FAQ’s
Frequently Asked Questions.
Explore our frequently asked questions to gain valuable insights into tax planning, preparation, and more.
When selecting a tax preparer, it's crucial to ask about their qualifications and experience, including whether they are an Enrolled Agent like Stephanie from S2 Tax. Inquire about their familiarity with your specific tax situation, how they handle audits, and their approach to proactive tax planning.
To minimize your tax bill, consider strategies such as maximizing deductions and credits, exploring tax-advantaged investment options, and engaging in tax planning with a knowledgeable professional like Stephanie at S2 Tax. She can help identify tax-saving opportunities tailored to your unique circumstances.
Deductions vary based on your individual or business situation. Stephanie at S2 Tax can conduct a thorough assessment to determine which deductions you qualify for, including common ones like mortgage interest, charitable contributions, and business expenses, among others.
Your marginal tax rate is the percentage you pay on the last dollar of your income, while your effective tax rate is the average tax rate you pay on your total income. Stephanie at S2 Tax can help you understand how these rates impact your tax liability and devise strategies to optimize your overall tax situation.
Tax credits directly reduce your tax liability, providing a dollar-for-dollar reduction, while deductions lower your taxable income. Stephanie at S2 Tax can assess your eligibility for both credits and deductions and advise on the most advantageous approach for your situation.
Yes, you can deduct qualifying medical expenses, but they must meet certain criteria and exceed a certain threshold. Stephanie at S2 Tax can help you navigate the complex rules surrounding medical expense deductions to ensure you receive the maximum benefit.
The decision between itemizing and claiming the standard deduction depends on your individual circumstances. Stephanie at S2 Tax can evaluate your financial situation and advise you on the most advantageous option, ensuring you optimize your tax return.
Staying current with tax laws and changes is crucial to remain compliant and minimize surprises at tax time. Stephanie at S2 Tax provides ongoing tax planning services, keeping you informed about relevant tax updates and helping you adapt your strategy as needed to ensure you're always tax-savvy.
