Tax Preparation

Today’s tax laws are so complicated that unless your financial affairs are extremely simple, chances are you will benefit from at least occasional help from a tax professional. It is too easy to overlook deductions and credits to which you are entitled if you prepare only one return a year. Even the use of computer software is no substitute for the assistance of a seasoned tax preparer.I prepare hundreds of tax returns every year. I know what to look for when your return is prepared. More importantly, you will have someone to answer your questions during the rest of the year. And I can put you on my mailing list to receive timely tax, business, and financial advice.Your Tax-Cutting Checklist

Whether you’re a wage earner, an investor, a business owner, or all three, you should use the tax-cutting benefits available in the tax law. There is little to be gained by paying more tax than the law demands.

Identify the tax-savers for which you qualify. Here’s a tax-cutting checklist to get you started. Check the list to see if there are tax breaks that you are overlooking.

For Individuals:
Roth IRA
Rollover to Roth IRA
Tax-deductible IRA
Child tax credit
Income shifting to children
Child care credit
Earned income credit
Lifetime gifts
Education savings accounts
Education expenses
Hope scholarship credit
Lifetime learning credit
Bunching deductions
Flexible spending accounts
Health savings account
Donating appreciated assets instead of cash
Qualifying property for personal residence gain exclusion
Best filing status
Shifting income or deductions from year to year
Adoption expense credit
For Investors:
Tax-free municipal bonds
Long-term capital gains and dividends
Rental property
Tax-free exchange
Low-income housing credit
Small business stock rollover
For Businesses:
Home office deduction
Keogh plan
SIMPLE plan
SEP
401(k) plan
First year expensing of business equipment
Bonus depreciation
Year-end bonuses
Bad debt write-off
Disabled access credit
Other business tax credits
Tax-free exchange

Contact my office if you have questions or want more information on these and other strategies that could reduce your taxes.

E-mail me at brenda@calkins-cpa.com to request my newsletter.