While many of us don’t like to think about taxes unless it is absolutely necessary, you may find that reflecting back on your taxes can help you know what to expect in the coming years. It is a good idea to study your tax return so that you can file more efficiently this next year. If you don’t really know what to look for, Mark Dicus & Company is here talk about some of the things you could potentially learn from your taxes last year as you prepare the following year.
Know What to Put for Deductions
There are a number of deductions that you can take on your taxes each year. If you aren’t working with a professional, there are more than likely some that you may have forgotten. It is important to know all the deductions that you are eligible for so that you can claim them the following year on your taxes. Following are some of the deductions you could be eligible for:
– Student loan interest
– American Opportunity tax credit
– IRA deduction
– Medical expenses
– Mortgage interest
– State & local tax
Know Status of Refund You’ll Receive
While you may not be able to tell exactly what kind of a refund you will get next year just from looking at this year’s tax return, you can get a good idea if you aren’t making big changes to your financial situation, your tax return could be similar to this year’s return. If you are looking for a bigger return, working with a tax professional can make a big difference in your return.
Know What Taxes You May Owe Next Year
Along the same lines as knowing how much you will get in a refund; you can also gauge how much you will owe next year when you look at this year’s tax return. Again, working with a tax professional can help you avoid overpaying at tax time.
What are the Advantages of Using a Tax Professional when Filing Your Taxes?
If you ran into several hurdles at tax time this year, reflecting on the process can help you avoid those same problems next year. When you work with a tax professional, they can help you organize your finances that will help make the process much easier as well. They could help you factor in things like a home office, business interest deductions, business vehicle expenses and more. Finding a more efficient way to file can help make tax season much less painful next year.
Tax Preparation, Accountants & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
If you dread tax season, you aren’t alone. Many people don’t look forward to figuring out their tax return. When you turn to Mark Dicus & Company to help you handle your tax return, we will help limit the amount of stress you feel as we figure it out for you. It is our goal to make tax season as stress-free as possible. Call us today!