When it comes to filing your federal tax return, you will have the option to choose between taking the standard deduction or itemizing your deductions, in order to make the choice that best fits your financial situation. The option you select should be chosen based on which of these strategies have the ability to maximize your tax benefits. At King Financial Services Inc., our team of financial experts are here to help you make the best choices when filing your taxes, in order to save you money and take the stress of filing your taxes away.
When it comes to deducting your expenses for your federal tax return, out of the two options, standard deduction is more straightforward and simple. It quickly allows you the ability to deduct a set amount of money from your taxes. On the other hand, itemizing allows taxpayers the ability to individually list out their expenses and then deduct the total of everything listed. Itemizing is worth the extra time if your expenses throughout the year amount to more than the value given by the standard deduction. Itemizing is a useful strategy to maximize tax benefits for many people, but requires strong record keeping.
Not all expenses will qualify for itemized deductions. Listed below are some of the most common deductions you can count:
- Medical and dental bills
- Some state and local taxes
- Mortgage interest
- Charitable donations
- Tax preparation costs
- Unreimbursed employee expenses
- Business expenses, including some for travel
- Casualty, disaster and theft losses
The best way to ensure you are counting all of the deductions you qualify for is by working with a tax professional.
Tax Preparation Help in Euless, TX
At King Financial Services, we offer the most comprehensive and affordable financial and tax services in Euless. Our team of financial experts work with individuals and businesses to keep their finances accounted for and their taxes properly filed. Working with our team will make it easy to stay organized and on track so you can focus on what is really important in your life. We help to ensure you are not missing out on any tax exemptions or write-offs and are filing without error.
Don’t get lost in the paperwork that comes along with running a business, instead reach out to King Financial Services. Our team of financial professionals understand how overwhelming it can be to you and your staff to keep up with additional tasks and record keeping. This is why we help eliminate the workload that comes with bookkeeping in house by managing all of the additional responsibilities, such as payroll and bookkeeping. Contact us today to learn more about the tax and financial services we offer. Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. While her services are offered nationwide, Sandra King locally serves the greater Dallas-Fort Worth area, including but not limited to Arlington, Bedford, Colleyville, Euless, Fort Worth, Grand Prairie, Hurst, Mansfield, North Richland Hills, and Richland Hills.