During these troubling times, both individual taxpayers and businesses are facing a lot of economic uncertainty. This turmoil makes it even more important to ensure that your next tax return is maximized, and with the help of a tax preparation accountant, you can trust that every write-off, tax credits, and tax deductions will be applied.
If you aren’t sure you can afford to invest in working with an accountant to prepare your taxes, here are some of the top ways a tax preparation accountant can help with your 2019 tax filing.
Identify New Laws That Help You Save
Tax law is constantly changing, and new tax credits and deductions are created while older ones expire. It can be incredibly difficult for a busy taxpayer to keep up with these changes. So, instead of constantly trying to once a year navigate tax law on your own, you can rely on a tax accountant to prepare your taxes and help you save.
For instance, with the new Coronavirus Aid, Relief, And Economic Security (CARES) Act, there is a new charitable donation you can make while still claiming the standard deduction. Up to a $300 cash donation can be made while still taking the standard deduction, rather than trying to itemize. This new law was only very recently enacted and is a great example of the kind of up-to-date knowledge that you can expect from professional accountants.
In-Depth Understand Of Local, State, And Federal Tax Laws
There are different tax laws that apply at the federal, state, and local levels. Taxpayers without many assets may not need to worry about much beyond basic federal taxes and state income tax, though not all states have that tax. However, for business owners, navigating the different layers of tax law can be tricky.
Instead of wading through different state tax laws, local business taxation considerations, and the rest on your own, you can rely on our accountant to manage your business tax filings.
Experienced Assistance Writing Off Business Losses
Unfortunately, many companies of all sizes have been heavily impacted by COVID-19, resulting in a significant loss of profit. Some business owners have been able to take advantage of government loans and other options to stay afloat. But since last year’s tax filings don’t take current circumstances into account, that can still leave company owners in difficult positions.
With the help of a skilled tax consultant, you can have expert assistance in determining what losses can be written off, how your current tax burden can be reduced, and ensure that you stay on the right side of the IRS.
Protection In Case Of IRS Audit
Speaking of the IRS, most people feel anxiety when filing taxes as there is always the threat of an IRS audit, even with perfect taxes. While an audit isn’t as intimidating as it sounds, it can be difficult to manage on your own.
If you work with our accountant, you can enjoy peace of mind knowing an experienced tax professional is handling your tax return. Also, you will have guaranteed IRS representation if an audit is required.
Should you still need to file your 2019 taxes, you have until July 15 to get your taxes filed, thanks to an automatic extension from the IRS due to the impact of COVID-19. So, when you are ready to tackle your taxes and maximize your tax return, contact us to work with our experienced, Cedar City tax preparation accountant.