What advantages do I get going to a tax professional over using tax software programs?
Tax software can help you through the basics of return preparation, but even the most advanced software still benefits from the professional knowledge of changes and different intricacies in tax law that can greatly affect your overall liability and potential refund. Additionally, there have been 5 new major tax law initiatives over the past four years, resulting in between 2,500 and 3,000 tax changes. Each year, Taxing Times employees spend hundreds of hours researching and clarifying these changes to fully understand their ramifications for your return. I was unemployed during 2008. How will that affect my taxes? Unemployment compensation is taxable at both the federal and state levels and must be included in the AGI calculation on your tax return. However, if you’ve had a bad year, you may be eligible for significant tax relief in the form of an earned income credit. To qualify taxpayers must meet the following criteria: • Income of up to $38,348 • Age between 25 and 65 • Parent of
