Apr 25, 2014

Posted by Shanell Calloway in Uncategorized | Comments Off on Why Professional Tax Preparation in Williamsburg VA Matters

Why Professional Tax Preparation in Williamsburg VA Matters

No one seems to doubt the wisdom of using a professional service to calculate and remit taxes related to a business operation. There is more of a difference of opinion when it comes to preparing individual tax returns. The fact is that using professional tax preparation in Williamsburg VA offers several benefits that are in the best interests of individual taxpayers.

Professionals are Up to Date on the Latest Tax Laws

Changes to local, state, and national tax codes are not unusual. The problem is that the typical taxpayer does not necessarily learn about those changes until after the returns are filed. While there’s always the possibility of filing an amended return, that can sometimes generate more trouble than it is worth.

Tax professionals keep up to date on what types of changes have taken place, and when they will go into effect. This means that if a newly announced code change is not scheduled to go into effect until after the first of the year, the professional will know to not use that change in calculating the amount of taxes due for the previous filing period. As a result, the returns are based only on applicable codes that were in full effect for the period under consideration.

Professionals Know Deductions Well

Another point in the favor of professional tax preparation in Williamsburg VA has to do with claiming every allowable deduction. Once again, the average person is not likely to be aware of every type of deduction that he or she can claim. By consulting with a professional and answering some questions about different types of expenses, it is possible to determine which deductions can and cannot be claimed for the period. In the case of deductions that must be claimed over multiple tax years, a professional can keep track of how much is allowed for each of those years.

Since deductions mean a reduction in the amount of taxes owed, that translates into more money that gets to stay in the taxpayer’s pocket. Professionals like Carmines, Robbins & Company, PLC understand that it is important for everyone to pay their fair share of taxes. At the same time, they understand how important it is for households to claim all the tax breaks that they are entitled to receive.

 

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