Before you meet with your tax preparer, make sure you've gone through your mail and opened any envelopes marked as "tax information" or "tax documents." If you have several tax documents, group them by category (W-2s, 1099s, etc.).
There are several benefits to going with an enrolled agent to resolve your tax issue. EAs can help ensure that clients are treated appropriately by the IRS, work out payment plans for the best possible terms, and ensure the IRS follows laws that protect taxpayers.
An accountant is not just needed for filling up forms on daily basis. There is a lot more to offer other than this. A business account service provider can help you file your taxes, manage payrolls among other services.
As with any service provider you may hire, it's always a good idea to get referrals for accounting and tax help before you decide who to hire.
Being recognized as an Enrolled Agent is the highest credential the IRS awards and maintaining this requires adhering to their rigid ethical standards and completing a minimum number of continuing education courses every two years.
When tax rates changed in 1913, two rates were assigned based on net personal income. Those with net personal incomes under $20,000 were taxed at 1%, while those with net personal incomes more than $500,000 were taxed at 7%.
Convert to a Roth IRA. Roth IRAs are a popular choice because when the money is withdrawn in retirement, there's no tax due. These types of accounts are enjoying a renewed surge of popularity now that there's no longer an income limit on who can convert a traditional IRA to a Roth account.
What is the main difference between an Enrolled Agent and a Registered Tax Return Preparer? An Enrolled Agent can offer unlimited representation for Internal Revenue Service issues while a Registered Tax Return Prepare has quite a few limitations on representation services.
It’s important to remember that there’s no shame in admitting you can no longer complete your taxes on your own each year. With the tax code constantly changing, it’s often best for people to work with a tax accountant who’s been able to keep up with all the changes.
Tax time isn’t the only time of the year an EA accountant can help your business. There are many purchases and decisions made during the year that come with tax consequences. An EA accountant can make sure you make the best choices for your company.
Double taxes are common. Individuals pay income tax on the money they earn and sales tax when they spend that money. Corporations pay corporate income tax on their profits, and those profits are taxed as dividends or capital gains for the stakeholders.
When hiring an account, you can free up some time for yourself, and you won't be as stressed. You'll be giving yourself mental freedom.
You’ve got a number of credit cards with fairly large balances. What’s the best way to try to pay off your debt? An accountant can explain that it’s usually best to focus on one card at a time – often the one charging you the highest interest – and then move on to the next card when that one is paid off.
Suppose your goal is to save up enough money to travel to the World Cup in two years. An accountant can help you by determining how much money you’ll need to achieve the goal and then by coming up with a financial plan to give up or cut back on some expenses to save the money you need in the next two years.
"Don't ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers." -Tilman J. Fertitta, American Businessman
Did you know that since 2001 Congress has make over 5,000 changes to the tax code and that the tax code is now nearly 4 million words in length? When you hire a tax attorney, you don’t need to deal with the level of detail required these days to minimize your tax burden.
As a small business owner, you may be tempted to use personal funds for business expenses or vise versa. This is a huge mistake; everything should be separate. If you need to transfer money, write a check to the business or yourself and keep separate accounts.
Sometimes it can be difficult to know if you’re better off itemizing your deductions or claiming the standard deduction. Whether you lack the time or patience to evaluate which route is best for you, we’re always ready to help.
Making mistakes on your tax return can have dire financial consequences for you or your business. This is one of the main reasons people hire professionals who specialize in taxes and tax law to prepare their returns for them.
Why hire an accountant for your business? Accountants are a necessary resource on current tax laws – they can keep you out of trouble and maximize your assets.
Infamous gangster Al Capone was captured using evidence gathered by an undercover agent from the IRS Intelligence Unit. He was sent to prison after being convicted of tax evasion.
Unfortunately, not understanding the tax code isn’t an acceptable justification for providing an incorrect or incomplete return to the IRS. Let’s talk about how we can help you send in the most accurate tax return possible.
Analyzing financial statements make it possible for an accountant to spot a potential problem in your company before you realize it exists. That could be some type of cash-flow problem or perhaps a shortage of inventory.
