Have you always thought that you had to hire a tax lawyer in order to have representation with the IRS? This may not necessarily be the case. Let’s discuss the full breadth of your options.
One of the best indications of a quality tax professional is many satisfied clients. Therefore, searching for reviews from current and previous customers can help you find a tax professional that has both experience and expertise.
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.
According to a recent Rasmussen Reports survey, 43% of Americans feel that filing their income tax returns is more painful than going to the dentist. Thirty-five percent feel going to the dentist is worse, and 23% feel both are equally painful. Where do you weigh in?
Did you know that Registered Tax Preparers have limitations imposed on them by the IRS as to what types of advice they can offer to clients? Enrolled Agents however are not under these limitations – which is why EAs are the very best choice for comprehensive IRS representation.
Before you give your tax documents to your accountant, be sure to review each transaction on your 1099s carefully. Check to make sure that the proceeds reported on the document accurately match your records.
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.
IRS disputes are, unfortunately, a common occurrence for many people. Hiring an enrolled agent is the best way to make sure you get fair treatment. EAs are extremely well-versed in tax law and will ensure that applicable laws protecting taxpayers are followed exactly.
Before meeting with a tax preparer, gather all the paperwork you think they might possibly need to see: receipts, bank statements, W-2s, 1099s, statements from investments and stock trading accounts, etc. It's better to bring too much documentation than not enough.
Fewer things are more time consuming, stressful, or burdensome to the small business owner than tax season. In fact, the many tax forms can be confusing and at times almost overwhelming. This is one reason why hiring a business accounting service is so valuable.
According to national statistics from 2008, nearly 6 out of 10 Americans relied on tax professionals to handle their tax returns. That adds up to more than 81 million tax returns processed by tax accountants.
Unless you are starting a financial company, the majority of business owners are experts at the product or service they offer and know much less about accounting. An accountant can help you put together a business plan, assist with the company’s tax return or produce reports that project your profitability into the future.
There are basically four types of tax planning strategies: accelerating income, deferring income, accelerating deductions, and deferring deductions. Your tax accountant can help you determine what’s best for your individual situation.
Business and personal lives are in a constant state of flux, and major changes to them can affect your tax liabilities. An Enrolled Agent can help when changes occur, help you with the taxes you are responsible for, and advise properly so you do not have to pay any more than is required of you.
If your tax accountant has advised you to accelerate your income for a given tax year, then there are certain things you can do to facilitate this strategy. This includes arranging payment schedules for that more money is paid up front and asking clients to pay before year’s end.
It’s important to remember that not everyone who claims they can handle your tax preparation has had extensive training on the subject. If you need to ensure that you’re working with someone who truly understands your tax situation, we’re always here for you.
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.
Are you a small business owner? Mark your calendar now and plan to celebrate in May. Each year, the first week is devoted to National Small Business Week, celebrating the 28 million small businesses that are the heart of the American economy.
Did you know that over 90% of small businesses fail or change ownership within the first five years? If your business fails under a sole proprietorship, you do not have to worry about communicating with or filling out special forms for the IRS. You simply file a Schedule C with your next return and stop doing business.
Most accountants need the minimum of a bachelor’s degree in accounting, business or related field. Many choose a higher level of qualification by becoming a Certified Public Accountant, or CPA.
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.
If you are unsure of who to hire, you can always look for recommendations from other small business owners.
