When running a business, it’s always a good idea to bring an EA in at the onset to work on your taxes, before you actually file anything. Otherwise, if you end up getting audited and hire him or her at a later date, the EA will have to go back and reconstruct what you did, an often costly process.
Did you know? A liability is an obligation or debt, such as wages, taxes and expenses. Liabilities are equal to assets on a balance sheet.
Did you know that filing your taxes early reduces your odds of becoming a victim of identity theft? Basically, the sooner you file, the less of an opportunity someone else has to file a return in your name.
One of the major differences between a CPA and an EA is that EAs have passed a comprehensive, two-day exam enabling them to specialize in taxes and tax planning. This gives us an edge when working with more complicated tax situations.
Are you the kind of person who thinks about taxes and instantly feels a little faint? You're not alone, and having a tax accountant do your taxes turns tax season from one of dread to just another item on the to-do list.
Some people have complicated personal tax situations that span across multiple states. When you need an expert who has the ability to help with all aspects of your taxes, consider working with an enrolled agent.
Do you file your taxes online for free with the IRS? This is a handy service if you have a very simple, straightforward tax return to file. To make sure you've got it all right, and to make sure you get all of the deductions you're entitled to, you might want to have a professional tax preparer review your return before you file.
We understand that our clients can have extremely complicated tax situations. Whether you need assistance preparing your taxes or planning for next year, our team is always up to the challenge.
More than one-third of the taxes collected are sourced from the top earning individuals. This includes the category of individuals who usually earn an annual sum of $ 147000 or above.
While there are sometimes advantages to doing things yourself rather than hiring someone else, in most cases, it's smarter to use a professional to file your taxes. Accountants know the ins and outs of tax law much better than you do, so they'll often be able to save you money or help you avoid an audit.
Tax preparers charge a set fee for assisting with your taxes. It's not legal for them to charge you a percentage of your refund as their fee.
If you’ve been completing your family’s taxes with the help of software for years, you may have the mechanics of it down to a science. Of course, being quick with your taxes is only a good thing when you’re 100% certain you haven’t missed valuable deductions or credits.
Not sure how to withhold your federal taxes? It can be tricky since overwithholding will mean getting a big refund in exchange for control of your money throughout the year, and underwithholding means you will end up owing the IRS money. A tax professional can help you determine how much you should be withholding.
We understand that no one – business or individual – wants to pay one penny more in taxes than they have to. When you need comprehensive tax advice, we’re here to provide our expert assistance.
Ethical accountants and tax preparers will help keep you on the right side of the law when it comes to filing your taxes. That's why they will back you up in the event you get audited.
Most people hire someone to do their taxes because they want to save time or because they want to be sure that their return is accurate. Others may need help managing a complex tax situation. Why do you use a tax preparer?
It’s important to remember that tax preparation software programs are no substitute for the guidance and support of an experienced tax professional. When you need to know that your taxes are accurate before submission, we’re always here for you.
There are several benefits to using a tax accountant to prepare and file your taxes. Not only is this a convenient way to go, but you will have a knowledgeable individual reviewing your overall tax situation and making recommendations for how to reduce your tax burden now and in the future.
Which taxes have the most deleterious effects on small businesses? According to a recent National Small Business Association (NSBA) study, income taxes and payroll taxes are the most burdensome in respect to cost, impact and administrative load.
Does it ever feel like you aren’t saving any time by having someone else prepare your taxes because you have to back and triple check everything they’ve done? While it’s still a good idea to review your return before signing it, working with an EA can give you confidence in your return’s accuracy.
If you follow the news you know that the laws governing federal taxes, such as credits and deductions, change on almost a yearly basis. Are you familiar with any changes that affect your company or your family? An accountant will ensure that you are aware of the latest rules and regulations.
While aggressive spending at the end of the year for your business can certainly help with taxes, keep in mind that there are only some places where this can be deducted. While paying yourself a bonus can help zero out your business bank account, that amount cannot be deducted.
Need help filing an extension for your small business? You’re not alone. Up to 40% of small business owners file for an extension, regardless of whether they owe any taxes or not.
Estimated tax is the method used to pay Social Security and Medicare taxes and income tax for the self employed, because you do not have an employer withholding these taxes for you. Check with an accountant to be sure you're estimating and paying the proper amount.
What is the Earned Income Credit listed on your tax return? It’s a refundable tax credit for low-income and middle-income workers, primarily those who have dependent children. If the credit is more than the amount of taxes you owe, you receive a refund from the IRS.
