When you find yourself in an unusual or difficult time of your life, tax season may be the worst possible thing to handle on your own. Fortunately, tax preparation services are something anyone can afford and use to get his or her taxes done right no matter what situation in which he or she may find himself or herself. If you are unsure whether you need to call for the service, take a look at the many reasons other taxpayers call their tax preparers each year.
Divorce
Those headed toward divorce may want to consider filing separately so that the IRS cannot pursue them for an ex-spouse’s unpaid tax liability. When you are sure a separation is in the future, you should always consider filing separately, as the IRS will look back three years and will not take your divorce decree into account. Tax preparation services in Brooklyn will help ensure that any alimony paid or received is properly reported and help avoid any issues with the IRS due to your ex-spouse.
Foreign Assets
The IRS requires taxpayers to report any and all foreign bank accounts and investments, including income and inheritances from overseas. The world has become smaller than ever before, and you never know when a foreign asset may make tax return season more complicated. Tax preparation services allow you to handle such a situation and ensure that your return is filed completely and correctly. Even if you do not use the money that you have in a foreign account, you have to report the income and disclose the fact you have such accounts. An accountant will help file the correct forms and even help calculate exchange rates. Whether this is your first time filing under such circumstances or not, you should never do so alone.
Adoption
There are tax credits available up to $13,400 per child in 2015 for eligible expenses related to adoption. A tax professional will help you early in the process to ensure that you document payment for eligible expenses and report them appropriately on your tax return. If you do the paperwork correctly and report everything on time, you could see some serious refunds next filing year.
