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February 15, 2019 at 5:00 PM ·
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Services such as tax preparations come handy if one plans to submit error free tax calculations. This further leads to avoidance of tax penalties as well and you save yourself from being raided by IRS.
In order for tax preparation to be accurate, it’s important that you are completely familiar with both federal tax laws and requirements, as well as the tax laws of your particular state. With a tax accountant, you can rest assured that your tax filing meets all requirements and obligations.
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.
Who was the first U.S. president in the modern era to release his tax returns to the public? Gerald Ford released his personal income tax return in 1976.
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.
Only the top tax experts in the country become enrolled agents, with only an estimated 46,000 agents in the U.S., according to the National Association of Enrolled Agents. That’s in part because every enrolled agent must have a minimum of 72 hours of continuing education every three-year period after becoming an EA.
Did you know that in the 20 years between 1992 and 2012, the United States has had at least a billion dollar deficit in all but four of those years? The four years with budget surpluses all occurred under President Bill Clinton.
Do you have a system for preparing taxes for your business? It could be a good idea to systematically put a portion of money aside throughout the year for taxes. You can then note tax deadlines on your calendar, and allow yourself prep time if you need it.
Will you ever be considering expanding your business? Not only can an accountant provide advice on whether your finances are solid enough for expansion, but potential investors will like the idea that you have an accountant keeping your finances in order.
As accountants we don’t shape tax policy. We can, however, use our expertise to help you make the most of every small business deduction allowed by law at the federal, state and local level.
Starting a new business can be an exciting and hectic time in anyone’s life. Remember to schedule an appointment with a tax accountant early on so that you’ll know exactly which business expenses you’ll be able to write off on your taxes each year.
Not only do Enrolled Agents prepare tax returns, but they also provide tax assistance for estates, trusts, partnerships, corporations and other entities that are required to report taxes. Enrolled Agents specialize in taxation and receive their authority from the federal government, not the state government.
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.
Do you know that any income which a Non-resident happens to earn from outside the United States is not considered as taxable income? All sources of income for residents are taxable as per the existing Federal Laws.
In 2013, the legislation authorizing federal income taxes celebrated its 100th birthday. In 1909, Congress passed the 16th Amendment, but it took nearly four years for the legislation to be ratified and become established as law.
If all you're doing is entering numbers from a W-2, then your taxes can be pretty simple, but the second you add more than that, they can get pretty complicated, pretty quickly. Fortunately, using a tax accountant makes things simple again.
Certified Public Accountants, or CPA’s, need to meet many requirements to earn certification. In addition to a college degree in accounting or a related field, CPA’s must pass a certification exam and work under an active CPA for a set number of hours.
Not only is making a charitable contribution in December a great thing to do for both individuals and small businesses, it’s also a smart move when it comes to tax planning. This way you are able to claim a deduction on that year’s taxes.
When choosing an accountant, do your homework. Check their qualifications, ask for referrals and ask probing questions about what value they can bring to your business.
Unless your tax return is very simple and straightforward it can be risky to rely on tax software programs to prepare your return. That’s because the programs are only as good as the information provided. If you aren’t certain about some of the questions asked by the program, there’s a good chance you could be paying too much in taxes.
