Timothy Roberts & Associates LLC Tax planning and tax strategy services michigan

Tax season often brings with it a set of familiar anxieties. The confusion of understanding complex tax laws, the daunting task of organizing financial documents, and the constant worry of potentially missing out on deductions or credits are shared pain points that individuals and businesses experience. However, there is a solution to these annual challenges – professional tax preparation services. These experts are like your tax wizards, making sure you do things right and get the most out of your tax returns. Whether you're an individual, a small business owner, or a corporation. In this blog, we'll explore the essential reasons why relying on professional tax preparers is the key to a hassle-free and financially rewarding tax season. Here are some benefit of Taking Professional Tax Preparation Services:   The Complexity of Tax Laws We all know that tax laws can be quite intricate and are always evolving. Navigating through tax codes can be. If you lack expertise it's e

The Internal Revenue Service estimates that taxpayers and businesses spend about 8 billion hours a year complying with tax-filing requirements. To put this into perspective, if all this work were done by a single company, it would need about four million full-time employees and be one of the largest industries in the U.S. As complex as the details of taxes can be, the income tax process is fairly straightforward. However, the majority of Americans would rather not spend time with the process, which explains why more than half hire a tax professional to assist in their annual filing. Remember, this material is not intended as tax or legal advice. Please consult a professional with tax or legal experience for specific information regarding your individual situation. Getting Started The tax process starts with income, and generally, most income received is taxable. A taxpayer’s gross income includes income from work, investments, interest, pensions, as well as other sources. The income f

 How the gains from the sale of a primary residence are taxed has changed in recent years. If you have recently sold your home or are considering doing so, you may want to be aware of these new rules. Home Sale If you owned and lived in your home for two of the last five years before the sale, then up to $250,000 of profit may be exempt from federal income taxes. If you are married and file a joint return, then it doubles to $500,000.1 To qualify for this exemption, you cannot have excluded the gain on the sale of another home within two years of this sale. Please consult a professional with tax expertise regarding your individual situation.2 This profit would be excluded from your taxable income. In fact, the sale may not need to be reported unless you receive a Form 1099-S or do not meet the above requirements. If you sold your home at a loss, unfortunately, you can't deduct the loss. There Are Exceptions Even if you do not meet the above requirements, you may qualify for this ex