Today is the sixteenth of April, the day after one of the most hated days of the year. If you don’t know what I’m talking about, then congratulations! You either make less than three thousand dollars American a year, you’re too young to have to worry about filing by yourself, or you’ve become so wealthy that you have your own accountant who will be dealing with this whole terrible process without having to do anything other than sending them your receipts. I’m talking, of course, about the burden of taxation.
You see, when you live in the United States, if you make more than three thousand dollars, you get to go through all the work of giving back to the government some measure of the income you’ve made. Of course, their definition of ‘income’ is extremely broad, to the point where almost any time you make money, it’s considered income. To top it all off, when you work a job, they’re preemptively taking the money out as you work, which is why each paycheck will have deductions for various things, at both the state and federal levels, like Social Security, Disability, FICA, things like that. This means that your money is earning interest in federal accounts (yes, the federal government banks in a way very similar to the rest of us, though that may be surprising to some people), and basically, at the end of the year, you’re filing your taxes so that they know they don’t deserve any more of your money, and so that you can request back the money that you are (or feel you are) entitled to. What a system!
However, the tax code is a real hassle, no matter how you look at it. As of this last filing season, it was made up of over seventy-two thousand pages of legalese, and the lay person likely doesn’t have the time, knowledge, or desire to read that much government writing. However, knowing how to file your taxes properly helps you avoid hassle, and minimizes losses while maximizing return. Where, then, can you get the knowledge that you need in order to file your taxes in a way that ensures you get the most money back and/or give the Internal Revenue Service the least amount of money that you can? Why, you hire a CPA tax accounting firm, and you enlist their aid.
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A firm offering tax services is well equipped to help a lot of people with their tax filing, although some people may need to see more specialized firms with accountants with more specialized knowledge about accounts. For the most part, however, you’ll be able to get all the help that you may need from an average tax accounting firm, for a nominal fee.
What will they do, you may ask, for that fee, for that money up-front, or for that money out of your tax return? Well, to begin with, they’ll ensure that you’re getting all the deductions that you should be on your taxes. For example, as a small business operator, I can write off a wide variety of things, from meals and drinks where I discuss business to computers, phones, and even a home office (if I had a home office, and if it met the Internal Revenue Service’s definition of home office, which I don’t believe my home ‘office’ does, so the point is moot anyway). This is very different, though, from the tax needs of, for example, an individual who has a wife and a child, and what they file will be different accordingly. They’ll be likely to file a lot more deductions that are related to medical expenses, as well as a lot more deductions that have some relation to the money that has to be spent on a child, diapers, baby-proofing a house, that sort of thing, although to help you figure out what you need to deduct and what you can deduct, you’ll be well off contacting your local CPA accounting firm that offers tax accounting services so that you can find the things that you can deduct. Almost anyone and everyone, no matter what their current situation and outlook in life, can find themselves saving money and hassle by hiring an accounting firm to help with their tax filings.
So, if you’re worried that you’re giving the Internal Revenue Service more money than they’re entitled to, consider hiring an accountant to help you with the filing of your taxes. You’ll be glad you did when you save some money and don’t have to worry about an audit.
