What are these schedules on my tax form?
Although they seem daunting, here is a quick cheat sheet:
Schedule A:
Schedule A is included in your tax return when you itemize. You only itemize when your qualified personal deductions are more than the standard deduction given for your filing status. People get excited when they here words like “deduction” and “tax write off,” but in many cases, the standard deduction is what you will qualify for.
Think you qualify to itemize? We’d be happy to take a look for you!
Schedule B:
Schedule B is for interest income. So, for example if you have a savings account that earned interest, you would claim it here.
Schedule C:
If you have a business that is not a partnership or a corporation (and in some cases an LLC) this is where you itemize your business expenses. Minimizing your tax liability is dependent on maintaining your books properly throughout the year. If you are still preparing your Profit & Loss on an excel spreadsheet at the end of the year while sitting in a sea of receipts, it is time to update your system!
If you realize that you should be including these items on your tax return, it would be of great benefit to you to have your tax returned prepared by a professional (i.e., Gold Standard). Tax preparers are required to stay up to date on tax laws each year. Tax prepares know how to read and understand the questions on a tax form. This means you stay out of trouble and save money.
Don’t be overwhelmed by doing your own taxes this year. Don’t wait until the last minute to get your tax refund. See for yourself what it feels like for your bottom line to receive the Gold Standard treatment!
