Federal and State Income Tax Preparation
Do you prepare your own taxes? Are you sure that they're being done correctly? Are you getting all the money back that you are entitled to?
Are you self-employed? Are you properly reporting your income? What can you deduct as a business expense? How do the recent changes in the tax laws affect you?
Everyone feels anxiety around tax time. The tax laws have become more complex and ever-changing, and you really have to work to keep up with the latest information.
Saenz Financial Services can help you understand your taxes, and reduce that anxiety so that you can focus on the rest of your life.
The following situations highlight some areas where hiring a tax professional could be beneficial to you:
You have rental income:
If you're renting a residential or commercial space, you have tax reporting obligations. To no one's surprise, I'm sure, the rules differ between residential properties and commercial properties, and in either case the rules are sometimes complex and involved. This is especially true if you have a property that has been used for different things during its lifetime, or even during the calendar tax year. This happens often when people have vacation property that they also use throughout the year for their own enjoyment. Also, many people, when they move into a new home, convert their previous residences into rental units. While both of those situations can be great ideas and solid investments, there are lots of tax issues to consider. It's worth talking to a tax professional to figure out where you stand.
You are self-employed or own a small business:
Like with home improvements, sometimes it's safer, easier, and ultimately cheaper to hire a professional. Tax and accounting work for small businesses can be time-consuming and confusing. From articles on the internet to the infamous "guy I work with" (who's always armed with a dozen sketchy sounding tax deductions), it's easy to get bad advice, and even easier to feel overwhelmed. There are consequences when your taxes are filed incorrectly, which consume your two most critical resources: time and money. No business owner wants to deal with correcting submitted forms, communicating with state/Federal authorities, and negotiating penalties and interest to get you back in good standing. Come in and tell us about your business- we can help you get your books and tax reporting on firm footing, and allow you to concentrate on building your business.
You have investments:
Interest, dividends, and sales of stocks or mutual funds in non-retirement accounts need to be reported to the IRS. To complete the required tax forms, you must figure out your gains, losses, cost basis, reinvested dividends, etc. If you have held these investments for a while, or if you've inherited investments, this information may be difficult to find and/or calculate. We are experienced in helping you collect the necessary information and report it accurately to the IRS.