Standard or Itemized: Choose the Deduction Method That’s Best for You Most people claim the standard deduction when they file their federal tax return. But did you know that you may lower your taxes if you itemize your deductions? When we do your taxes, we compare your total itemized deduction to the standard deduction.  The…

The IRS mails millions of notices and letters to taxpayers each year. There are a variety of reasons why you might receive a notice. Here are things we want you to know in case you get one. 1.    Don’t panic, and don’t grab your checkbook.  Call your tax professional to review the letter.  We can…

You may be tempted to forget all about your taxes once you’ve filed your tax return. Do not give in to that temptation. If you start your tax planning now, you may avoid a tax surprise when you file next year. Now is a good time to set up a system so you can keep…

Many people pay to have their taxes prepared. You need to be careful when you pick a preparer to do your taxes. You are legally responsible for all the information on the tax return even if someone else prepares it. Here are nine tips to help you choose a tax preparer: 1. Check the preparer’s qualifications. …

Starting your own business is exciting, but it can lead to headaches at tax time.  Even if you’ve done your own taxes for years, a new business means new forms, new records and new taxes. If you are an independent contractor or run your own business, there are a few basic things to know when…

The holidays are over, the days are getting (slightly) longer, and it’s time to start thinking about filing your tax return!  The tax geeks here at Tax Partners Northwest are unreasonably excited about this, and are looking forward to seeing you! Let us know if you would like to receive an organizer, to help you…

Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Qualified charities. You can only deduct gifts you give to qualified charities. They should…

Beware of sophisticated phone scams that try to separate you from your hard earned money. Victims of these increasingly bold scams are contacted by phone and told that they owe the IRS money immediately. If the victims seem reluctant, the scammers threaten the taxpayers with arrest, suspension of drivers or business license or even deportation.…

As we get closer to the end of the year, we get lots of questions from people about Individual Retirement Arrangements. Do you have an IRA? Will making a contribution save you money on taxes? What’s the difference between a Traditional IRA and a Roth IRA? Here are answers to some frequently asked questions about…

If you are one of the nearly 13 million taxpayers who asked for more time to file your federal tax return this year, the extra time is about to expire. If you haven’t yet filed, here are some things that you should know: Know the deadline. Oct. 15 is the last day to file for…