While tax filing has been extended to July 15 due to COVID-19, it is better to take care of your tax preparation and filing sooner rather than later. But should you be using an online tax software service or working with your local Cedar City accountant?
If you have asked yourself this question, then you may want to learn exactly how your local Cedar City accountant can secure you the best tax refund.
Greater Understanding Of Local And State Tax Laws
There are taxes that apply at the federal, state, and local levels. Keeping up with all the tax changes can be difficult for public-use tax software. However, by working with a local accountant, you can be assured that they are on top of the local and state tax laws that will apply to you and your taxes.
For instance, there are tax credits that Utahns can receive, such as the At-Home Parent Tax Credit and the Historic Preservation Credit. Your average online tax software may not account for these credits, unlike if you work with a tax accountant who works in Cedar City, UT.
Major Life Events Can Be Properly Accounted For On Taxes
There are several major life changes that can significantly alter your taxes, such as the birth of a child, marriage, divorce, etc. Some of these broader life changes can be straightforward—i.e., you got married and can now choose married, filing jointly. However, other circumstances can be more difficult to account for on your taxes.
Say, for example, that you received an inheritance from your great-uncle. Depending on what you inherited, how much you inherited, and where you live, different tax laws may apply. Here in Utah, there are no inheritance taxes, but if you received the inheritance from an out-of-state relative, taxes may still apply.
These kinds of major life events are best handled with the help of an experienced local accountant who can walk you through what you need to do to protect yourself from excessive taxes.
Tax Deduction Itemization Is Best With In-Person Accountant
Should you want to itemize your taxes, there are many different expenses, tax deductions, and tax credits that can be included. But, as most Americans opt for the standard deduction, you may not be familiar with all the ways that you can save with itemization.
With the help of an experienced accountant—rather than relying on software to give you the correct prompt—you can better maximize your tax return.
Business Owners Get The Right Credits And Deductions Applied
There are specific deductions and credits available to business owners, such as an alternative energy credit if the owner has decided to opt for renewable energy for their fleet vehicles. In other cases, if you have losses to report, you can save on what your business made. But, without the help of an experienced tax consultant, it can be tough to know if you have covered all your bases.
Our accountant here in Cedar City has worked with many small business owners to help minimize their tax liability and ensure that all the appropriate tax credits and tax deductions are claimed.
Navigating Complicated Tax Situations Call For Real Accountant
While online tax filing software can work for those who have simple taxes—i.e., have only one or two W2 forms and no other assets—many Americans have more complicated taxes. Owning assets such as multiple properties, stocks, a business, and more can make your taxes far more complex than your average tax software can handle.
Rather than relying on software to try and account for your tax liability, our accountant can work in-person with you. Whether you have capital gains taxes due to your stocks dividends, have rental properties, navigating a divorce, or other complex tax circumstances, our accountant can help guide you through to successfully filing your taxes.
So, if you need help preparing and filing your tax return, feel free to contact us today to set up a consultation with our accountant.