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Personal Tax Services: Who Needs Them?

It’s obvious why most businesses can benefit from tax services. But what benefit do they have for people’s personal finances? If you’ve ever tried to file your taxes yourself, you know just how dizzyingly complicated it can be. For this reason, almost anyone could benefit from tax services. But a few categories of people are in especially dire need of help. Here are a few of those groups.

Have you considered personal tax services? If you belong to one of these groups, you might want to.

Homeowners

As you may or may not know, homeownership has big implications for your personal taxes. The tax benefits associated with homeownership have declined in recent years. If that doesn’t change, it seems that, increasingly, people will be renting as opposed to owning.

But if you’re one of those lucky enough to own a home, you’ll probably need some extra help with your taxes. This is especially pertinent if you have recently bought or sold a home. Capital gains and losses resulting from homeownership can be complicated, so consider hiring a tax preparer.

The Self-Employed

If you’re self-employed, you already know all about just how complicated filing taxes can be. But the chances are, you just know that it’s complicated; you might not be so comfortable with the nuances of filing taxes during self-employment.

It can be a tremendous help to have someone talk you through the tax implications of your employment. This applies both to those who are self-employed full time and side-hustlers who dabble in self-employment. Personal tax services can help you navigate all these complications come tax season.

Those Who Financially Support Another

In most cases, it’s pretty simple to navigate who having a dependent impacts your taxes. From your perspective, it might just feel like checking off a box. But things become more complicated when you provide financial assistance to someone who isn’t your child or other family member.

You might not be sure if you can claim someone as a dependent if they aren’t your children. Have you ‘adopted’ a neighborhood kid with a complicated home life? This scenario has been more commonplace than usual during Covid-19. Or has an old friend fallen on hard times, and you’ve begun to support them financially while they get back on their feet?

If you aren’t a tax professional, it can be difficult to determine who can be claimed as a dependent. We offer personal tax services so that you can take confidence during tax season that yours have been filed properly and in a way that maximizes savings.

Contact Bowman & Company Today

Bowman & Company CPA, PC provides all of our individual and small business customers with experienced, accurate, and affordable financial services. Our financial services are aimed at decreasing your taxes and increasing your net worth through responsible, timely, and accurate recordkeeping. We offer our services to clients throughout the Washington, D.C. metropolitan area including Maryland and Baltimore County, Columbia, and Howard County. For more information on our offerings, contact us online or call us at (410) 381-8121. You can also find us on Twitter,  Linkedin Facebook, and  Youtube.

This entry was posted on Thursday, November 19th, 2020 at 11:05 am. Both comments and pings are currently closed.