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Tax planning professionals are frequently asked for tips that make filing easier and less stressful. The team at Daren Katayama, C.P.A., L.L.C. in Kailua Kona, HI, is glad to provide insight into this and other financial matters, which makes them invaluable to their diverse client base. Below, they offer a few important steps that will make it easier to file future tax returns.

1. Determine Whether You Need to File

Before you begin any calculations, you need to determine whether you’re required to file a return. You may be exempt under a number of circumstances, especially if your earnings are below a certain amount for the year. You can visit the IRS website to determine whether you’re obligated to file.

2. Figure Out Your Status

Once you’ve established that you are required to submit a return, you then need to figure out your filing status. A tax planning professional will help you determine your status based on several factors, including filing requirements and credit eligibility. Some potential statuses include single, married filing jointly, married filing separately, and qualifying widow or widower.

3. Calculate Taxes & Credits

tax planning Kailua Kona HINext, you need to calculate taxes owed and find out whether you are eligible for any credits. While you can do this yourself using information provided by the IRS, seeking the assistance of an accountant is highly recommended, especially if your finances are complicated.

4. Claim Dependents

You will also need to claim any dependents or exemptions. Dependents are typically children or elderly relatives in your care, while exemptions often apply to married couples who file jointly, in which case you could file an exemption on behalf of your spouse.

5. File Online or Mail the Return

Once your taxes have been calculated correctly, you can then file online or by mail. In many cases filing online is preferred since you will receive instant feedback on the accuracy of your return.

Preparing your federal returns can be a challenge, but working with a tax planning professional will simplify the process. Daren Katayama, C.P.A., L.L.C. provides the services advice you need to secure a bright financial future. Schedule your appointment with a skilled and experienced accountant today by calling (808) 329-6635. You can also visit the team online to learn more about their services.

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