Are you looking to find an experienced CPA in Pembroke Pines who can help you ease your tax burden? A tax professional can help you see things from a tax perspective so that you can legally reduce the amount of money you owe the government. Once you’ve taken stock of your money, the CPA will help you plan, strategize, time, and leverage retirement plans that offer the most favorable tax treatment.
Tax planning involves the assessment of your financial situation to minimize your tax liability. Knowing how to do it is the key to help you save a lot of money down the road.
First, you should know how much money you have or expect to earn for the calendar year. If you’re employed, your employer will send you a W-2, which would be your primary source for tax season, by January 31st. It’s also possible for you to have different types of miscellaneous income from 1099s, including:
If you’re self-employed, you should file a business tax return or a Schedule C. Additionally, you’d be required to pay quarterly taxes, report your earnings and expenses, calculate your payroll deductions, and more.
You’ll only get to choose between two deduction choices each year – standard deduction or itemized deduction. The standard deduction involves the reduction of your taxable income based on a set dollar amount. Alternatively, itemized deductions allow you to reduce your taxable income by claiming specific expenses on your taxes. A qualified tax professional will help you decide which type of deduction would be best for you.
Whether you’re filing a business tax return or a Schedule C, you’ll be required to present your financial statements. For this reason, it’s best to retain copies of your tax returns from the previous years and organize your financial records such as the following:
Handling taxes and bookkeeping can be overwhelming. At Tax CPA1, you can expect to receive high-quality service that’s tailored to meet your specific wants and needs. Get in touch with us today to learn how to maximize your income.
Established in 2001 as a boutique firm in Pembroke Pines, we specialize in Tax Preparation for small-to-medium size businesses, Managing Books, Consulting on Accounting Technology, Implementing Accounting Software, and we also provide Part-Time Controller Services.