CPA in St. Cloud, FL – Tax Myths

Do you find your taxes problematic? You are not the only one who does, and behind you there are so many others. We suggest that you should hire a reputed CPA St Cloud, FL   and they will solve most of your problems.

While doing you taxes, avoid any rushes because you may end up making errors on your form and paying more to the IRS than necessary. In fact, there are some tax myths that can cost you money. Here are the most common ones of these.

If you entitled to a refund, you are a smart tax payer

There are so many people who are so happy when they realize that it is the IRS who has to pay them and await their return. Are these tax payers really all that smart when it comes to taxes? Actually, no. Had they been more careful, they will never be entitled to that refund.

As a good CPA in St. Cloud, FL would say. Getting a refund is not a great idea. Know why? Because it means you overpaid your taxes and gave a   loan to the government. With the refund, the government does return you this loan, but the delay is long, and they never pay you any interest on it. Now tell us, is a refund really that great?

We suggest that you estimate your taxes carefully when you pay them. This will ensure you are not paying any amounts greater than necessary.

After retirement, there are no taxes to take care of

Once again, this is a wrong concept. Even when you retire, you still will have to do your taxes. Why? Because you are still getting an income; the only differences are the sources. We know that when you do your taxes, your contributions to your retirement accounts are considered a deduction. When you withdraw these amounts later on, you will have to pay taxes on them. This is true for the general 401 (k) and IRA plans. The rules of the Roth retirement accounts are slightly different. Discuss this with your chosen CPA St Cloud, FL   , and they will guide you more.

Is there any way you can reduce your taxes after retirement? Yes, minimize your expenses; you will be drawing less from your funds, and so will have to pay reduced taxes. Moreover, somehow try to stay below the 15% income bracket. This way you can enjoy quite a few deductions.

You can be sure you will not have to go through an audit

No matter how carefully your CPA in St. Cloud, FL fills out your return, there will always be a chance of you facing an audit. There are no hard and fast rules in this regard. The IRS can select anyone they want for an audit.   The only thing is that certain measures do reduce your chances of an audit, but there is no way in which you can avoid them completely.

You working child does not provide you with a deduction

Wrong, again. Even if your child is employed, but you are providing support for over 50% of his expenses, you can claim his as a dependant.

If you need more information about our St. Cloud, FL accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin number, incorporations, and non profit 501c3 tax exempt. (Freedomtax’s accounting and tax professionals are not CPA’s. CPA services provided by third party provider.)