The end of the year always leaves people searching for tax answers. No matter how many times you’ve filed taxes in the past, the task never seems to become any easier or any less confusing. Every year brings many of the same tax-related questions. We’ve gathered a few of the most common and provided some answers.
How Do I Increase My Refund?
Isn’t it wonderful when that refund check shows up in the mail? A lot of people looking for tax answers wonder if there’s a way to make that check bigger. You do have a few ways to get some extra money when you get your refund. One of the most common ways is to itemize deductions. If you choose to itemize instead of using the standard deduction, you may get more money from your refund this year. This process takes more effort, but if you have enough deductions, it could pay off at the end of tax season.
What Are My Chances of Getting Audited?
Many people looking for tax answers can breathe a sigh of relief. For most people making an average income, the chances of getting audited are fairly slim. As long as you pay your taxes honestly, you’ll likely avoid an audit. If you’ve filed your taxes with a CPA, that CPA can represent you in case you do face an audit.
Who Are My Dependents?
You’d think that this question has a straightforward answer, but it’s a bit more complicated than you would imagine. For example, you can claim your child as your dependent, but only if that child can’t be claimed as a dependent on another person’s tax form. This is why divorced parents sometimes struggle to sort out their taxes. In some cases, you can even claim dependents who are not your children, depending on the situation.
Should I File Early?
Those who want tax answers often wonder if they should file early. It’s generally a good idea. When you start the process early, you leave yourself with plenty of time to ask questions and double check for potential mistakes. As an added bonus, when you file early, you’ll get your refund faster.
How Do I File as a Business Owner?
Freelancers and other business owners usually need different tax answers than the rest of the population. Since your taxes don’t get deducted from a regular paycheck, you’ll have to pay those taxes yourself on a quarterly basis.
Tax Answers from Balanced Taxes
Looking for more tax answers? We understand. At Balanced Taxes, we’re here to provide all of the tax answers that you need. We offer all sorts of services to help you manage your business and file your taxes. If you’re ready to stop worrying about your taxes, schedule your free consultation today.