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Fawcett Tax & Accounting Services are a highly trained and experienced team of tax professionals that specialize in a wide range of services. We are proud to offer our tax and accounting services that help with the financial and business needs of our clients. Whether those needs are personal or business, we can give you the financial guidance you seek. We will work around your schedule, while providing services that are reliable and responsive. When you partner with Fawcett Tax & Accounting, you’ll receive rates that are competitive, reasonable, and flexibility.
Fawcett Tax & Accounting is a local accounting business in New London, Ohio. Owner Steven Fawcett, knows it's important to provide professional and friendly service to all. Steven is a New London graduate, and went on to pursue his Bachelor Degree in Accounting at Bowling Green State University.
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FAQs
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Even if you don’t own a business, there are many types of receipts you should keep for tax purposes. You should keep receipts of medical expenses, for example, as well as for childcare. Depending on your circumstances, there may be numerous receipts that will help you get the best deductions.
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Tax deductions reduce the amount of taxable income you have. For example, suppose you make $50,000 per year, which places you in the 22% tax bracket. A standard tax deduction of $12,000 would reduce your taxable income to $38,000. As a result, you would only be taxed on that amount. A tax credit reduces the amount of money you owe in taxes. So, if you get a tax credit of $1,000, you will pay the IRS $1,000 less.
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Do you have a home office for exclusively business purposes? If so, you might be able to get a deduction for home-related expenses like property taxes. Travel or meal expenses might also qualify for deductions if you incur these expenses as part of your job.
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General rules for individuals are as followed: 1) Keep bank statements for 1 year, 2) Keep loan documents, credit card statements, and other contacts until fulfilled, 3) Keep annual investment statements until sold, 4) Keep tax records for 7 years from filing date, 5) Keep receipts for large purchases, real estate deeds, vehicle titles for as long as you own the property, 6) You can generally discard expired warranties, pay stubs, and cancelled checks
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