If you are considering a tax preparation service this year, you might have some questions about the process or about tax preparation in general. Our firm has helped individual and commercial customers from throughout the Durham and Chapel Hill area. Below are some of the questions we are asked most frequently.
Hiring a professional tax preparer can benefit you in a number of ways. It saves you time and stress since you don’t have to do the task yourself; it also reduces your chance of being audited. A tax preparer is also more up-to-date on the current tax codes and regulations, so there is less chance of error. We could even save you money if we find a deduction or tax credit you may have missed.
It depends on your situation. If you paid mortgage interest, for example, you should expect a Form 1098 from your mortgage company. If you are employed, you should expect to receive documents from your employer detailing your income; these documents will vary based on whether you’re employed full-time or self-employed. If you received unemployment benefits, you must claim them as employment income and pay taxes on them. You should also gather any documentation pertaining to current bank statements, charitable donations, and other records. Our tax preparers will help you determine which paperwork you will need when you contact our office.
There are many software options out there for anyone looking to save some money on tax preparation. But is it more prudent to save money on software or to hire a professional tax preparer? The answer depends on your circumstances and the complexity of your situation. If you own a business, had a major life event this year (sold a business, went through a divorce, etc.), you want to itemize your return, or you have significant tax income, it might be best to hire a professional tax preparer to handle your return.
Our firm specializes in individual and corporate taxes, as well as returns associated with estates, gifts, and trusts. We take pride in making the tax preparation process as quick and painless for you as possible.
The standing deadline to file your personal taxes is April 15th. However, in cases where that date falls on a weekend or after Emancipation Day (a holiday in DC), that deadline can be pushed as far back as April 18th.
Yes. You have options when it comes to paying your tax liability; our professionals can help you. This is one more reason that it benefits you to file your taxes through a professional; our tax preparers ensure that you file on time.
When you receive your W-2, you can opt to have your taxes prepared immediately; however, the IRS will not accept them before a previously specified date. We will keep track of the appropriate time frames and ensure that your taxes are filed on time.