Tax preparation is the process of gathering and finalizing your state and federal taxes. Taxes are incurred through a variety of outlets including on income, assets, property, and much more. Attempting to figure out your exemptions or how much you owe can be challenging if you aren’t sure where you stand on the tax scale. We help clients find tax solutions so that they are entitled to any future fees or costs, as well as try to get them the refunds and returns they so often deserve.
Tax planning is done by calculating and analyzing your taxes from previous tax years and your current financial assets for the upcoming year to estimate the amount of taxes that will be deducted from you for the relevant tax filing. Tax planning is a great way to not only plan for the next fiscal year but can allow you to plan for any potential deficits and how to manage them.
State taxes are those that vary from state to state, based on where you earn your income from or where you reside. In Maryland, the state collects taxes based on individuals’ pay rate which can range anywhere between 2% - 3% approximately for average incomes. The state tax rate can also increase with higher income, but is also determinant on your marital status, number of children, and much more. The equation becomes more difficult if you own property, which is also subject to local property tax laws in Maryland.
Federal taxes are those that are paid to the US government on any income or assets. The rates are set according to your income and the value at which your income is determined, ranging from 10% to 37% with the current figures. Federal taxes are filed yearly with state taxes and are often automatically deducted from your regular income. However, many clients might often owe more taxes at the end of the calendar year because of miscalculations or not enough federal taxes being withdrawn from their overall income. This can be confusing to clients who are unsure of what qualifies as tax-worthy or where the deficit lies in their owed amounts of taxes.
Meeting the Deadline
Filing taxes every year can be quite stressful for those that are confused by the amount of paperwork and details needed. To save yourself the trouble and energy, we provide our services to clients and are able to work within a short timeframe to deliver your taxes in time for the annual April deadline. Year after year, clients have continually trusted us with their taxes from filing them to filing exemptions or extensions, we’re here to solve all of your tax problems and mediate the paperwork between you and the IRS. We work with businesses and personal finances to meet the highly anticipated deadline, year after year. So, if you’re ever in a rush come April and think, “I need to find tax preparation near me,” then you know exactly who to call!