Managing your finances requires you to strike the perfect balance of earning, spending and saving. It’s not an easy task, as evidenced by the fact that only half of Americans’ have savings that exceed their income for one month. For those whose savings are less than or equal to one month’s income, it would take only one month to deplete their savings entirely. Then what? Ann Irons, a certified public accountant in Bellingham, MA, explains that saving money is critical to your long-term financial stability, but that sometimes you must spend money to make money, and ultimately to save money. She goes on to discuss the benefits of using a CPA and the best way to get more for your money.

A Little Preparation Goes a Long Way

Now that you’ve earned your college degree, it’s time to start thinking about your taxes. If you’re like many college students, you’ve spent the last four years focusing on academics (or not), picking up a few shifts here and there for pocket money. If so, you may not have much experience preparing and filings your taxes. Although taxes can be somewhat unnerving to the uninitiated, you have several resources available to you as you work to establish yourself financially. Ann Irons, a CPA and tax professional in Bellingham, MA, shares tips for navigating the tax return process and saving money throughout the year.

Who Can Claim Me as an Exemption?

Now that you’ve filed your tax return, it’s tempting to breathe a sigh of relief before blocking out all thoughts of April 15, 2015. After all, you haven’t been audited yet, and you’ve always managed to get everything submitted before the deadline—even if only by a few days. Sadly, this cavalier attitude towards individual income taxes has cost many thousands of dollars in penalties and untold stress from audits by the IRS. Let’s face it, hiring a tax professional in Bellingham, MA is far less risky.

For someone who has a relatively uncomplicated tax situation, online tax software or commercial tax preparers are a safe bet. There is always a possibility, however, that you will be audited. If so, your tax preparer cannot legally represent you without the designation of an enrolled agent. A more complex tax situation, or filing a tax return for a business, warrants hiring a certified public accountant or accredited tax adviser. So how do you choose the person or company who will guide you safely through the process?

Step One: Ask for Recommendations

As a professional with more than a decade of experience in tax preparation, Bellingham, MA CPA Ann Irons sees firsthand how many people overlook important deductions. Even real estate professionals often fall prey to this trap. Think the IRS will call these errors to your attention? Not likely, says Irons. When it comes to filing your taxes, you’re on your own—unless, that is, you enlist the help of a fellow professional.

The Home Office Deduction: What Is It, and Who Can Claim It?

Real estate professionals often fail to claim a home office deduction. Although not everyone will qualify for this expense,

As a non-U.S. citizen who spends a significant amount of time in the United States, you must comply with U.S. tax laws to maintain your resident or non-resident alien status. Our state and federal tax requirements are complex, and many of our citizens find the filing process slightly overwhelming. Because your legal right to remain within the country is contingent upon tax compliance, even a simple oversight can jeopardize your status. Ann Irons, CPA, LLC provides accounting services for foreign taxpayers in Bellingham, MA.

With just over one month left before the 2014 tax filing deadline, millions of taxpayers have yet to begin preparing their returns. Ann Irons, CPA advises that high earners should be aware of some new requirements when filing individual income taxes in Bellingham, MA. Whether filing individually or jointly, recently enacted federal tax laws may determine the best course of action. According to Irons, filing jointly will save money for spouses who generate comparable income. For households in which one spouse earns a significantly higher income than the other, you may benefit from filing separately.

In a world where the cost of living and unemployment rate are higher than ever, single parents in particular are finding it more difficult to provide for their children financially. Even preparing and filing your taxes as a single parent poses challenges not seen in filing jointly or as an individual without dependents. Ann Irons, CPA works with single parents, families, and businesses who need assistance filing income tax returns in Holliston, MA.

As the dreaded 2014 tax filing deadline looms just weeks away, it’s time to choose your method of preparing your tax returns. Sure, you could muddle through it on your own or with a software program, but what happens if you have questions about complex deductions or calculations? Google and Wikipedia aren’t exactly the most reliable sources of tax tips, and software programs lack the human element and expertise that only a CPA can provide. Ann Irons, a CPA who offers tax preparation services in Bellingham, MA, explains the importance of hiring a professional.