4 Scenarios Where You May Want Assistance with Your Taxes

Let’s face it: taxation laws can be complicated. The average person has limited knowledge of things like mergers & acquisition, San Diego tax laws, management consulting, San Diego business formations and much, much more. Even if you have filed your own taxes before and have never sought assistance, there are some scenarios in life where you may want to find a consultant to help you transition and prepare your taxes accurately.

1) You’ve started your own business.

If you have recently started your own business, congratulations! This is a huge accomplishment that can reap big rewards. However, there are a lot of ins and outs to owning your own company, especially in terms of finances and taxation. In regards to advisory management, San Diego financial and legal firms are ready to assist you in creating a workable business budget, managing your financial assets and finding write-offs for expenditures that you are making for the company. America’s tax codes were originally written in support of small businesses, so a skilled tax and accounting specialist can help you learn how to use laws to your advantage as a new business owner.

2) You’re pressed for time.

Maybe you work for someone else, and your taxes aren’t very complicated. However, you simply don’t have the time to file your own forms and figure everything out. With the go, go, go rush of Southern California and/or the business world, accountants can come in handy. Find a certified accountant with a track record of success (check on the Better Business Bureau website) and a tax preparer identification number to get you started. With your W-2s, records of expenditures and any receipts you may be able to write off, an experienced professional can take much of the tax-filing burden off your back.

3) Frankly, you’re bad at math.

If formulas and equations get your head in a spin, there’s no shame in hiring an accountant. When it comes to the IRS and taxes, it’s better to be safe than sorry—hire someone who can help you understand your return or who can just do it accurately for you the first time.

4) Your finances have significantly changed in the past year.

If you own a company that bought out another in a merger/acquisition, this can change your tax responsibility. Or, if you have purchased new real estate or sold previously owned property, your tax codes may be different than last year. Even in the case of a new addition to the family, or the death of a loved one, you may be surprised to see that your tax liability could have changed significantly from the previous year. If you suspect that a major life change will affect your finances, call a taxation/finance specialist.

Jessica writes about a wide variety of topics.  She especially enjoys writing about taxes. You can learn more about mergers & acquisition san diego at http://www.allenbarron.com/


Getting Started With A Roth IRA

Do you plan on saving money for retirement with a Roth IRA?  Did you know that their are things you need to consider before you set this account up?  These things would include qualifications, contributions rules, and withdrawal rules, and in this article I’m going to cover all 3 of these vital pieces.

Qualifications. Before you can even set up your account you need to consider the qualifications for Roth IRA accounts.   First off, you need to have a job to qualify, if your out of work you can’t get one.  On top of that you cannot earn more that $167,000 as your adjusted gross income on your tax returns.  If you earn more than this you won’t be able to qualify for the tax advantage benefits.

Contributions. Once you’ve qualified for an account their are some contribution rules you have to follow.  First off, you cannot contribute more than $5,000 in a given year unless you’re over the age of 50 at which point you will be able to contribute an extra $1000.  On top of that their are only several different types of good financial  investments you’re able to invest your money in with a Roth IRA.  Some of these include mutual funds, stocks, bonds, money market accounts, exchange traded funds, and certificate of deposits just to name a few.

Withdrawals.  The last thing you should know is that their are some specific withdrawal rules you must follow.  First, if you take a withdrawal before age 59 and a half you will pay an added 10% tax penalty.  This doesn’t mean your not allowed to take a withdrawal because their are specific things you can take a withdrawal for and not be penalized.  Some of these things would include money for buying your first house, money for your children’s college education, or even if you are facing a hardship.

In the end following these simple rules and qualifications will ensure you don’t face a penalty and that you have a successful retirement.

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