Why am I getting so little back on my tax return?

Federal Tax Refund Offset Another major reason why some folks refund is actually less than the amount they were expecting or provided by their e-filing tool is that the federal government has “offset” or deducted monies from your tax refund to cover debts you owe other federal agencies.

Answer: The most likely reason for the smaller refund, despite the higher salary is that you are now in a higher tax bracket. And you likely didn’t adjust your withholdings for the applicable tax year. So since your taxable income was higher you fell into a higher tax bracket that resulted in higher taxes.

When to get a CPA to prepare your taxes?

Doors are Always Open: A CPA performs many types of financial services, not just taxes. Therefore, their doors are always open for tax questions, tax planning, and for any audit help you may need. Many other tax preparation services close their doors from May to December. Who’s going to help you when you get that audit letter?

Why did my business leave their tax accountant?

A 2014 survey from the Sleeter Group found that the number one reason why businesses leave their accountants is because they weren’t getting proactive advice. We may not be tax experts, but we’re not totally ignorant. We know that most tax returns can be completed with relative ease using software and a young staffer.

Do you have to pay your tax accountant?

We may not be tax experts, but we’re not totally ignorant. We know that most tax returns can be completed with relative ease using software and a young staffer. We’re not paying our tax accountant to prepare tax returns. We’re paying him to give us tax advice.

Where can I file my taxes for free without a CPA?

There are plenty of free tax filing services that you can use to quickly prepare and e-file your taxes. Another viable option for those who don’t need a CPA or can’t stomach the thought of paying for one is a boxed solution, like Turbotax, TaxAct, or H&R Block online.