Are you looking for efficient ways to complete your taxes? Whether you’re employed full-time at a local business or freelancing, learning how to easily complete your quarterly or yearly taxes is a goal many are attempting to achieve. Thanks to modern technology like Quickbooks and tax services, accomplishing your taxes and receiving the correct refund is easier than ever before. If you’ve found yourself floundering in the dark or are new to the world of taxes, take a look below to get yourself started on the right track.
Ongoing Changes
The social function of taxes has been around for hundreds of years, from ancient Rome to the modern day. The number of pages in the tax code has increased by nearly 17% over the past century in the West, to boot. While some positive changes have been made, many Americans find themselves actively struggling with the nature of taxes and achieving a reasonable result year after year. Because of this, some seek out the assistance of a bookkeeper or tax services to help with the more difficult aspects of tax preparation.
Common Issues
Did you know Americans spend over $27 billion every year trying to prepare their taxes? This can prove extremely stressful on top of student loans, bills and attempts to save money. Americans hire over one million accounts every year to assist with taxes, be it through deductions, refunds, individual situations, owed money or consultation. If you want to save money while assessing your taxes, Quickbooks has proven a useful resource for many.
Deduction Methods
A major aspect of taxes many actively keep an eye out on are deductions. The average standard deduction is anywhere from $7,000 to $8,000, with itemizers on average claiming $26,000. Individuals can take a tax credit of up to $500 for qualified energy improvements or residential energy costs. Individuals in the teaching profession are allowed to deduct up to $250 (or $500 if filing jointly) for qualified educator expenses. Additionally, donations to charity (as long as you keep your receipts) can provide useful tax reductions that add up at the end of the year or your particular quarterly total.
Return Results
Did you know more than half of returns, at around 58%, are done by paid preparers or tax companies? The average tax refund is at around $3,000 — overall, over $325 billion in tax refunds are issued out on a yearly basis. As of May of 2015, the IRS reported it identified up to 163,000 tax returns with more than $900 million claimed in false refunds. This later prevented the issuance of around $787 million of said refunds.
Doing Your Taxes
There are multiple resources available for you to use. Accounting services or a bookkeeper can help you with organizing your information, such as through receipts and paystubs. Quickbooks is becoming more and more popular as time goes on, available in multiple forms and able to easily record relevant information for regular summation. No matter your particular income or career field, doing taxes as easily as possible is the ideal.
