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02/27/2015

Have a Complicated Tax Return? Here's What to Do

Is preparing your own income tax return becoming more complicated every year? How do you know when it's time to hire a professional?

Taxpayer with stack of papersConsider these questions as you determine whether you should turn to an accountant to help you file your tax return:  

Are you confident you know enough about new laws that apply to your income tax filing?  

Have you had a major life event that will affect how you file your return such as; the change or loss of a job, buying or selling a home, addition or loss of a dependent, education expenses, borrowing money from an IRA, buying or selling a business, experiencing a major illness, or going through a divorce?

Are you certain you know what forms to use? Are you confident you are calculating deductions and credits properly?  Are you stressing out over what you're finding out about your income and what you don't know about your income taxes?  Have you received a letter from the IRS about an income tax issue?

If any of the above questions apply to you, it's time to talk to an accountant who is experienced and qualified to handle even the most complicated tax return.

What to Do About Complicated Income Taxes

When you realize that you can no longer prepare your income taxes on your own, don't panic. Instead, do your best to get organized to present your income tax "story" to a professional.  This means get your documents in order.  Collect any documents that report income you have earned in the past year as well as any proof of any federal, state and local taxes you may have already paid.

Gather up receipts and statements that will document your expenses that may qualify as tax deductions or result in a tax credit.  Categorize the documents by subject and date to help the tax professional you select better understand your financial picture and how it applies to your tax obligation.

Find copies of your tax returns from the past two years to show your chosen tax professional so that a thorough review of your tax filing history can be made.  There may be something that was missed that could save you tax dollars or cost you in the long-run.  The sooner the issues are identifed, the better.

Note: Complicated tax issues and questions do not go away if you simply ignore them.  Bring any tax-related question or issue you have with you to your appointment with a tax preparation expert. They will help you understand the significance and meaning of IRS letters or other documents. Sometimes taxpayers ignore important notices because they are hard to understand or feel that the information is wrong or doesn't apply to them, but that can be a costly mistake. 

Graphic with ad infoWith tax laws and regulations changing on a regular basis, it is essential that you use a tax professional who fully understands these changes and how to apply them to your unique situation.

Without expert tax preparation assistance, many taxpayers who fill out their own returns make unnecessary errors either through miscalculation of numbers or through not knowing the proper forms to file.  All of this can cost plenty in fees, penalties and interest payments.  So, the cost of making mistakes and omissions should be carefully considered against the cost of bringing a professional on board to help you with tax preparation.

When you decide that it's time you find a tax expert, we hope you'll choose McRuer CPAs.  No matter the tax problem, we can help you make the best choices efficiently and effectively while helping you put together a long-term plan to make certain you pay no more than the taxes you owe. That will give you peace of mind.

Contact us online by clicking here or all us at 816.741.7882.

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