April 15th is not a holiday but we know that date holds significance. That’s because here in the US it is Tax Day….the day your individual tax returns are due.
Many people do their own returns online through one of the many sites available like TurboTax, H&R Block, etc. Nothing wrong with that if you have a simple return and don’t expect much of a refund.
For any of you that have a more complicated return (for instance have multiple stock transactions, buying or selling a home, make many contributions, work from home, etc) then I highly suggest you hire the expertise of a certified tax professional. Many years ago we did basic returns but was guided towards a CPA and what a difference it makes. They know the laws and guidelines better than anyone and can help maximize your deductions and possibly help with the amount of your return…or at the very least minimize what you owe.
Be prepared…CPAs are expensive and can charge several hundred dollars per hour depending of the complexity of your return. But I still absolutely recommend one and you have the comfort of knowing your return was prepared correctly (provided you choose a good CPA!)
So even though today is only Feb 14th and you still have 2 months before you have to file, now is the time to start gathering and organizing information. Most companies and employers have already mailed or made available the appropriate tax forms for 2024. Best advice I can give you is to look at last year’s return and make sure you have all the same documents (in order) prepared for your accountant. This not only makes their life easier, but if you’re organized, it minimizes the amount of time they spend on your return and saves you money on that hourly rate.
Start preparing now! So you will either be ready and not surprised when you have to write that check to the government that you owe….or hopefully, start planning that next vacation that your refund will afford you!!
