How do you stay up to date on changing tax code?

We enroll in continuing education through the National Association of Tax Professionals

Will you be available year-round in case of questions or issues after tax season?

Yes, we are hear for you. We are available through out the year to field your questions.

Do you have a Preparer Tax Identification Number (PTIN)?

Yes, everyone that works at Lowcountry Tax & Accounting has a PTIN through the IRS. We also hold an ETIN through them as well. This allows us to file electronically.

Is it better to itemize my deductions or take the standard deduction?

For most taxpayers, especially since the 2017 Tax Cuts and Jobs Act significantly increased the standard deduction, the standard deduction is the more common and simpler option. 

Do I qualify for credits, especially for child care expenses or education?

Determining your eligibility for tax credits depends on your specific financial situation and whether you meet the IRS requirements for each credit. There are multiple credits available for child and dependent care, as well as education expenses, each with distinct rules

Which is better for me, a tax credit or a tax deduction?

For most people, a tax credit is better than a tax deduction because it provides a dollar-for-dollar reduction of the amount of tax you owe. A tax deduction, on the other hand, only reduces your taxable income, and its actual monetary value depends on your tax bracket. 

What are the tax implications of contributing to or withdrawing from a retirement account? 

The tax implications of retirement accounts vary significantly depending on the account type (Traditional vs. Roth) and the timing of your contributions and withdrawals. Key factors include whether you pay taxes now or later, and whether you face penalties for early withdrawals. 

How are investment gains taxed, including cryptocurrency?

Investment gains, including those from cryptocurrency, are taxed as either ordinary income or capital gains, depending on the asset and how long it was held. An asset must be sold or disposed of to trigger a taxable event.