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In Louisiana Tax Preparation Is Available For Individuals And Businesses

by Cathy Mercer

Getting taxes done is a necessity for all individuals and businesses. Even those who do not make enough money to be required to pay taxes often still have to file a return. In Louisiana tax preparation is available for large businesses and also those who just need to file a 1040EZ.

Choosing a tax service depends upon a few different factors. One thing to consider is the type of return that is needed. A couple who claims the filing status of married filing joint or a single individual can often file a 1040EZ. They must not claim any dependents or have income outside of certain parameters. This is also referred to as the short form and is the quickest to complete. A tax professional will charge the least for this form.

Slightly more complicated than the 1040EZ is a 1040A. This is for taxpayers who are not electing to file deductions and have income within particular parameters. These types of filers can claim dependents, the child tax credit, and the earned income credit. They can also choose to forgo the tax from the tax table and pay an alternative minimum tax. A tax preparer can assist with this calculation.

The long form, or 1040, must be filed in certain cases. If the individual has decided to itemize deductions, they cannot use any other form. This also applies if their income is over $100,000. Any one who has self-employment income must also file the long form.

An individual or couple might choose to itemize deductions in certain cases. The IRS offers everyone the option of using the standard deduction, which is used by the majority of taxpayers. However, there are many cases where itemizing deductions could decrease tax liability. Commonly, medical expenses, property taxes, and charitable contributions are claimed as deductions. Medical deductions can also include premiums for insurance, if not paid for by an employer.

Business can gain a lot of benefits from hiring a tax service. In many cases, a tax preparer also services as an accountant or bookkeeper who can analyze, record and classify transactions throughout the year, create financial statements, and then file tax returns, and can even file local and state sales taxes. A preparer who also has their CPA license can offer tax advice and assist in estate planning, and can help individuals and businesses lower their tax liability.

An individual who owns a business that is a sole proprietorship must also file a Schedule C or Schedule C-EZ along with their 1040 form. Half of all self-employment tax is also deducted on the 1040 before the adjusted gross income is calculated. This reduces the overall taxable income for that individual. The type of business determines what type of form needs to be filed so it is important to check with a tax professional to be sure.

In the state of <A href="http://wcb-cpa.com">Louisiana tax preparation</A> services are there to help and individual or business entity with filing or questions. Many professional specialize in a particular area of tax or tax law, so one should ask appropriate questions to determine which service to employ. The timely filing of tax prevents penalties, which in the case of a business can be steep. Good tax services ensure that the proper forms are filed before the deadline and that all necessary requirements are met.



You can visit the website <a href="http://wcb-cpa.com">wcb-cpa.com</a> for more helpful information about Louisiana Tax Preparation Services Can Help Both Individuals And Businesses

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New Unique Article!

Title: In Louisiana Tax Preparation Is Available For Individuals And Businesses
Author: Cathy Mercer
Email: nathanwebster335@live.com
Keywords: business, sales, leadership, marketing, news
Word Count: 556
Category: Sales
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