Tax season is already here again. Many of us are comfortable with our individual tax returns, but significant lifestyle, career, or financial changes over the past year could add a new level of complexity to your returns. In addition to the IRS website, where downloadable information, documentation, and forms are available around the clock, and the IRS helpline, where qualified representative assist you over the phone, professional tax preparers are also setting up shop all across the country to lend IRS help to those who need it. How do you know if you need help with your tax return this year?
Significant Family Changes: The birth or adoption of a child, the death of a household member, or a marriage or divorce will all carry certain weight on your taxes. These changes can sometimes be difficult to understand and accurately report. Instead of taking the chance of making a mistake, this is a good time to go ahead and call in the services of a professional.
Real Estate: The first-time homebuyers credit can be complicated to figure out, and mortgages and rental income add their own complications as well. Ensuring you receive the proper deductions and credits and pay the correct taxes is something that may be best left to the pros to determine for you.
Employment Changes: Starting a new business, becoming self-employed, or even relocating due to a business reason are all life changes that carry unique tax implications. To ensure you do not overpay and get all the deductions to which you are entitled, a tax preparer is a good idea.
Inheritances or Gambling Winnings: If you’ve been fortunate enough to come in to a large sum of money, the tax implications can be burdensome. It will behoove you in this scenario to go ahead and find a qualified preparer to complete your taxes for you.
Taxes can be stressful, but they need not be so difficult as we make them. Taking advantage of all of the IRS help available can make tax season much less of a burden for anyone.
Learn more here: IRS help