Deductions and Credits that you may qualify for.

There are different deductions and credits that are out there that not everyone knows about. If you qualify for these deductions or credits, this could help you get more of a tax refund or it could help cut down your tax liability.

One thing that I enjoy doing during tax season:  Sitting down with my clients talking with my them and hearing about their life.  As we all know, life events happen. 

I listen to key words like: I now have a college student, I finally retired, we sold our house, we bought a house, we have a new rental, or we have a new baby. This helps me to hear key words to match up different deductions and credits that you qualify for.   This will also help me to give you advise to prepare for next year.  My goal is to get you all the deductions and credits you qualify for.

Finding the right puzzle pieces can sometimes be difficult. I am here to listen and am able to help find the right piece for you. 

Do you think you paid too much in 2012?  Do you feel that there was something missing?  Give us a call 619-726-1158 and we can look over last year's taxes and see if there was anything that was overlooked.

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How to have your taxes benefit your pocket

Are you living paycheck to paycheck, and yet every tax season you get this big refund?  

There are many credits, deductions, and write-offs that are there for our benefit. Knowing how to use these credits, deductions and write-offs, can give you more money in your pocket throughout the year, instead of using the government as your savings account.

Talking to your tax professional (Like Myself) about adjusting your withholdings is something you should be doing about 1 or 2 times a year. We need to make sure we are not over paying and learn how to add more money in your paycheck.

Knowing all the credits, deductions and write-offs are important, but communicating with your tax preparer is where you need to start.

It can be puzzling but, we are here to help put all the pieces together. 

To set up an appointment to have us look over your taxes and see how to put more money in your paycheck, call 619-726-1158

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How often should you talk to your Tax Specialist?

If you have had any financial or tax situation changes during the year, you should talk to a Tax Specialist.

Some changes can be, but not limited to:

• Change in pay from your current employer
1. You may need to increase your Federal and State Tax Withholdings if you have had an increase in pay
2. If you have had a decrease in pay, you might be able to decrease your Federal and State Tax Withholdings.
• Purchase of a new home
1. There are a number of deductions that could be on your escrow papers that you could use.
2. You might be able to decrease your Federal and State Tax Withholdings, depending on your deductions.
3. If this is your first home, there are other deductions (ie. Personal Medical expense, Medical miles, Charitable Contributions, Unreimbursed Employee Expenses) that you may be able to deduct.
• Starting a new business
1. Do you have a Profit and Loss Statement?
2. Have you been keeping track of your expenses?
3. Have you been paying estimated quarterly taxes?
4. Do you know all the deductions that you could be expensing?
5. Are you using a room in your home, this could be a Business Use of Home Expense?
• The birth of a child or adopting a child
1. You could be eligible for the Child Tax Credit of $1,000
2. You will be able to have another exemption credit of $3,800
• A child going to college or moving out of the house
1. If you have a Child that has turned 17 you are no longer eligible for the Child Tax Credit of $1,000
2. If you have a Child attending College, there are Education Credits that you may be eligible for up to $2,500
• Change in Filing Status (Married, Married Filing Separate, Single, Head of Household, or Qualified Widow/er)
1. This is a huge factor in your taxes, and can either have a positive or negative outcome. 

As you have read, there are many things that can change your Tax Situation and since it is almost the end of the year, you would want to do this sooner than later, the more you wait; the harder it will be to correct the situation.

Give us a call and make an appointment so I can go over your paystubs, escrow papers, Profit and Loss Statement, etc. and make sure that you are on track, and/or give you some advice on your tax situation. 

Also, if you know anyone who owns a Small or Medium size Business or is Self-Employed, please give them a business card and have them give me a call for a Free Consultation of their Bookkeeping and/or Tax Situation.

Thanks for reading my blog, and when you get a chance check us out on Facebook – Pina Business Services, Twitter - Gabe the Taxguy and of course our website - Pina Business Services Webpage

Give us a call at (619) 726-1158 to make an appointment for a free consultation. 

Have a great day!!!!