With year-end coming, taxes are on a lot of people’s minds. We wanted to help you out with three tips that can help anyone with their taxes. These are just things to keep top of mind when you do your taxes this coming year.
If you do file on your own, make sure you e-file
If you use tax software, the forms that you need will be built right in. Not to mention they will prompt you for all the information you need to give. This, combined with the fact that you get to save a few trees, often makes this the best option for self-filing.
Make sure you get your filing status right.
Filing status is probably the most important piece of information on your tax form as it determines how much you pay (or save) in taxes. Also, if you get it wrong, you will definitely be on the receiving end of an audit.
The reason this is so important is because it decides what deductions and credits you qualify for, which forms you should fill out, and more.
The most important number is your adjusted gross income.
Here’s how AGI works: we report our income, but then the government subtracts certain expenses, such as education tuition or IRA contributions, to determine our AGI or adjusted gross income. Our AGI plays another significant role in deciding what deductions & credits we may be eligible for. After taking these additional deductions, credits, and exemptions, we will arrive at our taxable income.
Call us if you want someone else to deal with your taxes.
These three tips should give you all the most important things you need to know, but there is more to filing your taxes than this. That’s where we come in! Call us if you want the problem of taxes off your plate. Otherwise, have a great end of year & we wish you the best of revenues!
Cash Tax and Accounting
9590 N McGee Street
Kansas City, MO 64155