Are you a self-filer, or does a tax professional file for you? Did you recently receive notice of an impending bankruptcy? Do you dread tax season every time it comes around? When it comes to individual and business taxes, some people are just fine doing their own if they have a good understanding of how to answer questions without making costly mistakes. But if you have any doubts about your ability to prepare your tax return, or if you have found yourself in need of debt related financial assistance, then the time to reach our for tax help in Des Moines, IA is now.
Here are some common situations that may lead you to seek tax help from a professional:
- You are not confident in your understanding of taxes: While it may seem safer to use tax preparation programs, the fact of the matter is that, if you don’t understand a basic filing form, then you’re likely to have issues comprehending tax software. Since everyone’s brains think differently, you may misunderstand the context of a question and answer it incorrectly, which can negatively affect your return, or even result in an audit.
- You have tax questions related to your business: Are you a new business owner doing small business taxes for the first time? Business taxes differ from individual taxes and should therefore be handled appropriately, as you’ve probably invested a great amount of time and money into your business. If you have tax related questions that are stumping you, don’t guess! Seek professional tax help in Des Moines, IA well before the tax return deadline. Better yet, hire a professional to take charge of your business’ finances year-round.
- No time for small business tax management: When you first start out in your business ventures, you take on several responsibilities in an attempt to avoid costs until revenue builds. However, maybe your small business has grown and now has money coming in, which could mean that you need to delegate duties to open up your time to focus on other parts of the business. By bringing in a small business tax advisor to help throughout the year and during the crunch of tax time, you won’t have to decode tax jargon or worry about overlooking moneysaving opportunities.
- There are credits and deductions you might qualify for: For your individual taxes or for your small business, there are a number of tax deductions you can take and credits you may qualify for. Don’t miss out on the deductions you deserve because you don’t understand the options in front of you. Filing completely with all qualifying credits and deductions claimed correctly can mean the difference between owing money and getting a nice refund at tax time.
- Dealing with bankruptcy due to tax debt: Bankruptcy is a way for you or your business to get rid of debt and pay back creditors. If it feels as though filing for bankruptcy is your only choice or you can’t make sense of what is happening, seek tax help immediately.
Whether you have general tax questions—especially the same ones year after year—are in need of someone to manage your small business taxes or you’re contemplating filing for bankruptcy, contact the team at Accounting & Tax Professionals, PLC for tax help in Des Moines, IA today.