If you are self-employed, your taxes may seem a bit more complicated than those of the average person. The reason it is often a bit more complicated is because you are responsible for making quarterly payments and determining how much you owe based on how much you have earned throughout the year. There are a lot of different factors that can make taxes a bit more complicated, including the idea of being able to deduct certain expenses back from what you owe. If this complicated process is frustrating you beyond belief, consider using accounting services in Los Angeles. The accountant can help you take care of the filing process so that you can avoid having any problems with the Internal Revenue Service.
Get Help Filing the Right Way
Instead of receiving a traditional W-2 form like many people who work for someone else receive, you will need to fill out separate forms based on your self-employment. Gathering the forms and filling them out may be confusing for you because you need to provide a lot of different information. Some of the information that is needed during the filing process includes the amount of income you earned, receipts that would allow you to provide proof of your income and any dependents you may have. If you are a parent, you could claim your children as dependents. However, it will depend on whether or not the other parent is claiming them as dependents on their own forms.
If you are claiming your children as dependents, you may be eligible for more deductions. If you know you are going to owe some money back to the Internal Revenue Service, it is best to find out how many deductions you are eligible for right away. The tax accountant in Los Angeles would need to go through your paperwork and receipts to find out if you are eligible for specific deductions that would lower the exact amount of money you owe.
Avoid Problems With the IRS
Getting into trouble with the Internal Revenue Service is never ideal. If you are not filing taxes and paying back what you owe, they will eventually figure it out, and they will expect you to pay everything back within a reasonable amount of time. Instead of getting into a stressful financial situation, the professional who provides the accounting services in Los Angeles will make sure to request all of the necessary paperwork and review everything that relates to your self-employment before completing the filing process with you. The accountant will then tell you exactly how much you owe. In some cases, those who are self-employed may still receive money from the IRS instead of owing. It would depend on the number of deductibles and dependents they have when filing. If you owe nothing and are going to get something back, the accountant would let you know what you can expect to receive.
If you have attempted to complete your taxes on your own and are feeling frustrated, simply allow experts to do them for you. As someone who is self-employed, it is important to get them done correctly before the tax deadline to avoid penalties and fees from the IRS.