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Finance

How To Get Help With Your Taxes

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Most Americans must file state and local tax returns by April 15th every year. Some returns are fairly simple to file, but many people need assistance to complete their returns correctly. 

Hire a Professional

If your return is complex or you want to ensure that you maximize your refund or minimize the amount of tax you owe, you may want to have a professional assist you with preparing your return. Accountants, professional tax law services Sarasota, money managers and other finance professionals can provide you with tax advice or complete your return for you. However, you will still need to provide them with documentation to support the income and deductions on your return, so make sure you collect and organize your receipts and other documentation throughout the year. 

Use Tax Software

Tax software can guide you through the process of completing your return. Because the tax rules are programmed into the software, you can complete your return by answering a series of questions, rather than having to look up all the rules and figure out how to fill out the forms. However, if you make a mistake inputting your information into the program, you could end up with errors on your return. 

Get Free Assistance

If your income is below a certain threshold, you are elderly, disabled or a veteran, you may be eligible to receive free tax assistance. The Volunteer Income Tax Assitance program provides free tax assistance to people who make less than $56,000, have disabilities or have language barriers. The Tax Counseling for the Elderly program helps people with questions about pensions and retirement. Additionally, the MilTax program provides free tax preparation to veterans and their families.

To avoid potential penalties or missing out on the refund you are entitled to, it is important to correctly file your taxes. For many taxpayers, it is wise to seek assistance with tax preparation. 

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Finance

4 Steps To Get Started With Financial Planning

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Finances, whether they are personal or professional, are often complicated. As a business owner, subtracting expenses from revenue is only the tip of the iceberg when it comes to financial management. Fortunately, there are professionals who can help you understand your finances and manage them with you. Before connecting with a professional, it is helpful to understand what this process looks like and to learn about some of the questions that your financial planner may ask you.

  1. Painting a Clear Picture of Your Finances Today

Beginning the financial planning process Hoover AL without first understanding your current financial standing is like starting a puzzle without all the pieces. Your financial planner will first want to get a detailed picture of what your finances look like. This includes your assetsliabilities, income, expenses and any other pieces that make up your financial puzzle.

  1. Determining and Setting Your Goals

The purpose of financial planning is to use the power of finances to create the future you want for your business or family. It is important to think about what matters to you and to share your vision of your future with your financial planner.

  1. Creating a Plan

Your financial planner will help you create a financial plan in a systematic and comprehensive manner. One of the greatest benefits of working with a financial planner is having access to all your options without feeling overwhelmed.

  1. Sticking to the Plan

Just like your financial plan, your relationship with your financial planner is long-term. He or she is there to both ensure you stick to your plan and to help you modify it if your personal or professional circumstances change. Frequent and open communication leads to a flexible plan that changes and grows with you, allowing you to stay financially prepared for various situations.

There are professionals who can help you unpack your finances and help you create a positive relationship with money that aligns with who you are and what you wish to achieve in life. The first step — which you now have accomplished — is to get an idea of what financial planning looks like and how you can get started.

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