Framingham Tax Preparation Lawyer
Maximizing Your Tax Return in Middlesex County & Nearby Areas
Tax season looms over all our heads and instills anxious knots in each of our stomachs. The large number of tax documents provides a challenge of discovering which ones you need to fill out to remain compliant with the Internal Revenue Service. Any mistake can lead to significant financial consequences down the road.
Hiring a tax attorney alleviates the stress of tax season. Our tax preparation lawyer is an experienced professional. He can use his industry knowledge to help you file your tax returns promptly and properly.
Take the guesswork out of filing taxes. Contact our tax preparation lawyer for help today.
The Role of a Tax Attorney
A tax attorney can help you with all the legal issues regarding taxes. While they’re available to aid you if you submitted mistake-ridden documents, it’s best to call on them during the tax preparation stage to avoid the issues altogether. Our Framingham tax preparation lawyer is available to help filers submit all of the necessary information correctly on their tax returns.
Specifically, we can aid you in the process by:
- Identifying your write-offs, exemptions, and credits
- Providing advice on how to save money
- Strategically filing taxes
- Minimizing your liability
- Acting as a liaison between you and the IRS
Our tax preparation lawyer is an organized problem solver able to apply experience and years of studies to your taxes to minimize your costs and potential for liability.
What is a Form 1040?
Form 1040 is a document that applies to all working Americans. It’s used for federal taxes to determine the amount of taxable income the filer earned.
The form consists of two sections:
- Income where you report your total earnings from the calendar year
- Deductions that can be subtracted from the amount you owe
A 1040 is distinct from your W-2, which reports your wages. Form 1040 accounts for your gross income, which includes other avenues of earning money such as investment returns.
What Counts as a Deduction?
Deductions can be a complicated concept to grasp for new and even experienced filers.
Deductions allow you to lessen the amount of your income that is taxable. Common deductions include:
- Home office expenses
- Educational expenses, including student loan interest
- Medical expenses
- Individual Retirement Arrangements
Our tax preparation attorney will help you evaluate your annual expenses and determine if any of it qualifies as a deductible expense.
Types of Tax Credits
Tax credits lessen the amount of taxes a filer must pay through a different approach. Whereas deductions lessen the amount of a taxpayer’s income if taxable, tax credits subtract from the actual amount of taxes owed dollar-for-dollar.
There are two types of tax credits:
- Nonrefundable tax credit, which applies to your taxes up to the amount you owe.
- Refundable tax credit, which applies to the amount you owe and returns the excess money to the taxpayer.
This is to say that if a taxpayer owed $100 but got a tax credit for $200, they would either simply have their owed amount become zero (if the credit was nonrefundable) or receive a check for $100 (if the credit was refundable).
Some common types of tax credits that you may qualify for are:
- Earned Income Tax Credit
- Lifetime Learning Credit
- Residential Energy Efficient Property Credit
- Child and Dependent Care Credit
- Credit for the Elderly or Disabled
Our Framingham tax preparation attorney will help you determine if you’re eligible for tax credits, and if so, which ones. We are committed to helping you get the most return while subjecting yourself to the least risk.
Contact our tax preparation lawyer to find out how to minimize the taxes you owe by including applicable deductions and tax credits when you file.