Amid the coronavirus pandemic affecting the nation, the United States government extended the tax filing deadline for 2020 to July 15, instead of the usual April 15. Many people have benefited from this new deadline, but, even with the extension, it’s approaching quickly. As such, if you’re in need of professional tax services in the Flower Mound TX area, now is definitely the time to enlist them, especially if you’re showing clear signs of needing some professional tax help.
You Run A Small Business
Striking out on your own and running your own business is a wonderful thing. However, it can also make your tax return a lot more complex.
Thus, if you’re new to the small business world, have had tax problems related to your business in the past, or experienced major changes in the last tax year, it’s definitely time to reach out and take advantage of professional tax services. As a business owner, it’s all too easy to miss out on credits or deductions when you file on your own. And, especially in these trying times, even the smallest mistake could spell major problems for your business.
You Have Many Itemized Deductions
Itemizing deductions can sometimes be a wonderful way to save money on your taxes. However, if you make a mistake, it could end up costing you big time. Thus, it’s wise to take advantage of the tax professionals available in Flower Mound TX and their services.
In fact, even if you’ve successfully itemized deductions for years, you should know that the most recent tax laws have eradicated some of the most long-held and relied-upon deductions. So, it’s more important now than ever to make sure that you’re itemizing correctly and that you’re not missing out on any deductions you may have overlooked in the past.
You Recently Got Married
The sound of wedding bells usually brings pleasant things, but it can complicate your taxes. For one thing, you have to decide if you’re going to continue filing on your own or whether you want to combine your taxes and file jointly.
The right choice varies from couple to couple and from situation to situation. But, any major change, including marriage, is usually a sign that you need a tax pro to look over your new situation and help you make the best choices moving forward.
Ultimately, while the tax deadline may have been extended, it’s still looming and inescapable. Don’t face that deadline with dread. Face it with confidence by enlisting the help of a tax professional. In fact, whether you fall into one of the “needs help” categories above or not, it’s always a wise idea, especially during these uncertain and unprecedented times.