Tax Planning and Professional Help

Tax Planning and Professional Help

Who likes to prepare and file taxes. It’s never a fun experience. It can be even worse in New York City, with state and local tax to contend with in addition to the federal tax mandate.

Don’t get your feathers ruffled! Work instead with tax preparation services Bronx NY

Your Tax Burden

Taxes affect almost everyone. Think about what it really is: the official confiscation of your earned income by lawful government mandate. Not everyone pays the same amount or at the same rate. I the current tax regime, higher earners pay at a higher rate.

All of this legal confiscation is covered by the law. The federal tax code, cobbled together by Congress,  is a huge document covering over 6.500 pages. Furthermore, the IRS has a significant ability to look at your returns and if they find anything unusual, you may be in for an audit. No one wants an IRS audit.

Annual Tax Planning

Tax planning is the process b which individuals and businesses prepare for their annual tax filing all year long. This planning is essential in order to take advantage of the many legal ways to minimize your tax liability. There is a whole spectrum of tax deductions and tax credits that you may or may not qualify for. If you do, you must keep accurate records, which is part of the tax-planning process.

Everyone who files taxes is subject to the possibility of a tax audit. Major triggers of an IRS audit include mathematical mistakes, filing incorrect forms, underreporting income, and simply being dishonest. Most, if not all of these items can be avoided by proper and year-long tax planning.

Partnering with a professional tax preparer will serve you in at least two ways. You’ll probably save on taxes. Also, your stress level will be greatly reduced.