Tax Deductions You may be Overlooking

It’s tax season again, and that can mean several things for you and, your finances. Hopefully, you’re in for a good sized tax return. If not, it’s possible you owe more taxes than you initially thought. In either case, filing taxes on your own can be a long, tedious, and stressful task. By hiring an experienced tax planner in Utah, you can minimize your worry, decrease the taxes you owe, and increase your tax return. Here are three steps that a tax planner takes when helping you:
Collect Information: Tax planners work with you to gather all the information needed to file your taxes. All your financial information is collected including income statements, expenses, and information on dependents. Working with a tax planner ensures that nothing is overlooked or forgotten.

Fill Out Forms: Few tasks are as tedious as filling out paperwork. When it comes to taxes, paperwork can also be confusing. Tax preparers fill out paperwork for a living. As such they know which forms you need for your taxes and what information to fill in on all the blank lines. By hiring a professional, you save yourself a serious hassle and know that your tax forms are filled out correctly.

File the Forms: Once all your tax paperwork has been properly and completely filled out, your tax preparer will send it off to the IRS.

When working with a tax planner to file your taxes, the process is hassle-free. Tax planners complete your taxes quickly and accurately which also means that you receive your tax return sooner. What we haven’t discussed is how a tax preparer reduces the taxes you owe and increases the size of your tax return.

Tax preparers gather financial information that people typically forget about when filing on their own. The following are commonly overlooked tax deductions:

• Charitable donations • Dependents • Earned income tax • Energy-saving home improvements • Health insurance premiums • Job hunting expenses • Moving expenses • Military reserve travel expenses • Reinvested dividends • Self-employment expenses • State sales tax • Student loans

This list of tax deductions is by no means complete. Working with a tax planner will keep you from overlooking these and other tax deductions. The more tax deductions you have, the less you owe IRS and the more they owe you. If you’d like to complete your taxes for this year quickly and hassle-free all the while increasing your tax return.