The world is becoming a more complicated place and that includes doing our taxes. The idea of doing a simple federal or state income tax filing used to be quick and easy for millions of people. But with all of the changes in the tax laws, even the simplest tax filings can become headaches. That is why professionals such as Michael J. Yuda CPA offer tax consulting services to people who may have never needed such services in the past. There are some very good reasons why you should consider calling on a CPA Honolulu residents trust for tax consulting services.
Health Insurance Laws
You may have heard about the changes in the federal health insurance laws, but you may not think those changes apply to you. The truth is that there are insurance premium rebates and tax penalties that could apply to your situation. By getting good advice from a tax professional, you can determine what your tax status is based on your health insurance situation and make the necessary changes to avoid any penalties. You can also find out if you qualify for any premium rebates that could lower your taxes.
Your Pay Situation Has Changed
You finally got that big raise at work and now life seems to be getting better. To keep everything rolling along smoothly, be sure to check with a tax expert to see if you need to change your deduction status to help offset any increase in taxes. You may be paying more taxes, but at least you have more income for the government to tax. Keep the bright side of your big raise glowing by getting the right information about how to handle your new income tax status.
You Sold Your Home Or Made Some Other Significant Extra Income
If you recently sold your home, then you may or may not owe some income tax on that transaction. This actually applies to any large sale you may have made, or any significant amount of cash you received for any reason. It is always best to check with a tax expert to make sure that you pay all of the income tax you owe before you start enjoying the proceeds from your sale.
Taxes can be tricky, but they do not need to be a problem. The simple solution is to contact a tax consulting service and find out all of the information you need to know to keep the tax collectors happy.