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Posted by Rebecca (MONEY FORUMS: 5, Answers: 0)
Asked on September 15, 2015 9:23 am
The higher your Modified Adjusted Gross Income, the more your tax write-offs matter. If you are a business owner or a freelancer, or a real estate investor, its very likely that it will be worth your money to hire a CPA to help you with your taxes. Last year, I fake prepared my taxes before sending it to my CPA (who I paid $250). My CPA found close to $6000 worth of write offs (and capital gains losses) that I missed.
Tax write-offs lower your taxable income. Examples of tax write-offs are mortgage interest and real estate taxes. The more tax write-offs you have the lower your taxes.