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Prevent These Common Mistakes in Tax Preparation

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Prevent These Common Mistakes in Tax Preparation

When you file your taxes yourself, you might end up committing errors once or twice, which could lead to a delay in your tax refund. This could be up to weeks or months as the IRS needs to sort out your answers to these questions.
This is when getting Certified Public Accountant Services to help you prepare your taxes can be useful. So, what are the common mistakes that could happen when you don’t get help from a professional? Here are some:

  • Unable to Claim Earned Income Tax Credit Eligibility
    If you’re not knowledgeable on tax laws and other benefits, you will miss getting lower taxes if you are eligible for the Earned Income Tax Credit Eligibility. The eligibility for the EITC will depend on inflation, so it changes every year. If you can’t always keep track, you can get assistance from a CPA Firm in Michigan.
  • Not Claiming Age-Specific Deductions
    Often, some seniors may opt to continue doing their taxes themselves. However, there are times when they may forget to claim age-specific deductions. With this, it may be beneficial to have a professional work with them, so they can sit back and spend their golden years without having to worry about tax preparation.
  • Failing to Report Transactions Through Cryptocurrency or Virtual Currency
    Nowadays, you must add virtual currency transactions as it is treated as property for your federal income tax. If you’re having a difficult time navigating through this, our professionals can help you.

MET Certified Public Accountants offers services for tax preparation in Troy, Michigan for individuals in need of a CPA to help them get through tax season with ease.
We can also help healthcare companies with their home health cost report preparation.

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