Tax Planning in South Dakota
Rapid City CPA Says Preparation is Key to Stress-Free Tax Season
By bbm studios
With tax season here, many people may be experiencing the sweaty palms, anxiety and overwhelming feeling of panic as April 15 nears.
According to Michael P. Dell, director of tax at Rapid City’s full-service accounting firm, Casey Peterson & Associates, “The key to warding off the symptoms commonly associated with Uncle Sam is preparation. Planning ahead will lessen the pressure.”
Many people cave in to pressure and accept a standard tax deduction, rather than examining the potential benefits of itemized deductions. People need to start researching now to define a deduction strategy that works best for them, as well as become familiar with available tax deductions.
“The IRS offers numerous tax deductions – several that the average taxpayer routinely overlooks,” stated this Rapid City CPA. “Every year, people shortchange themselves because they don’t realize all the deductions they qualify for.”
A standard deduction is a fixed dollar amount reducing the amount of income that is taxed on your return. While itemizing tax deductions may take more time, these could result in less taxable income - out-of-pocket charitable contributions, medical-related expenses like hearing aids and eyeglasses, home mortgage interest, real estate taxes and tax preparation fees can quickly add up.
“The best thing to do is seek the help of a professional accountant or accounting firm,” stated this accounting expert," Dell said. "CPAs can help sift through the long list of available deductions and find the ones that fit each individual - they are also up-to-date on the newest IRS tax laws.”
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