Tax Tips: Pasadena Tax Attorney & Cpa Tax Return Preparation

As the April 15th deadline looms ever closer there is a mad scramble in CPA and tax attorney offices offering tax return preparation services. For those that have not filed a tax return yet, here are some tax tips to make the process as pain free as possible.

File on time. Corporations are due by March 15th for calendar year ends, partnerships are due by April 15th and individuals are due by April 15th.

If you cant file on time, you must arrange for an extension. Provide the tax preparer with the needed information to file the appropriate extension forms on your behalf. This information will include your name, address, social security number and estimated taxes due.

Open a file folder each year such as Taxes 2008 and file all appropriate documents in there as you receive them. Once they are all collected up, bring the whole file to your tax preparer.

- Income Items

W2 forms for employment
Social security and pension income
Any partnership income from the partnership tax return
Any business income for a corporation
Any self employed income
Investment income or losses stocks, bonds, etc
Alimony income
Sale of real estate
Miscellaneous income such as jury duty, gambling winnings, state income tax refunds, etc.

- Expenses and deductions

Any self employed expenses relating to the earning of income
Purchase of assets for the purpose of earning income
Home mortgage interest
If your business operates out of your residence, collect up all expenses and determine the percentage used for business only vs personal
Auto expenses
Education expenses
Child care expenses
Charitable donations and gifts
Medical expenses
Changes in dependents such as births or deaths
Alimony paid
IRA, Keogh & other retirement plan contributions
Any miscellaneous expenses that qualify as a deduction

The income side of the ledger is the easiest part to compute. The hard part is to determine which disbursements are legitimate deductions that you can claim. If you are not sure about a deduction, bring the information to your tax preparer for assistance.

When you have high income or a complex return you will want to utilize a tax attorney or tax accountant to prepare your return. They are experts at digging out every last deduction that you can legally claim. They can also help you plan for future years to minimize your taxes.

John Spurgeon is a tax attorney in Pasadena, California servicing clients in the greater Los Angeles area. John Spurgeon & Associates, who are both tax attorneys and CPAs, offer a complimentary initial consultation. Please call 626-440-9518.

About John Spurgeon & Associates

John Spurgeon & Associates is a professional services firm located in Pasadena, California with a focus on tax law and related accounting services. They have extensive experience with federal and state income taxes, payroll taxes and sales taxes. They represent business, non-profits and individuals against the IRS and the Franchise Tax Board (California State Taxes). As both tax attorneys and Certified Public Accountants they offer a broad range of tax related services.