With the end of the year fast approaching, many people are starting to take a closer look at their finances in preparation for the holiday season. But there’s another reason to spend a little more time thinking about your money at this time of the year: time is running out to make choices that can impact your 2015 taxes.
One of the best things you can do for your finances is enlisting tax assistance in Des Moines, IA sooner rather than later. After the start of the new year, while many accountants and other tax professionals start working longer hours, it can still be hard to get an appointment when you need one. Knowing you’ll need help well in advance of the April 15 deadline can ensure you’ll get the assistance you need—but how do you determine whether getting help is the best option? Here are five times when you’ll definitely want to enlist the services of a tax professional:
- Major life changes: Birth, marriage and death—for most people, these are the big milestones of life. The IRS thinks so, too. If you’ve married, divorced, had a baby, adopted a child or lost a member of your immediate family this year, the impact on your taxes could be considerable. Working with a tax professional can help you navigate this often confusing terrain.
- Significant change in income: Have you started a new job, lost your job, taken a pay cut or gotten a big raise? All of these circumstances can cause your annual income to change considerably compared to past years, which means your taxes won’t be as predictable as they once were. Rather than face a surprising tax bill in the spring, start preparing early by talking to a tax professional.
- Receive a large amount of money: Even trickier than an income adjustment—at least where your taxes are concerned—is the one-time receipt of a large sum. Gambling or lottery winnings, inheritances and settlement money are some common examples that can really complicate your taxes. Rather than risking a costly error in what’s likely a one-time situation, get peace of mind by working with a pro.
- Start a business: If you’ve started a new business this year (or assumed ownership of an existing one), you’re likely finding that the lines between personal and business income are suddenly murkier than you’d prefer. By seeking assistance, you can rest easy knowing you’re accounting for your funds in accordance with the tax code.
- You’ve been audited: No one is eager to go through the experience of an IRS audit, but the only thing less appealing is going through it twice. If you’ve had trouble with your taxes in the past, taking a better-safe-than-sorry approach this time is in your best interest. Qualified tax professionals can help you understand where you went wrong and help you avoid similar mistakes in the future.
The team at Accounting & Tax Professionals, PLC has nearly two decades of experience in offering high quality, reliable tax assistance in Des Moines, IA, and we’ll work with you to ensure the best outcomes and the largest refunds. Call us today to get a jump on your 2015 taxes!