If you have been handling your own finances for a while now, you might feel confident about your ability to file your own taxes before the April 15 deadline each year. And if not much in your life has changed in the last year or so, then you are probably right.
But as any accountant will tell you, there are a number of possible changes that not only affect your life, but also affect the way you file your taxes. If any of the following situations are true for you, you might consider seeking out help from an experienced accountant for tax planning in Sacramento, CA this coming tax season:
- Employment or income change: Whether you have celebrated a promotion, suffered through a layoff, switched careers or become a freelancer or independent contractor, your yearly income and employment status can affect your taxes more than any other factor. If your income or employment situation changed this year, be sure you know how it will affect your upcoming tax return.
- Inheritance: A loved one’s passing is always a difficult time, so it is understandable if you have not had time to think about how a new inheritance might affect your financial situation. But when it comes to filing taxes, inheritances can be tricky to figure out, whether they come in the form of money, a house or some other asset. The guidance of an experienced CPA can help you through this confusing tax situation.
- Real estate: Whether you sold your family home, bought your first apartment or decided to start renting out your current vacation house, real estate will play a big role in your tax statements, and being ahead of the curve can help you avoid a nasty financial surprise. Get in touch with a trusted accountant today to figure out how real estate will affect your taxes this year.
- Change in dependent status: If you welcomed a child into the world or sent one off to college this year, then you either get to declare a new dependent, or consider removing one from your upcoming tax return. The decision to keep an adult child as a dependent or have them declare as an independent is different for each family, so confer with your accountant before making any final decisions.
- Marital change: Finally, if you got married or went through a divorce this year, then your tax return will probably look a lot different this year than it has in recent years passed. Between your filing status, declaring losses and declaring new assets, you might need a professional to help make sure you are doing it all correctly.
Whatever reason you have for needing help with your taxes, Yoder & Co., CPA is here to help make the process as easy and painless as possible. We are proud to be your source for solid, dependable and thoughtful tax planning in Sacramento, CA, and we look forward to hearing from you during the coming tax season.