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Five Things To Consider Before Filing Your Own Tax Return

by Matthew Person on February 11, 2016

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Many individuals and small business owners will face the dilemma of choosing whether to file their own tax return or let a professional CPA (like Person Huff!) file for them. There are some good reasons you should consider allowing a professional to prepare your tax return:

1. Tax Law Is Confusing: Tax laws are constantly changing and this year is no exception. A number of temporary tax provisions were made permanent this year, others will be available for another year and still others have been modified in some way. A professional CPA stays current with all of the major and minor changes in tax law and understands how they relate to your tax situation. We will be able to guide you in taking ALL of the deductions and credits you are entitled to when filing your tax return.

2. You Own Property or Investments: Once you acquire property, investments or retirement accounts, it can be difficult to stay up-to-date on the rules affecting them.. Each type comes with deductions and credits that can be very beneficial to your taxes. Having a professional to help in the case, is probably the best idea.

3. Your Books Are Disorganized: If doing your own books and tracking the numbers just isn’t your strong suit, we can help straighten it out and get you on good footing for this year. There is no reason to get yourself into trouble, or get in over your head – let us help! Hiring Person Huff CPA ensures that your books will be done correctly which will save you a lot of money in the long run.

4. You Started a New Business: Starting a new business is challenging. Understanding all the ways tax law can affect both your new business and your personal tax situation requires professional expertise. You wouldn’t jump off a diving board without swimming lessons, so you shouldn’t try to do your business taxes without some guidance. We can help you find all of the deductions and credits you are entitled to and keep you from getting into trouble with the IRS. The savings and peace of mind alone can pay for themselves

5. Your Family Situation Has Changed: If you were married or divorced last year, had another child or lost a spouse, you might need help finding the best filing status. Some of them are easy but others, (like being a widow) have time-sensitive dates. As your children get older, tax credits and deductions might expire depending on their ages. If your child goes to college full-time, you can still claim them — and any education expenses — until they’re 24. We understand how changes in family situations affect your taxes and what filing status is most advantageous for you

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