Have you ever had a good experience with an accountant helping you get through an IRS audit? If so, share your story and let us know how the accountant made the auditing process better.
In the early 20th century, it took between 20 and 30 days for the average American worker to earn enough to pay in full their annual federal, state and local tax bills. In 2016, it took 114 days to accomplish the same.
Did you know that the enrolled agent profession dates all the way back to 1884, when there was a trend of questionable claims being presented for Civil War losses? At this time, Congress acted to regulate persons who could represent citizens in their dealings with the Treasury Department.
Did you know that the best way to avoid tax penalties is to know the IRS rules surrounding these? Ask a professional tax preparer how you can avoid owing the IRS more money though tax penalties.
Did you know that only 16 percent of applicants succeed in reducing their tax debts through the offer in compromise program? This is why it’s so important to hire a qualified tax professional to navigate this lengthy and complex process for you.
One sign that it’s time to hire a tax accountant is if you are a partner in a business or a shareholder in an S corp and receive a K-1. While some K-1s are simple to include in a tax return, in most cases you will benefit from an expert’s oversight.
What drives job satisfaction for most accountants is not a love of math but a love of problem solving! 41% of accountants polled said solving problems gave them the most job satisfaction, vs. 22% who cited working with numbers.
Have a child in college, or take continuing education classes yourself? The American Opportunity Credit and Lifetime Learning Credit are two tax deductions that can be easily overlooked. Ask your accountant about any educational credits that might apply to your tax situation.
There are so many different mistakes you can make on your tax return that could have significant repercussions. With a tax accountant you have an expert to avoid any mistakes. One of the most common mistakes according to the U.S. government is not signing the return – or in the case of a joint return having only one spouse leave a signature.
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 enrolled agents specialize in complex tax situations, making them ideal for a wide range of challenges and issues? This is because these tax professionals have passed a rigorous test and background administered by the IRS themselves.
The patron saint of accountants—yes, there is such a saint!—is Saint Matthew. Indeed, he is the patron saint of all accountants, bookkeepers, and tax collectors. Before becoming an apostle, St, Matthew was a tax collector for the ancient city of Capernaum.
If you need help with either filing your taxes or dealing with an audit, an EA is going to be your best bet. An EA is certified and licensed to prepare taxes by the IRS and can represent you in any form of litigation with the IRS, including audits and appeals.
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.
Accountants can be very useful at certain stages of your business development, whether it be for your income reports or tax returns.
While not everyone is familiar with enrolled agents (or EAs), the truth is that this designation for accountants who specialize in tax law goes all the way back to 1884. After the Civil War, these professionals were charged with the task of combating fraud in requests for reimbursement for horses taken during wartime.
Feeling overwhelmed with your new business? Consulting with a small business accountant can help take some of that stress off of your shoulders!
Proper documentation is required in the case you have made any charitable contributions, whether it is money or other donations. This may be required to claim the deductions when filing returns.
Over the past couple of decades, tax laws have become increasingly complex, both at the federal and at the state level. Hiring an EA accountant to help you navigate the tax landscape and minimize your burden will always be your best bet.
One of the benefits of hiring an accountant to help you with your business taxes is that this can help with planning for future years. Your accountant will analyze profit and loss statements and balance sheets to identify those year-end tax strategies that would be appropriate for your business.
One of the biggest problems for small business owners is passing control of vital parts of the business to someone else. Entrepreneurs feel like super heroes but when it comes to letting go of specific parts of the business it may be very hard, but needed.
Do you plan ahead for major expenses? This is a good idea for bookkeeping purposes. You’ll be less likely to miss business opportunities, or have to scramble for a loan, if the expenses become unavoidable.