How to get the Best Tax Incentives by hiring a CPA or Tax Advisor
By: Jonathan Medows, CPA | Posted: 02nd December 2009
If you are preparing for your appointment with your CPA or tax advisor you will want to make sure that you get everything recorded and prepared before you get there. You can get the most out of your tax preparation and receive the best tax incentives by hiring a CPA or tax advisor.
You can go to your appointment with a shoe box filled with wrinkled receipts or you can create a system that will help you stay organized throughout the year. Use a simple and easy way to keep track of your taxes. If you use a shoebox place labeled envelopes in the shoe box so you can drop the receipt in the correct envelope.
There are so many different tax incentives that you may qualify for and your CPA or tax advisor knows them all. The tax incentives can help you save money and the CPA or tax advisor knows which ones you qualify for. They need to know what your occupation is, how many children you have, do you run your own business, and more. They may ask you a series of questions when they begin the process of filing your taxes for you. These questions will determine what tax incentives you qualify for.
Most CPA's or tax advisors use a tax filing software so when a client comes in they can pull up the software and begin filing your taxes. They will ask you questions regarding last years taxes, your occupation, your W2 information, number of dependants in the household, and more. Each question will help them determine what you qualify for and what you need to pay or what is owed to you.
When the CPA or tax advisor is done asking questions the software will automatically total up everything and give them the final total that is due to you or that you must pay. It will add up and deduct all the necessary deductions that you qualify for.
There are new tax deductions to help families overcome hard economic times. Do a search online before your appointment to find out what you may qualify for and be sure to ask your CPA or tax advisor when you go for your tax appointment. If you want to know how to get the best tax incentives by hiring a CPA or tax advisor then go to your appointment knowing what you may or may not qualify for.
If you run your own business you will also want to do some research to find out what you qualify for as a business owner. You may want to speak with an advisor at the beginning of the year to see what suggestions they recommend to help you keep your business organized and you can come out even or get back money at tax time.
CPA or tax advisors are there to help you save money. Sometimes it is not always in your favor and you must pay. Other times you will get more money then what you expected. Rules change every year and it's hard to predict what you will get back when you file. There are several sites online that can help you stay organized and prepared for tax season. Don't wait until the last minute to get your taxes done. Filing an extension costs even more money and you want to avoid paying out even more than you have to.
Jonathan Medows, CPA, MBA is the Managing Member of MEDOWS CPA, PLLC, a boutique New York CPA firm serving the needs of individuals, freelancers, self employed individuals & small businesses. To see how he can help you reduce your tax liability and keep you in tax compliance please visit his website:
Medowscpa.com
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Tags: own business, money, economic times, receipt, receipts, shoe box, occupation, tax deductions, envelopes, dependants, household, cpa, tax filing, tax incentives, tax preparation