Understanding Your Federal Tax Return Forms and Deduction Options
Navigating and claiming available deductions can be difficult without the help of a professional accountant. Questions you should ask yourself and understand when filling your own tax return include:
- What’s best for you – taking the standard deduction or itemizing your deductions?
- Have you been keeping records of your Itemized Deductions (medical expenses, property taxes, charitable donations, interest expenses, and non-business state income taxes)?
- Do you know what Above-the-Line Deductions are and how many you qualify for (student loan interest, business mileage, job-related moving expenses, alimony, contributions to quality retirement accounts, early withdrawal penalties for CDs and savings accounts, quality tuition and fees)?
There are a number of deductibles you may be able to claim to decrease your adjusted gross income, getting you more money back from the IRS. Our financial advisors are here to help you understand and take advantage of your deductions, ensuring larger state and federal tax returns year after year.
We’ll even take a look at your past tax returns to see if any mistakes were made or opportunities for higher return missed.
Filing simple 1040EZs are not difficult to do. Most mistakes can be seen and corrected with just a second look or a quick recalculation. Even so, we are always willing to help Wisconsin residents with any tax return.
If you have filed your own taxes before, you know there can be a wealth of situations qualifying you for more complex tax forms. Increased odds of error and missed opportunity accompany more complex forms like these. Here’s when and why choosing a professional tax preparation service benefits you:
- You own a taxable business or are self-employed – navigating the business world is a complicated task on its own. Keeping your finances in check is essential for all business owners, and becomes paramount in tax season. Your time is money, and Wisconsin tax preparation services will take some of your time back. If you are self-employed, it’s also likely…
- You have multiple taxable incomes – the simple fact is, when you add more sources of income to your finances, your tax return challenges multiply. As you progress through life, hopefully you gain an ever diversifying income portfolio, but you will also see a veritable minefield of tax rules and regulations popping up around you. As such…
- You must avoid tax penalties – while the IRS has gone through a thinning of staff as of late, there are still plenty of safeguards in place to identify the negligence and fraud leading to serious penalties. A professional tax service like Client First RIA will help you avoid those pratfalls. Conversely…
- You want to get the most out of your tax return – when you simply follow instructions on the many tax forms available, you’ll probably be safe, but you are also likely missing potential tax savings through deductions. Qualified tax experts will listen to your unique situation to find both common and uncommon deductions available to you. This is why…
- You need personal tax service – there is a wide array of tax services available online, but none will give you the personal and customized tax preparation you need for a complex tax filing. If the complexity of your return leads you to believe online tax services are necessary, you can benefit more from personal service, largely because…
- You have special taxable investments – you may have a cash account or taxable holdings at a brokerage firm (like a high interest bank account), or you have withdrawn from a tax-deferred account like a 401(k). You want to optimize tax-efficient investments and ensure you are only declaring the appropriate tax deductible investments.
Client First Investment Management is Your Best Ally at Tax Time
At Client First, we are all about serving the needs of our customers. It’s in our name. We all get a bit weak in the knees at tax time, and we are here to protect your investments so you can get the most from them. From time of investment to tax payment, we are your total investment and financial advisors.
Contact the investment management and tax experts at Client First to get the most out of your return.