What is tax avoidance? It sounds illegal, but tax avoidance is the perfectly legal method of finding as many deductions as possible to save money on your tax return. A tax accountant knows all of the deductions, such as the ability to write off a gambling winning with up to the same amount of gambling losses or contributing to an IRA.
EA accountants are authorized to represent their clients before the IRS. Why? The EA designation indicates they’ve successfully passed the comprehensive competency examination related to tax law, audits and collections and they’ve been certified by the IRS.
When trying to keep records and reconcile accounts it’s important to keep every receipt. This doesn’t necessarily mean that you need to keep the paper receipts; there is software that can keep track of all the receipts for you digitally.
An enrolled agent (EA) is a tax specialist who can also represent you. This sets us apart from attorneys or CPAs who do not always specialize in taxes. The practice of enrolled agents before the IRS is not limited, meaning we can represent taxpayers at the state and federal level.
Form 8941 is used to claim the small business health care tax credit. It is just a one-page form and quite easy to fill up. It shall help you calculate the tax easily.
EA accounts are certified and vetted by the IRS. As a result, the IRS notes, “This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before.”
Did you know that even if you don’t owe taxes to the government within a certain tax year, you must still file a tax return if you earned any type of income? It’s also important to note that taxpayers forfeit refunds if they don’t file returns within three years.
An enrolled agent (EA) is the best choice to help you prepare your tax return if you have out-of-state returns. This is because rather than being licensed by the state like CPAs, EAs are licensed by the federal government. If you end up with an audit or resolution case in another state, an EA can legally represent you.
If you do your own taxes, you might overlook deductions that you are entitled to, or make other costly mistakes. Using an experienced tax professional can help you avoid these mistakes and have a direct benefit to your bottom line.
Did you know that self employed individuals have on average 10 times the audit risks compared to individuals and small businesses? Avoiding common audit triggers, choosing quarterly payments instead of once a year payments and using the services of a tax professional can dramatically reduce these risks.
Unfortunately, the IRS won’t care how busy you were at work or that your child was starring in the school play when you don’t file your tax return in time. If you have too many other things going on to focus on completing your return, it’s smart to work with a tax accountant.
With IRS enforcement activities on the rise, there is a growing need for enrolled agents who can assist taxpayers. If you are delinquent in your obligations or facing an audit or difficulties in the collection process, contact our office. We have the enrolled agent expertise that you need.
You can use a tax-season-only service that sets up a cubicle in a grocery store, but the vast of majority of these companies use temporary employees who are trained in little more than filling out a tax form. Professionals who specialize in the tax code are a more reliable choice.
When you hire a professional accounting service, you’re placing your bookkeeping records in the hands of experts. In fact, a business accounting service hires only the most highly trained and qualified personnel, who are dedicated to attention to detail.
Why are the services of an Enrolled Agent the absolute best decision for instances that involve out-of-state returns? Because only an EA can offer unrestricted any-state representation, unlike a CPA or a Registered Tax Return Preparer.
Whether you're self-employed, have a handful of employees, or own a much larger company, the benefits of running a business come with a lot of accounting and tax hassle, but a tax accountant can help make everything a lot easier.
Did you know that a number of celebrities were first trained as accountants? The list includes comedian Bob Newhart, Ultimate Fighting legend Chuck "The Iceman" Liddel, WWE wrestler D-Lo Brown and musician Kenny G.
Do you know what documents you will need to show your Enrolled Agent? Save copies of online bank statements, keep your check stubs in order and your bills properly filed, record your deductible expenses promptly, and store your receipts.