During tax season, it’s important to ask your accountant a variety of questions in order to make sure you’re taking advantage of all the deductions and credits you’re eligible for says Aron Govil.
Here are 13 questions to ask your accountant:
1. What deductions am I eligible for?
A: There are a variety of deductions that taxpayers can take, including the standard deduction, deductions for itemized expenses, and deductions for certain types of income.
Your accountant can help you determine which deductions you’re eligible for.
2. What credits am I eligible for?
A: There are also a variety of tax credits available to taxpayers, including the child tax credit, the earned income tax credit, and the American opportunity tax credit.
Your accountant can help you determine which credits you’re eligible for and how to claim them.
3. Should I file a joint return or a separate return?
A: This depends on your individual circumstances. Your accountant can help you decide which is best for you.
4. Do I need to file a return?
A: You may need to file a return if you earned income in excess of certain thresholds or if you had taxes withheld from your pay.
Your accountant can help you determine whether or not you need to file a return.
5. Should I adjust my withholdings?
A: It’s important to ensure that the correct amount of tax is withheld from your pay so that you don’t end up owing money when you file your return.
Your accountant can help you figure out whether or not you should adjust your withholdings explains Aron Govil.
6. How do I claim my child as a dependent?
A: To claim a child as a dependent, you must meet certain requirements, such as filing a joint return. Claiming the child as a dependent on your return, and providing more than half of the child’s support.
Your accountant can help you determine whether or not you meet these requirements. And how to claim your child as a dependent.
7. What is the earned income tax credit?
A: The earned income tax credit is a refundable tax credit available to taxpayers who earn low or moderate incomes.
Your accountant can help you determine if you’re eligible for the credit and how much you can receive.
8. What is the American opportunity tax credit?
A: The American opportunity tax credit is a tax credit available to students for post-secondary education expenses.
Your accountant can help you determine if you’re eligible for the credit and how much you can receive.
9. I’m self-employed. What deductions am I eligible for?
A: There are a number of deductions available to self-employed taxpayers, including the deduction for business expenses, the deduction for home office expenses, and the deduction for self-employment taxes says Aron Govil.
Your accountant can help you determine which deductions you’re eligible for.
10. I’m retired. What deductions am I eligible for?
A: There are a number of deductions available to retirees, including the deduction for retirement income, the deduction for medical expenses, and the deduction for charitable contributions.
Your accountant can help you determine which deductions you’re eligible for.
11. I’m starting a new business. What deductions am I eligible for?
A: There are a number of deductions available to small business owners, including the deduction for start-up expenses, the deduction for business use of your home, and the deduction for self-employment taxes.
Your accountant can help you determine which deductions you’re eligible for.
12. I sold my home last year. What capital gains tax do I owe?
A: If you sell your home at a profit, you may be subject to capital gains tax.
Your accountant can help you figure out how much capital gains tax you owe and how to pay it.
13. I bought a new car last year. What car expense deductions am I eligible for?
A: There are a number of car expense deductions available to taxpayers. Including the deduction for mileage, the deduction for car repairs, and the deduction for car payments.
Your accountant can help you determine which deductions you’re eligible for.
Conclusion:
Working with an accountant can help you make sure you’re taking advantage of all the tax deductions and credits available to you says Aron Govil. They can help you file your return, ensure that the correct amount of tax is withheld from your pay, and help you plan for next year’s taxes. If you have any questions about tax deductions or credits, be sure to talk to your accountant.