Whether you are filing for the first time or have been filing for years, it is not easy to keep up with all the latest tax law changes. If you are not aware of all the changes and how they affect your tax return, you may end up leaving money on the table.
According to the IRS, over $246 billion dollars was refunded to individuals last year alone. There are a lot of new deductions and credits this year. Your tax preparer can help you navigate through all the new rules to help maximize your tax refund or reduce the amount you may owe.
For example, if you provided support last year for a child in your household who is unrelated to you, you may be able to claim a deduction for that child due to new rules for dependents.
There are also new laws that can help if you have been affected by a home foreclosure. If your home has been foreclosed on, you may qualify for a tax break on the amount of debt forgiven.
