Prepare for Hassle-Free Professional Tax Filing Now

It’s hard to believe it but the end of the year is nearly here.

The arrival of the New Year is right around the corner and with its arrival comes three things we can always count on: well wishes for a prosperous new year, resolutions made in fun, and […]

It’s hard to believe it but the end of the year is nearly here.

The arrival of the New Year is right around the corner and with its arrival comes three things we can always count on: well wishes for a prosperous new year, resolutions made in fun, and - taxes.

Dreading Tax Time Again?

If you are dreading the idea of doing your taxes again, you are far from alone.

Tax preparation can be a time-consuming, confusing job for many people and making mistakes is easy to do, which is why many people choose professional income tax service for just this reason.

It’s faster, it’s easier, and in a high percentage of cases, professional preparers actually save their clients money by having a better knowledge of things like applicable tax deductions and credits.

Go Into Filing Taxes Prepared

To ensure a tax service can most accurately prepare your taxes once 2022 arrives, it does require a little bit of pre-planning.

Now is the time to start gathering all your paperwork for the year so it is all available once you are ready to submit files to your income tax service.

You can beat the tax preparation rush that starts within a week or two after the new year by having all of your files collected and ready to submit, allowing the preparer to start sooner, rather than later.

Start Working on Gathering Tax Info Now

Though you won’t have every last receipt or pay stub until after December 31st, you can avoid delays in collecting your files by starting now.

Assemble pay stubs, receipts and logs for deductions, available bank and tax statements and any other important paperwork that will affect your tax return.

This is a good time to find a copy of last year’s taxes as well, which may be necessary to help with the filing of this year’s taxes.

Then the only thing to wait for are any final bank, pay, and tax statements that come in after the 1st of January.

Being Prepared Will Make Your Tax Accountant Happy!

As with anything else, early preparation for what is inevitable makes dealing with it go more smoothly.

Rather than searching frantically for documents, reports, and receipts at the last minute, start collecting important paperwork now so your files are nearly complete as the new year arrives.

If you have special filing needs, run a business, or have other questions about filing with an income tax service, this is the best time to call your preparer to discuss it, too.

When you show up with everything your tax service needs to prepare your tax paperwork, it will mean less hassle for all and a speedier return if you are getting one!

Wait – Don’t File 2022 Tax Returns Before Reading This!

The tax rules that apply when filing tax returns seem to change constantly, making it a different process every year.

This year is no different, as tax services start to interpret all the new changes in their task of processing returns for all of their clients.

Whether doing tax […]

The tax rules that apply when filing tax returns seem to change constantly, making it a different process every year.

This year is no different, as tax services start to interpret all the new changes in their task of processing returns for all of their clients.

Whether doing tax returns at home or enlisting the aid of a tax help service, these are the changes that Americans should look out for, as their returns may end up different this year.

Income Tax Bracket Adjustments - Starting this year, income tax brackets have been adjusted to account for high inflation. Filers should check online or with a tax help service to confirm theirs, as this shift is positively affecting most people’s taxable income, though there are some who are being negatively affected, too.
Deduction Changes - While itemized deductions for tax returns have remained the same for 2022, the standard deduction has increased. Tax services recommend reviewing this information before assuming that itemizing is more beneficial.
Child Tax Credit Reduced - The American Rescue Plan Act (ARPA), which temporarily increased the Child Tax Credit to help families dealing with the financial aspect of the COVID-19 pandemic, has come to an end, returning to the standard $2,000 per child in 2022.
Retirement and Health Savings Contribution Changes - Tax services advise that although IRA contribution limits have remained the same for 2022, 401(k) limits have been increased as have limits for health savings accounts. Speak to a tax help specialist to decide how to get the most from these accounts by investing last-minute, pre-filing funds in the right places.
Estate Tax Exemption and Gift Exclusion Raised - Starting in 2022 and lasting until 2025, estate tax exemption has been raised once again, this time to $12.06 million. Similarly, the annual gift tax exclusion has also been raised to $16,000 per person starting with tax returns filed in 2022.
Higher AMT Exemption - The Alternative Minimum Tax (AMT) exemption is also higher in 2022, affecting mainly households with incomes over $500,000; however, that will change in 2025, so tax help experts suggest planning accordingly.

Tax return filing season for 2022 taxes is here and with these many changes on the books, tax services stress the need to review and understand all the changes and to file carefully.

If the many changes seem confusing or a filer is not sure how they are being affected, contact a respected tax help service for guidance or arrange for a professionally prepared tax return!