Houston? Even if you hire someone else to prepare your tax return, you’ll need to do some of the advance work yourself—and the earlier you start, the better. Round up your receipts and check that you’ve received all the forms you need from employers and financial institutions. Last year’s tax return can be a good guide for making sure you aren’t missing any important information. For 2020, the deadline for filing taxes and making deductible contributions to an IRA or health savings account has been moved to July 15.

When you earn a high income, you tend to pay a higher percentage of taxes than average earners. There are exceptions, of course, but in general, people who earn more pay more. And, if you’re a high earner, you might think you have no choice — that you must resign yourself to bearing a high tax burden. But is that really the case? The short answer is no. We spend a lot of time talking about tax planning with our clients, including those who have sizable incomes. In fact, one of the most common questions we hear is this: What’s the best way to reduce taxable income?

Consult a tax professional before making any decisions that can affect your business tax return or spending money for the sole purpose of saving on taxes. Make sure you select someone who can help you all year, not just at tax time. Consider hiring an expert who can represent you before the IRS in case you’re ever audited. An enrolled agent might be your best bet. These professionals are designated by the IRS because they’ve passed a strenuous, three-part test, or because they actually worked for the IRS at some point. Note: These tips are not intended to be tax advice, but only to give you some tax-saving ideas to discuss with your tax professional. Every business is unique, and tax laws change frequently. Find more information on https://greentree.tax/tax-preparation-service-in-houston/.

Current research indicates that individuals are likely to make errors when preparing their tax returns. The following tax tips were developed to help you avoid some of the common errors dealing with the standard deduction for seniors, the taxable amount of Social Security benefits, and the Credit for the Elderly and Disabled. In addition, you’ll find links below to helpful publications as well as information on how to obtain free tax assistance. If you do not itemize your deductions, you can get a higher standard deduction amount if you and/or your spouse are 65 years old or older. You can get an even higher standard deduction amount if either you or your spouse is blind. (See Form 1040 and Form 1040A instructions.)