A south Orlando accountant should ask you this question; Are you paying your taxes for the first time? The process is a little complicated and will definitely take some amount of time. We suggest that you should hire South Orlando accountant to ease up things for you. From what we have seen, many first time tax payers have a lot of queries and concerns. Here we address the most common ones of these.
South Orlando Accountant FAQ 1: What sort of documents will you need?
This is probably one of the most common questions which tax payers ask. The implications of not keeping you rerecords are quite serious because it means you might be missing on an important deduction or not reporting your exact income
So which paperwork do you need and what can you shred? All forms that state your income are required, and you will have to gather W-2s and 1099s. If you had multiple jobs, make sure you get these from every employer. Other than this, you also need your capital gains, investment amounts and dividends.
Naturally, you will want to pay the lowest amount in taxes. This means you should keep a record of your donations, educational loans, mortgages, expenses occurred while searching for a job and any other thing that can be utilized as a deduction. Ask your chosen South Orlando accountant for more information in this regard.
South Orlando Accountant FAQ 2: Do you need to file taxes if your income levels are low?
The answer to this question depends on how low your income levels are. If this is below the threshold set by the IRS, you may not have to file any taxes. Still we recommend that you should do it. Maybe the government owes you money, but until you file, you will never know. That why it’s important to consult your south Orlando accountant.
According to the IRS, and south Orlando accountant, if anyone does not file taxes, they are missing out on six hug tax credits and one major deduction. These are the making work pay credit, additional child tax credit, earned discount credit, first time home buyer credit, American opportunity credit and federal income tax withheld.
Avoid filing a return, and you will miss out on these tax credits. The IRS also states, on an average, $600 of refund remains unclaimed. Who knows it might be belonging to you?
South Orlando Accountant FAQ 3: Who can be your dependent?
The tax policies regarding dependants are not that clear, and you should ask more about this from your chosen south Orlando accountant. Generally, children are a dependant if they are not filing their own taxes. Many people feel that dependants only have to be blood relatives, but this is not so. If you are taking care of your boyfriend or girlfriend, they can be your dependant.
For every dependant you claim, you enjoy a deduction worth $3,900.
South Orlando Accountant FAQ 4: Which tax deductions and credits are available for parents?
Got a child? Great, the IRS has many advantages for you. As a parent, you can enjoy credits such as child care and child tax. You can also utilize the adoption credit if you adopt a child. Other than this, student loan interest and higher education credit can also bring down your taxes.
If you need more information about our South Orlando 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, 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.