As the U.S. individual tax season is here, it is time for people to get their financial information together. Some will grind their teeth as they have a picture of their outcome. Some will literally get sick, thinking about how much they may owe Uncle Sam. Others are simply in the dark, and don’t know which way to turn. Well you don’t have to stick your head in the proverbial sand as it is said the ostrich does. At C York CPA, a tax preparer in NYC, you can put your mind at ease. The firm offers you some individual tax tips as you approach the season ahead.
Check your withholding so that Uncle Sam will not have a surprise package awaiting you. If you received a large refund or owed taxes last year, chances are you need to adjust your withholding (so that you may come out closer to breaking even).
Check the tax credit for higher education. Certain incentives exist for those who are paying costs for higher education or paying back student loans. You may be in position to claim the American Opportunity Credit or the Lifetime Learning Credit for qualified tuition expenses for anyone in your household who is a currently enrolled student at an eligible higher institution of learning.
If you find that you need to amend your tax return, don’t panic. Such reasons as incorrect filing status, total income reported in error, or deductions and credits needing adjusting, are why you would need to amend a return. 1040X is the form you use for amended returns.
As a Tax Preparer in NYC, C York CPA will assist you with strategies to minimize your tax liability simultaneously increasing profit margins. The firm stands behind its tax preparation on accuracy and efficiency, even in international tax situations. C York CPA can also help you in tax management, ensuring that you stay on course with your financial goals while implementing a plan for the next tax year. The firm also offers IRS audit services, accounting services and will be your financial advisor. For a Tax Preparer in NYC, contact C York CPA Accounting Firm at the location or via the website, www.chrisyorkcpa.com.
