As the April 15th deadline for filing taxes approaches, getting your finances in order is a must. Finding a great tax expert near you in Maryland, Virginia, is possible by getting organized and seeking the right assistance using various resources.
Preparing to File Your Tax Return
Before selecting a tax expert to help handle your filing and returns this year it is important to gather all necessary documents required to complete the process. Whether you receive 1099’s for the work you complete as a freelancer or a traditional W2 from your employer, be sure to review the paperwork you have in hand to verify that all information is correct based on both the gross and net income you have earned for the year.
Are You Filing as an Individual, Sole Proprietor, or for a Company?
Whenever you are filing taxes for the year, keeping in mind how you plan to file and whether you are doing so as an individual with a W2, as a sole proprietor, or for a company (using an S or C Corp). Research requirements for each method of filing if you are unsure which way of filing is right for you.
If you are filing as a freelancer using 1099’S, be sure to account for taxes that were not taken out of your gross income to avoid being stuck with money owed to the IRS or potential penalties. A tax expert in the Maryland, Virginia area is able to help steer you in the right direction to avoid potential hangups when submitting your taxes.
Gather Documents, Receipts, and Necessary Records Before Filing Your Taxes
Learn about the tax bracket you fall into based on your earnings, and consider the number of dependents you have for this year. In some cases, you may itemize deductions, which helps to alleviate some of the tax you owe to both the state you live in as well as federal income taxes. If you are itemizing your deductions, keep a list and receipts throughout each year, making it much easier to organize and work with once you have a tax expert you trust.
If you do not have all of the receipts and records you need, be sure to check your email accounts as well as online accounts where you have made purchases or payments for your business or deduction needs. Consider the type of deductions you qualify for based on how you plan to file. In many cases, everything from internet access to phone bills are covered under deductions if you are working as a freelancer or filing for a business you own. If you run a business out of your home and have a separate office space, a portion of your electric bill along with other utilities are also accounted for when filing deductions for your year.
A professional tax expert who understands filing taxes for S-corps, C-corps, and sole proprietors is able to provide you with the information necessary to ensure you do not miss out any deductions. Be sure to ask your tax expert about potential deductions or inquire about other write-offs you believe you qualify for to determine the best route to take prior to submitting your taxes.
Check Local Companies Available
Compare local tax companies and professionals in your local area from referrals and those you know. Read reviews on each company and be sure to inquire about your needs regarding your taxes (especially if you are filing as a corporation or as an individual freelancer). Seeking a knowledgeable tax expert is key when you a more complicated of filing is required in the process.
Review Tax Experts Near You Online
Another way to find the best tax experts available to you in Maryland, Virginia, is to do so by searching for and comparing your options online. Browsing online is a way to gain insight into the various services offered by each tax expert or company of professionals.
Finding a good tax expert helps to ease the burden of working with your finances and filing taxes each year on time. Once you have a great tax professional to assist you through the process, complete your taxes on time without the stress of worrying whether or not you have done so correctly on your own.