“In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin
At Wynkoop & Associates, CPA, we know that taxes can be confusing. Whether you are working through federal taxes, state taxes, or both, it’s important to find the right help for your income tax in Orange County, CA. Making a wrong move when it comes to your taxes can be truly costly. You may wind up putting yourself at risk of paying too much, or even worse, you may put yourself at risk of getting audited. Knowing all the right moves to make when it comes to your taxes can feel like a guessing game. But, your taxes don’t have to feel like a mystery. A tax accountant in Orange County, CA from our team at Wynkoop & Associates, CPA can help you.
Who can help with income tax preparation in Orange County, CA?
When it comes to income tax in Orange County, CA, preparation is key. At Wynkoop & Associates, CPA, we can help with your tax prep. There are two approaches that are often taken when it comes to income tax planning. The first is to reduce taxable income, and the second is to defer payment of taxes to the possible extent. Our tax accountant in Orange County, CA can help pursue your best interests. We can help you find your best approach to tax planning.
For many people, reducing taxable income is an attractive approach. Lower taxable income can result in lower taxes. But, it must be done the right way to meet all state and federal guidelines. This is where a tax accountant in Orange County, CA can help. There are many IRS-approved roads to take in reducing taxable income, including:
- Topping off your retirement account
- Contributing to an IRA
- Donating to charity
- Paying your property tax early
- Delay the sale of your investments
- Sell less profitable investments, even at a loss Defer income
There are many approaches that may be taken as a part of your tax planning. That being said, these approaches to reducing taxable income are only valid if certain conditions are met. Additionally, there are some limits on how much income can be reduced through these means. Other rules, such as needing acknowledgment from charities for charitable donations over $250, may require some extra legwork. Our tax accountant in Orange County, CA can help you find the approach which is your best fit.
How can I avoid an IRS audit on my income tax in Orange County, CA?
Facing an audit can be incredibly frustrating. But, if you’re truthful and detailed when it comes to your tax return, you can help reduce the likelihood of an audit. That being said, you still may face an audit at some point. Factors which increase your likelihood of an audit include:
- Discrepancies between your W-2 and your tax return
- Too many charitable donations
- Claiming a home business
- Excess disability is claimed
At Wynkoop & Associates, CPA, we know how to help people from all around Orange County, CA make the most of their taxes. Don’t play a guessing game with your taxes. Call our tax accountant in Orange County, CA to get started.