Do you handle taxes by yourself? How long does it take you to get done with them? If it is more than a couple of hours, maybe you will be better off by hiring tax services Celebration, FL. Not only will such a service require less time to do your taxes, they will also be able to do it better you can. Indeed, this does incur a price, but the costs are not excessive and you will have no regrets over your decision later on.
Still confused? Well, seek our advice and if any of the following is true in your case, hire one of the reputed tax services Celebration, FL.
Your annual earnings exceed $200k
The IRS loves to nails down those people for an audit who fall in the upper income brackets. As such, if your annual earnings are greater than $200k, use tax services Celebration, FL because there are increased chances of you facing an audit. And if your annual income is more than a million dollars, you should definitely take help from the pros, because the chances of an audit are even more.
You get a K-1
A K-1 is given to those people who are in partnership with a business or own shares for S corp. You can try dealing with them on your own, but you will probably find them difficult so leave them to a professional tax service.
You are subjected to AMT
Paying the Alternative Minimum Tax is a must for quite a lot of tax payers. This will be so if you sell business stock, have excessive business related expenses or incur increased amounts of state income tax. Refer the IRS website for more cases and you will know if you have to pay ANMT. Should this be the case, hire tax services Celebration, FL because filling out your return will be more complicated in this situation and you are likely to make errors.
You have a foreign source of income
There are so many people which have a foreign source of income, but they fail to realize it. If you own a foreign EFT, invest in stocks of foreign companies or have foreign mutual funds, chances are you have a foreign source of income. Seek tax services Celebration, FL, and they will be able to guide you more about this.
You are a business owner or a self employed individual
Business owners and self employed people can enjoy many deductions. You may not be aware of all of them, but the pros are, and will ensure you pay the least possible taxable amount. And by the way, being a landlord also means you have a rental business.
You have sold off property
Did you sell any property for the tax year? If so, you will have to pay taxes on the profits incurred. Go for tax services Celebration, FL, and they will help you in minimizing the taxes on these gains.
If you need more information about our Celebration, FL accounting and tax services, please contact us at 407-344-1012. 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, and Hunters Creek, 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 numbers, incorporations, and non profit 501c3 tax exempt status applications.