Many people don’t like thinking about tax season until at least January, but unfortunately, finding tax preparation near me shouldn’t wait that long! In order to make sure that your tax preparation is done in a timely manner, you should start planning for the 2020 tax season today! SmarTax, LLC in Pembroke Pines, has a team of experts who can sit with you to go over your financial information and help you create a plan so your 2020 tax season can be as stress-free as possible. Keep reading to find out advice from the professionals!
Why Finding Tax Preparation Near Me Shouldn’t Wait
Tax preparation is not something most people look forward to. Dealing with the guidelines, requirements, and laws can be overwhelming and stressful, which is why it’s crucial to rely on the experts. Over the last year, there have been some significant changes made to U.S tax laws, including the Tax Cuts and Jobs Acts. Unfortunately, most people aren’t aware of how drastically these changes can affect them and their tax situation. Below are some tips on dealing with these new changes and advice on why you should begin preparing now.
- Figure out your plan now not later: Despite the fact that tax day is half a year away, it is vital to remember that taxes deal with the calendar year prior, which means that your finances and activities that your handling today matter. Because of this, if you take the time to figure out your tax strategy now, it can make a significant difference on tax day!
- Adjust your withholdings: Last year, many Americans were surprised when they were expecting a refund from the IRS, but instead ended up owing them money. This happened because the IRS updated the withholding tables right after the tax law changes went into effect. These tables are used to figure out how much money is taken from your paycheck for taxes, but unfortunately, many people didn’t realize the changes that occurred, so they never updated their W-4 forms, which meant not enough money was being withheld. In an effort to stop this problem from happening with your 2019 tax return, be sure to go over your W-4 form and make any corrections or updates.
- Track deductions: Just like any year, make sure you are keeping track of your receipts, invoices, and bills. This could be medical bills, donations, or local taxes you’ve paid. Also, if you run a business, these deductions could include travel expenses, mileage driven, and retirement contributions. You’d rather be safe than sorry, so make sure you have more documentation than not enough. Putting together all of your bills, invoices, and receipts early could save you a headache later down the line.
- Understand the new tax laws: Make time to read up on the updated tax laws to figure out how they affect you. It’s critical to understand the general guidelines, specifics, and changes that are being made.
Contact Us For Tax Preparation Near Me
SmarTax LLC provides tax preparation in the Pembroke Pines area. We assist our clients with all of their tax needs to make sure they meet all their deadlines and requirements. Call or visit us today to find out how we can help with your tax needs!