Idaho Falls Tax Preparation

It is the law for U.S. citizens to pay income taxes, according to the 16th Amendment. If you live in the Idaho Falls area, you'll need an Idaho Falls tax preparation professional to help file your taxes each year that you make an income. 

The reason income taxes are necessary is because the government can't operate without receiving revenue from its citizens. The amount of annual income tax you pay is generally based on how much money you make within that year. The majority of money you receive within a year is subject to income tax. This includes money that you may win from playing the lottery, royalties, unemployment, rent that you receive from a tenant who lives in a property you own, and any earnings you receive from running your own business, in addition to a traditional salary.

The Congressional Budget Office asserts that income taxes from individuals are the main source of income or revenue for the government. For instance, in 2008, U.S. citizens paid around $1.15 trillion in taxes, which made up about 45 percent of the federal government's revenue

What Are Income Taxes?

"Income tax" is the general term used to describe the money that individuals pay based on the profits they earn. However, an Idaho Falls tax preparation professional may also explain to your that these taxes are also paid by estates, trusts and corporations. Several other types of business entities are also subject to income taxes. Corporate income taxes made up about $304 billion of the government's revenue in 2008, which account for around 12% of the federal budget, according to the Congressional Budget Office.

Besides your national income tax, you may also have to pay a tax that is state-specific. Idaho is one of the states that requires this state tax. As of 2013, the only states that do not require you to pay additional taxes are Florida, Alaska, Texas, Washington, Wyoming, Nevada and South Dakota.

To get a better understanding of income taxes and to find out exactly what you owe, contact an Idaho Falls tax preparation professional to help organize your tax forms and assist you in paying your income taxes before the April 15 deadline. 

April 15th: Tax Preparation in Idaho Falls

April 15th is a date that many people dread, and if you don’t have your tax information in order, then you can dread the day for good reason. Having a team of certified public accountants on your side like the ones at Poston Denney & Killpack, PLLC to help you with your tax preparation in Idaho Falls can help make you feel more confident when tax day rolls around instead of panicky.

Our CPAs can help you ensure that your taxes are prepared and ready to be filed by their due date of April 15th. The federal government mandates that all individual and business tax returns must be turned into them by that date.

Idaho Falls Tax Preparation

However, you may file your taxes early if you wish, and there are a few benefits to doing so. For instance, sometimes if you file your taxes early, you may end up getting any refund that the IRS owes you back early as well.

Additionally, filing your taxes earning can help ensure that you have plenty of time to make any necessary amendments to your return before the final due date rolls around. Of course, if you choose to utilize the services of tax professionals like us to do your tax preparation in Idaho Falls, then, hopefully, you won’t have to worry about filing an amended tax return because all the information will be submitted correctly the first time around.

Our CPAs provide you with tax preparation in Idaho Falls that you can count on. We have extensive knowledge and experience with tax preparation, and we strive to stay up on all the latest tax laws to ensure that we can help our clients take advantage of every possible way for them to save money.

Tax time can be a stressful time of year for many people, but when you come to us, we take the stress off of you. We strive to make the tax preparation process as easy as possible for you.

Simply provide us with the information that we need, and we’ll do the rest. Contact us today to get on your way to having a stress-free tax preparation session.