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Tax Legislation: Are You Sure Your CPA Is Familiar with All the Current Tax Laws?
Well, maybe it’s time you found out! Tax legislation can be very complex…And…It changes all the time…
We make it a point to train and educate our CPAs and tax preparers on a regular basis…We pride ourselves on ALWAYS being current and up to date on ALL tax legislation laws.
Individual Income Tax:
You are taxed, like all US citizens, on your individual taxable income, which is your total gross pay, minus some allowed exclusions, exemptions, and deductions.
Tax rates are determined, depending on your taxable income. Sometimes you may have tax credits that apply, which may lower your individual tax liability.
Adjusted Gross Income:
Under the Internal Revenue Code of 1986 (the “Code”), gross income means “income from whatever source derived” except for certain items specifically exempt or excluded by statute.
Sources of income could include capital gains, rents, dividends, alimony, compensation for services, pensions, interest, royalties, annuities, income from life insurance, pensions, and gross profits from a business, or income from S Corporations, trusts, or estates.
Statutory exclusions from gross income would include death benefits paid under a life insurance contract, interest on some state and local bonds, health insurance provided by your employer, pension contributions provided by your employer and other benefits or contributions paid by your employer.
Your adjusted gross income, also referred to as your AGI, is determined by subtracting your deductions, or exemptions, from your gross income. These deductions could include such items as business expenses, contributions to a retirement plan if you’re self-employed, contributions to IRA’s, some moving expenses, certain educational costs, alimony payments, and more.
To determine what your taxable income is, we reduce your AGI by any personal exemptions you are eligible for, and either the standard deductions that apply to you, or your itemized deductions.
We determine each case on an individual basis, determining how best to save you money. Personal exemptions are allowed for you, your spouse, and any dependents you may have. The amount of money allowed for each personal exemption changes annually, allowing for inflation rates.
You may be in a situation in which it would be more beneficial for you to itemize your deductions rather than just take your standard individual deductions…This may save you more money on your taxes…
Some examples of items that can be used as itemized deductions include state and local income taxes, business expenses for self-employed individuals, property taxes, mortgage interest payments, charity contributions, some investment interest, and medical expenses if they are more than 10% of your AGI, as well as, some miscellaneous expenses.
Are You Sure?
So…Are You Sure? This is only the tip of the iceberg! Tax legislation changes every year…Sometimes it changes within the year…
But…One thing is for sure…And never changes…Tax legislation is complicated…
Therefore…If you want to save the most on your taxes…And make sure you are following all the proper tax legislation laws when your taxes are filed…Make sure your CPA is current on tax legislation…
We ARE Sure…That’s what we pride ourselves on…Making sure your taxes are done right, and in your best interests…