Tax season is creeping up. Are you prepared?
What makes taxes particularly difficult are just how much they differ depending on the person. Everything from your income to your lifestyle to the state you live in can play a part in how much you’re reporting. Even people who have worked for years can struggle to get the hang of it. Accounting services are crafted to give you a helping hand out of the mire of numbers and questions. When you sit down with seasoned accountants you may even find out some money-saving measures that can save you trouble.
Do you need a good accountant? Should you be making quarterly estimated payments? Look below for some quick tax reporting facts to get you prepared well before your due date.
Property Reports Change Depending On The City
Do you own property? Before you get into partnership return, you need to figure out the unique laws of your state to avoid paying potential fees. New York City, for example, saw its market value of property still growing for the sixth straight fiscal year in a 2017 survey. City-wide market value of taxable property also hit an all-time high at one trillion. A personal tax accountant can make sure you’re not missing out on useful information that could be saving you money.
Personal Income Tax Rates Should Be Closely Adhered To
You might be more familiar with personal income tax rates. New York’s, specifically, has a personal income tax that ranges between 4% and 8%. The U.S. Census Bureau released data estimating the median household income throughout New York City has remained steady at $50,000. Even elements you wouldn’t think to report can end up cropping up on your tax return, resulting in an extra deduction or money saved. Freelancers should pay especially close attention.
Freelancers Are Recommended To Pay Quarterly Taxes
One of the most difficult aspects of freelancing is figuring out taxes. While freelancers that make less than $1,000 a year can report annually, anything higher is recommended done quarterly. Tax accountants can help you through your first few years of freelancing to help you get the hang of not just reporting, but figuring out all the ways you can deduct. Illustrators, for example, can deduct materials used to create their work. Writers that purchase equipment for their home office can potentially mark those off on a return, as well.
Donating To Charity Can Lower Your Tax Return
A partnership return is a specific report for partners working in tandem. Estimated payments are best done when freelancing. Everyone, however, can potentially deduct a charitable donation from their tax return. Sending unwanted clothes or furniture to a Purple Heart charity, provided you keep your receipt, is a great way to do some good while saving a little money. All this and then some can be figured out with the aid of bookkeeping services.
Meeting With Tax Accountants Before 2019
There’s no reason to try and do everything on your own. A tax accountant can make sure you’re not missing a thing as you figure out all the numbers, percentages, and deductions that go into keeping you in the green. The Department Of Finance collects over $35 billion in revenue for New York City alone. If you’re considering starting a business a tax accountant can walk you through the function of a partnership return or small business accounting. If you’re a new freelancer, learning about quarterly payments and how to do them properly is best done with a professional.
Taxes are complex, but that’s what help is there for. How could a specialist accountant make you dread tax season a little less?