Ed. Note: The following content was provided by Liberty Tax, who is a client of KHTS AM-1220.
Self-employed Santa Clarita Valley residents should already be preparing for the upcoming tax season, according to Ritu Khadiya of Liberty Tax.
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While the tax deadline may not be until April 15 next year, it is especially important for self-employed residents to start their preparation in the months of November or December to avoid penalties and find the proper deductions, Liberty Tax officials said.
“(This is) my advice to my fellow self-employed people,” Khadiya said. “When we all put away our bills, what we earned and everything and we just look at making money right now, then come tax season, we get a shock that we owe so much taxes… All you need to do is get all your reciepts together, come talk to a tax preparer in advance– like in November or December — and get prepared.”
Many people don’t realize that there are so many deductions that can be taken as a self-employed individual, and these deductions are often overlooked by online tax preparation services, according to Khadiya.
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With online services, “you’re not sitting in front of a person who knows a lot and they’ve gone through this training,” she said. “They see day in and day out a lot of different self-employed people with different situations.”
“When a client comes and sits across from us, we actually sit down and ask questions. For example, if you’re a hairdresser, did you buy scissors? No one would think that would be deductible– they are… Very small things people overlook when they are doing their own taxes, so it’s always beneficial to get someone else’s advice.”
Live tax preparers can also provide investment advice to help residents save on taxes later.
“There are certain investments you can do to avoid taxes in the near future,” Khadiya said. “Come tax season, you might realize, ‘I made this money, but if I had put it away for that much, I wouldn’t have owed any taxes.’ So this is the right time to come take advice on that.”
While many residents may be reluctant to dig out their receipts and visit a tax preparer this early, Khadiya stresses the importance of early preparation to catch every possible deduction.
“It’s just to get prepared– nothing else at this point,” she said. “There are so many different deductions which are overlooked… Believe me, I have seen it over the past. They come scared but leave happy.”
Liberty Tax
26775 Bouquet Canyon Rd
Santa Clarita, CA 91350
661-296-1000
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