At Cook CPA Group, we welcome people with tax preparation needs of all kinds. Whether you need help filing a basic Form 1040, are focused on making sure your finances are aligned with the future you want to create for yourself and your family, or need help filing taxes connected to your small business, the accountants that work with Folsom’s Cook CPA Group are prepared to assist you.
Contact the Folsom tax preparation accountants from Cook CPA Group soon. They can help you prepare and file taxes in a way that ensures accuracy and efficiency. File your taxes with an accounting group that has your best interests in mind.
How a Tax Preparation Accountant Can Help Reduce Your Tax Bill
When paying income taxes, you want to save as much money as possible. With the help of an experienced accountant from Folsom’s Cook CPA Group, you can shrink your tax bill by reducing your taxable income, claiming deductions, and using tax credits.
To reduce your taxable income, you can use the help of a tax preparation accountant to report all of your sources of income and adjustments. Aside from income received from regular employment, you can report other sources of income, such as self-employment income, compensation from unemployment, and capital gains. Adjustments claimed may be contributions to an IRA, student loan interest, contributions to a health savings account, and industry-related costs, such as classroom expenses for teachers.
Claiming deductions is another vital part of lowering your tax bill. A tax preparation accountant can help you decide whether to claim the standard deduction or itemize your qualifying deductions. If you do choose to itemize your deductions, you may be able to claim expenses for health care, property taxes, interest on mortgages, charitable donations, and, in some cases, losses resulting from a natural disaster.
Another way to lower your tax bill is to claim tax credits, which are subtracted directly from the tax debt you owe. The most commonly claimed tax credit is the Earned Income Tax Credit. This credit is issued to people that are between the ages of 25 and 65 who made less than $3,500 in tax investment income and earned at least $1 in income. Other commonly claimed tax credits include the American Opportunity Tax Credit, which may be claimed for post-secondary education, and the Child and Dependent Care Credit, which is used to offset the cost of babysitting and childcare.
Taxpayers can also lower their tax bill by claiming credits for their children. Taxpayers may be issued a tax credit of up to $2,000 for each qualifying child.
Planning for Your Future with a Folsom Tax Preparation Accountant
Our Folsom accountants can help you manage investments that will have an impact on your future. For example, an accountant can ensure that your 401(k) is being managed well and that you are saving money at a proper rate to ensure that you can retire when you want to. They can also help with estate and trust planning so that you can be certain that your finances are secure far into the future.
If you are saving for your child’s education, a tax preparation accountant can help ensure that you are doing so in a healthy and sustainable way. And if you have real estate property, an accountant can help you monitor that investment.
It’s advised that you use the help of a tax preparation expert following any major life event, such as marriage, the birth of children, or graduation from school. A tax preparation accountant can help you make sure that your finances are healthy and well-maintained and can reduce the risk of audits and other complications.
Managing Business Finances in Folsom, CA
Tax preparation accountants can be especially useful to small business owners. If you own your own business or are a freelancer, a tax preparation accountant can help you keep track of all the documentation needed to pay your taxes and file them accurately.
Tax preparation accountants are well-equipped to help small business owners pay the taxes required for their business. These may include self-employment taxes, which go towards Medicare and Social Security. Tax preparation accountants may also help small business owners with payroll taxes, which are assessed at both the federal and state levels, as well as sales taxes and, if applicable, excise taxes. If your small business owns property, a tax preparation accountant can help you pay property taxes, too.
Paying quarterly estimated taxes may also be easier with the help of an accountant. Tax preparation accountants can help small businesses figure out how much they should be paying each quarter and complete the necessary forms.
One of the most important things that a tax preparation accountant can do for a small business is to protect your company from tax compliance issues. This will help your small business avoid fines, penalties, and audits, among other financial issues.
Folsom, CA Accountant Available for Tax Preparation
Tax preparation isn’t always easy. Filing your taxes incorrectly can cost you money, opportunities, and time. File your taxes with accuracy using the services provided by Cook CPA Group. Contact the Folsom tax preparation accounts from Cook CPA Group to schedule a free consultation to discuss your options.