If you are not sure, whether you have a simple tax return or if you can do yourself or you wonder whether you are missing significant tax advantages or are concerned about making mistakes. Well, you are not alone. Preparing your own income tax return can be a daunting task that leaves you with more questions than answers. According to a study released by the US Government’s General Accounting Office (US GGAO), most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
The fact is today’s tax laws are very complex, filing a relatively simple return can be confusing and lead to mistakes. It is very easy to overlook deductions and credits to which you are entitled. Even if you use a computer software application like TurboTax, it is still not a substitute for the assistance of an experienced tax professional.
According to the US GGAO, in 2000 over half of the 130 million individual filers paid a professional firm to prepare their tax return. That year alone taxpayers paid an estimated $14.7 billion for individual return preparation. Those numbers suggest that taxpayers believe that paid preparers provide a valuable service. Given the complexity of the tax code, it is easy to understand why so many taxpayers depend on the assistance of a paid preparer. The need for the assistance of a paid preparer, combined with the fact that our tax system relies on taxpayers accurately completing and filing their returns, means that paid preparers play a critical role in the functioning of the nation’s tax system.
But not all Tax Preparers are the same, in 1998 US GGAO report shows over 2 million taxpayers overpaid their 1998 taxes by $945 million because the tax preparers claimed the standard deduction instead of the itemize which would have been more beneficial.
This is what sets Sam Tax and Multi-Services apart from others. We take the time to review all your documents thoroughly and make certain that you take all allowable deductions that you are qualified for:
- Bought or sold a home. You will want to take all allowable deductions and make certain you qualify for the personal residence exclusion.
- Got married, divorced or your spouse died. Only a competent tax professional can guide you through the complex tax rules that pertain to assets passing through estates.
- Had a baby or adopted a child. Sam Tax and Multi-Services can explain in plain English the sometimes-dumbfounding array of investment options for saving for a child’s college education, as well as details about the child credit, childcare credit and earned income credit.
- Have a retirement plan, such as an IRA, 401(k), a pension or an annuity.
- Recently bought or started a business, own a business or work from home. We can advise you on whether you should operate as a corporation, partnership or sole proprietorship.
- Acquired rental property or have rental income. We understand the complex tax rules that apply.
- Have needs for estate planning and need to understand all the ramifications of property taxes, we can help.
Sam Tax and Multi-Services will checked and rechecked your tax return to identify potential problems the IRS may look at more closely and reviewing the math to eliminate errors and limit IRS contacts.
Your tax return can be filed electronically so you will get a refund back quicker.
Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS money when you do not have to.
We will show you all the potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year’s tax liability.