Are you Getting Ready to Submit Your 2016 Tax Statements?

Written by Small Business Magazine on February 10, 2017. Posted in Accounting, Cpa lakeland fl, Tax services

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After years of doing nothing more than babysitting and teaching piano lessons, your college daughter finally had her first real job. When she was in high school she practiced club gymnastics 24 hours a week. Between those workout hours and a very tough high school class schedule, she simply did not have the time of the scheduling flexibility to do any thing more than babysit on open weekends and teach two of three piano students on Friday afternoons after school.
when she was home for a few days over Spring Break, however, she was determined to find a job that would let her work 20 to 30 hours a week. She still would have to work out according to the summer gymnastics guidelines that her coach gave her, but without any summer school classes that she needed to take, she knew that she wanted to replenish her bank account. Her freshman year in college went pretty well. Between her full ride scholarship and the money that she had in her savings account after graduation gifts, she was able to do most of the things that she wanted while she was away at school. By the end of second semester, however, she knew that she would not have much left, so she decided to find a job.
Scheduling a couple of interviews over spring break was a great idea. She found a great coaching position long before most other kids even started applying. The fact that her college semester ended by the first of May meant that she was also available just in time for the grand opening of a second location for the gym where she wold be coaching.
Several busy months later when she was done with the profitable job and back on campus both studying and working out, the next sign of being a grown up arrived in the mail. Tax forms which would allow her to file for refunds. Because she now also worked in the admissions office at her college out of state, however, her first set of taxes that needed to be filed were slightly more complicated. She could file for a federal return as well as for state returns in both Nebraska and Louisiana.
Although the your husband could have filed the taxes himself, he decided that it would be a good learning experience to take your daughter to see an accounting friend and get a real lesson on how tax services worked. Your husband has always been a pretty diligent bookkeeper, so he had already taught your daughter how to balance her checking and savings accounts in Quickbooks, but he also wanted her to understand the kinds of questions that a tax services accountant would ask.
Can a Tax Services Firm Help You More Accurately File Your Papers?
Whether you are a college student filing taxes for the first time or you are a contract worker who is trying to make sure that you find all of the deductions that you can, working with a tax services provider may be in your best interest. Tax laws change every year and it often takes someone who is a professional to make sure that you are getting all of the deductions and all of the allowances that you can.

  • Americans hire over 1 million accountants each and every year for tax help.
  • Americans also spend $27.7 billion every year preparing their taxes.
  • Americans spend 7.6 billion hours every year preparing and submitting their taxes.
  • The number of pages in the tax code has increased 16.775% in the past century. For this reason, many individuals and business owners find it too difficult to keep up with these changes.
  • 57% of returns are completed by paid preparers.
  • $7,000 to $8,000 is the average standard deduction. People who itemize, however, claim an average of $26,084 deductions.
  • $500 for qualified energy efficiency improvements or residential energy property costs can be deducted as a tax credit for most individuals.
  • Individuals in the teaching profession are allowed to deduct up to $250. Couples who are both teachers and who are filing jointly can file for $500 in qualified educator expenses.
  • 78.1 million people received filing assistance from the IRS with their 2010 taxes in person, on the phone, and through emails and letters.

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