Welcome to a very special tax series – enjoy Free 2023 Tax Tips With Neal Zimmerman – 17 Year Tax Professional
Neal Zimmerman from Austell, Georgia joins us today to share his 17 years of Professional Tax Preparation experience. He simplifies the complexities of the IRS Tax code, laws, and procedures for W2 and Self Employed or 1099 individuals. We discuss some common issues and areas of focus for many tax filers seeking to smooth out the process of filing their taxes. Neil prepares taxes for individuals and businesses alike and discusses strategy and preparation practices that anyone can apply to their tax filing experience. We cover topics including 1099 Independent Contractors, W2 Employees, Retirement, Expenses, Deductions, and the changes in the standard deduction for 2023 and all the new tax brackets.
We discuss the Child Tax Credit changes for 2023 and the impact it will have on filers this year. This effects filers with children under 17. The difference between a credit and deduction is an important factor in filing taxes. Deductions are Federal and reduce overall taxable income. The standard deduction is applied and the remainder is taxable income. Tax credits are a dollar for dollar reduction of your income.
Neal explains the importance of hiring a tax professional for certain filers vs. doing it themselves. Depending on the individual’s unique tax situation, it may benefit the filer to seek professional advice to maximize the benefits of tax laws in favor of the filer. He shares the difference between CPAs, EAs, and CFPs, as well as the benefits of working with each. We learn that each tax return is the responsibility of the filer, even though the hired tax professional signs their name on the return. Neal cautions against working with a referral at a low cost at the expense of potentially having filing issues. The importance of experience can make the difference between a favorable outcome and an IRS audit.
We explore traditional options in retirement and how taxes apply to long term savings and retirement. Also, Neal reveals that the IRS are actually nice people who simply want to do their jobs. They are not out to get anyone and simply want filers to follow current tax laws and procedures. We discuss quarterly payments for self employed individuals and for new business owners, we learn that with a proper strategy an individual can minimize their tax liability at tax time.
Finally, we learn about a real life story where Neal was able to help a client back file his taxes to recover $28,000 by simply filing married vs married, filing separately. A previous, less experienced tax expert didn’t advise the client properly and ended up costing the client in the refund amount he could have received. We learn that you can file amended returns for the past 3 years. Whether you think you know tax law, unless you are a professional with real life experience – it’s more than likely a tax professional will positively impact an individuals overall tax situation.
Neal contributes his knowledge and experience in an altruistic manner and simply wants to help people reduce the stress and anxiety at tax filing time. Don’t wait till the last minute, the deadline for standard filing is April 18th, 2023.