Thursday, October 1, 2020

American Institute of Certified Public Accountants

If you're not sure whether you have a simple tax return you can do yourself or you wonder about missing significant tax advantages or are concerned that you might be making mistakes, use the checklist below from the American Institute of Certified Public Accountants to help you decide whether you should hire a certified public accountant to help you prepare your tax return. Call (877) 541-6901 for free tax consultation.



Bought or sold a home. You'll want to take all allowable deductions and make certain you qualify for the personal residence exclusion. Got married, divorced or your spouse died. Only a competent tax professional can guide you through the complex tax rules that pertain to assets passing through estates. Call (877) 541-6901 for free tax consultation.





Had a baby or adopted a child. A CPA can explain in plain English the sometimes dumbfounding array of investment options for saving for a child's college education, as well as details about the child credit, child care credit and earned income credit. Call (877) 541-6901 for free tax consultation.







Have a retirement plan, such as an IRA, 401(k), Keogh plan, a pension or an annuity. Recently bought or started a business, own a business or work from home. A CPA can advise you on whether you should operate as a corporation, partnership or sole proprietorship.



Acquired rental property or have rental income. A CPA understands the complex tax rules that apply. Have needs for estate planning and need to understand all the ramifications of property taxes. Like your doctor, your tax preparer knows a lot about your personal situation, so continuity of service is also an important factor. That's why, for many individuals, choosing a CPA is the right choice. 




CPAs are college-educated, licensed professionals certified by the states in which they practice. They have passed a rigorous licensing exam and are required to adhere to strict ethics standards, as well as to stay current with evolving tax laws and regulations. They are not part-timers who took a crash course in a few basic tax rules, operating out of a storefront. Finally, if a dispute arises about your tax return, only CPAs, attorneys or enrolled agents are authorized to represent you before the IRS. Call (877) 541-6901 for free tax consultation.


​Income tax help for those who have no idea of what's going on during tax time. Income tax is a tax paid on income, unfortunately no matter how little it is. It's paid by employees and people who are self-employed and may also be payable if you are not working but you have an income, such as a retirement pension or an occupational pension. Not all types of income are taxable, and it will seldom be the case that all your income is taxed. 



There is no minimum age at which a person becomes liable to pay income tax. What matters is your income. If this is below a certain level, no tax is payable. There is no single definition in tax law of income. Income tax law divides various types of income into schedules. If an item comes within a schedule it counts as income and income tax must be paid on it. The way the tax must be paid will depend on which schedule it falls into. The most common schedules are Schedule E for employees and Schedule D for the self-employed.Call (877) 541-6901 for free tax consultation.





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