Okay, most people in New York City don’t think of the word fun when they think of income tax preparation. But it is possible for the process to be a little bit fun, especially if your tax filing is going to result in you getting a nice big return. Your goal every year should be to get some money back from the IRS. If you don’t think this is possible, you’re not working with the right accountant to handle your income tax preparation.
How to Get Money Back
Most people think that getting money back at the end of the tax year requires knowing some tricks about income tax preparation. The fact is that no matter what you do, your tax burden is going to be the same – however, you can plan ahead in order to always get some cash back. If you can afford it, you should always claim fewer dependents than you actually have. Claim 0 if possible. That will ensure that you get money back every year, assuming you pay some income tax throughout the year. In this way, your taxes are like a kind of savings account. And nobody minds finding out that they have extra savings just waiting for them.
Working with a Tax Preparation Company
Do you do your own taxes every year? Maybe you grab all your receipts and W2s and rush off to one of the tax factories where you can get help from a “professional” who will sift through it all and file your taxes on your behalf. Have you thought about starting to work with a CPA or another tax professional who has their own business? Consider that people who have their own accountancy are experienced, successful, and are going to take the extra time to make sure you’re really giving them all the information. They’ll know all the questions to ask their New York City clients, because they’ve done it year after year.
Finding a Balance
You know you’re going to have to do some income tax preparation every single year here in New York City. There’s no way to avoid it. However, you can work out ways to enjoy it instead of dreading income taxes and tax season. Make sure that you’re not claiming too many dependents, work with an income tax preparation professional, and give yourself the time to get things done before it’s cram time. You never know, you may start to have a bit of fun with your New York City income tax preparation if it always means good news.
Get in touch with Robert A. Woloshen, CPA today if you want to work with one of the best income tax preparation professionals in New York City.