Tips To Help Stamford Filers With Their Personal Tax Returns
Tax planning doesn't just end when your personal tax returns are filed. It's important to seek expert advice from a Stamford accountant throughout the year to stay up-to-date on the best strategies for making smart tax-saving decisions. From choosing the right filing status to providing personalized guidance to ensure you're maximizing your deductions and credits for your Stamford household, a tax services specialist can take the stress out of filing your personal tax returns and minimize the risk of IRS audits.
What You Need For Filing Personal Tax Returns
Hiring a tax preparation professional will save you time, money, and hassle, but you'll still need to do a little groundwork to ensure that your tax preparer has all the information they'll need. Whether you need individual, married filing separately, or joint tax preparation, having your paperwork in order will streamline the process of filing your personal tax returns.
A few of the documents and forms you'll need to gather include:
- W-2 forms and 1099 forms
- Mortgage interest statements from your lender
- Bank statements for your accounts
- Receipts for charitable contributions
- Receipts for medical or business expenses
- Any other relevant forms, statements, or tax-deductible expenses
Your accountant will evaluate your records and help you choose between standardized and itemized deductions to save you more money on your tax bill. They can also help you choose the best filing status to best fit your needs.
Filing Status Questions
Which box should you check? The filing status you choose can make a difference of thousands of dollars on your personal tax returns, so it's important to understand the implications of your decision. A few important things to know about choosing your filing status:
- In order to take advantage of the married filing jointly option on your tax returns, you must be married by the last day of the tax year for which you and your spouse are filing.
- Deductions and credits for student loans, education, tuition, and earned income are only available if you file as married filing jointly.
- If an individual owes back taxes, your spouse can submit the Injured Spouse Allocation form to avoid being penalized.
- Some tax software will automatically determine your filing status, which is why it's important to have a tax preparation specialist handle your return.
- If there's a large discrepancy in income, the lower-paid spouse may benefit from itemizing their deductions on a separate return.
- Filing separately can shield one spouse from tax liability issues for questionable transactions, student loan repayment, or deduction scaling.
The best place to find the answers to your questions about the right filing status for your personal tax returns is to ask your Stamford tax services specialist.
Assistance With Personal Tax Returns In Stamford
The pros at SKG Tax understand that individual tax preparation and planning doesn't end when you file your return. We leverage the best technologies available so that we can spend more time providing you with personalized service and advice for your personal tax returns. If you're looking for a proactive experience from your accountant, call the tax services professionals at SKG Tax today at 203-595-5154 to schedule a free consultation in the Stamford area.
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