Individuals / Families
The Capella Tax Network™ provides access to a high quality, affordable network of Certified Public Accountants for the preparation of your tax return and 90 minutes of year-round advice from a trusted advisor. Remember, when it comes to your money and your taxes… It Pays to Be BrightTM
When Choosing a Tax Professional, Consider that:
The Tax Code is Constantly Changing
- Growing national debt, stimulus programs, “bail-outs”, healthcare reform and the overall state of the economy have created a significant need for additional taxes on both state and federal levels.
- Presidential commitment of no new taxes means our representatives will be searching the fine print of the tax code to eliminate deductions and find creative new taxes.
- Presidential 2012 budget calls for 5,100 additional IRS agents.
- The U.S. tax code has had major changes in 44 of the last 47 years.
The Tax Code is Confusing and Complex
- According to the IRS, the average taxpayer needed 21.4 hours to complete his or her 2009 tax return!
- 60% of Americans have professionals do their tax returns.
- If you have an adult child or elderly parent living with you, you may be able to claim a $3,650 “Qualifying Relative Exemption”.
- Families with income as low as $71,000 may be subject to the “Alternative Minimum Tax “ (AMT), a tax originally meant to affect the richest 100 Americans.
- If you took advantage of the $7,500 “New Homebuyer Tax Credit” in 2008 you must repay it – at a rate of $500 a year starting with the 2010 tax year.
- The “New Homebuyer Tax Credit” will expire in 2011.
- The Federal Deduction for College Tuition and Fees has been eliminated.
Competency Matters When it comes to Your Money
The Government Accountability Office (GAO) recently tested the accuracy of 19 tax preparer chains by asking them to fill out returns for government workers posing as customers. Only two accurately figured the tax liability and all 19 made mistakes on the return. (Source: Eileen Ambrose, Baltimore Sun.)
The IRS is working year-round. Shouldn’t you?
Your Capella Tax Network ™ CPA is available year-round to discuss proactive tax strategies as well as the tax implications of:
- How many W-4 exemptions should I claim?
- 529 plans and other college savings programs.
- Life’s events.