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Itemized Deductions vs. Standard Deduction

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When you file your taxes, you are going to have to decide if you want to itemize your deductions or not. Every person gets a standard deduction, and itemizing is an alternative to taking the standard deduction.  If you itemize, then you can take advantage of tax benefits like mortgage interest deductions and student loan deductions. However, your taxes become more complicated. Not only that, but it may not be worth it for you to itemize your deductions if the amount of money you would get back on your taxes is less than you would get back if you simply took the standard deduction.

Deciding whether to itemize your income tax deductions or not is just one of many complicated issues that you face when it comes to completing your tax return.  An experienced tax professional at Brennan Tax can help you to make this choice. We will review all of your financial information and potential deductions and help you to take the most strategic approach so you get the maximum back and reduce your taxes as much as possible.

Avoid Penalties and Interest with Professional Tax Prep

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There are many different things that you need to do in the United States in order to comply with the tax laws and avoid facing penalties imposed by the Internal Revenue Service (IRS).  Failure to fulfill any of your obligations could end up costing you a lot of money as you end up paying back taxes with interest and, in some cases, you also end up paying penalties and fees.

A professional tax preparation service can help you to understand the things that will trigger a penalty and can help you to ensure that you don’t get hit with unexpected expenses. For example, some of the different things that could end up resulting in you getting hit with a penalty include:

  • Not purchasing insurance as required by the Patient Protection and Affordable Care Act (PPACA)
  • Underestimating your income and qualifying for subsidies under the PPACA that are too large
  • Failing to file and pay your taxes by the deadline
  • Failing to submit quarterly estimated taxes for self-employment income

These are just a few of many examples where you can learn of your obligations from a professional tax preparer so you don’t end up with surprise fees and costs.

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