Chen & Fogg
Certified Public Accountants
Filing a tax return can be a maddening process, a feeling that only increases as your financial picture grows. The IRS is a mysterious entity that one may never have direct contact with, yet holds a great deal of power. Having Chen & Fogg CPAs on your side, though, will let you know that your tax returns are handled with skill and expertise. We will help you avoid any potential penalties, while getting you all you are entitled to on a return.
Before even getting into the financial numbers, this is a key part of filing a tax return. You need to be
sure that your social security number, as well as those of your spouse and dependents, are correct,
along with your address.
This includes not only your primary residence, but also any vacation homes and rental properties.
The IRS wants to know about all your sources of income. Most of this is found on forms that you receive
at the beginning of each year (usually by the end of January). These can include:
Form W-2 for job income
Form SSA-1099 for Social Security benefits
Form 1099 for contract work, dividends or cancellation of debt
Form W-2G for gambling income
After gathering income information, you want to have deductions that lower your taxable income. We can help you find all that you are eligible for, including comparing whether you should take itemized or standard deductions.
Have you had medical expenses? Property taxes? Paid interest on student loans? All of these can affect your tax picture and we will help you take advantage of them all.
This is another area that can help improve your tax picture, but is not always understood by taxpayers. This is a great area to help your tax situation – and achieve some good while doing it – but know that any contribution over $250 should have come with a written statement to confirm it. This is only the start of the tax landscape. If you are an individual with many investments, your picture becomes more complicated and means more forms have to be completed. If you are a business, figuring out what expenses you can deduct and making sure they go in the right spot on your return is a daunting task. Beyond that, tax laws and regulations change all the time. The Affordable Care Act was a huge one that made many headlines, but the tax code is far from a static thing with annual changes. It is too much for any individual or business to handle. So if you could use a tax professional on your side to help you make sure that you get all to which you are entitled, while avoiding any issues or penalties, please contact us today.
6300 W. I-40 Suite 102A
Amarillo, Texas 79106
Have Any Questions? Call (806)290-0850
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