Hiring a Quality Tax Preparer

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Organization is a key component to the quick and accurate tax return but the average taxpayer likely will not have the requisite records readily available for quick retrieval. Even if the records were handy, the effort put into learning the latest tax regulations will make the process longer than it may need to take. There are solid reasons to hire a tax professional that go well beyond convenience, speed, and accuracy.

- If you are a business owner of any kind, it makes sense to hire a professional tax preparer familiar with the rules and regulations associated with your business.

- If you have had many real estate or large investment transactions, a tax preparer can help you sort out what you may owe and what you may be able to deduct.

- Family matters can complicate your tax return, especially in cases of marriage, children, elderly parents, and divorce.

- If your record keeping is less than stellar, a professional tax preparer can assist you in an audit.

Not all tax preparers are created equal. Some provide simple services and advice, while others engage in sophisticated tax planning. Depending on your tax preparation needs, it is important to understand what type of tax preparer you will need.

Some tax preparation firms specialize in personal returns but may have a wide variation of experience among their preparers. In many cases, large firms hire part-time tax preparers who may work only seasonally.

Enrolled agents are more specialized and much have some credentials including the passing of an IRS exam or at least 5 years of employment at the IRS in order to obtain an enrolled agent’s license. These tax preparation professionals can represent an individual in an IRS audit.

A certified public accountant does a lot more than just tax returns, and many never do tax returns at all. Instead, they may focus on accounting for businesses and the preparation of financial statements. A CPA has to pass a four-part accounting exam to obtain the designation of certified public accountant and they can represent you in an audit. For most people, a CPA may be more that what is required for a simple tax return.

If you are looking for someone who specializes in tax returns for individuals and businesses, an accredited tax accountant (ATA) and an accredited tax preparer (ATP) can provide you with complete tax planning services. A taxation exam must be passed in order to obtain these designations.

If you need someone who specializes in tax law, find a tax attorney. Just like any other attorney, a tax attorney must have a Juris Doctorate and be admitted to the state bar where you live. They do not often prepare tax returns but if they do, the service will be very costly.

With the wide range of services available from professional tax preparers, it makes sense to hire a pro so give us a call at iRefund today. Our friendly staff is available to help with your questions, and our professionals can complete your refund accurately and on time.

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Why Filing Your Taxes Late is just Bad Business

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As Americans enter tax season, procrastination sets in as April 15th seems appears off into the distance. If you are accustomed to waiting until the last minute to file your taxes, you may want to rethink that strategy.

The first important reason to avoid filing late is that you may incur penalties. These can be substantial in some cases and they continue to accrue as time goes on. You may even be responsible for interest charges.

If you want your taxes completed timely, it is always best to file them early with your tax preparer. That way they are more likely to have the time to take care of your returns and find the appropriate deductions for you. Filing late may cause your accountant to avoid retaining profits for your corporation if they will be penalized due to a late filing.

Another important reason to file on time is that you risk criminal charges. Filing late can result in criminal charges for serious offenses of tax evasion, which will cost you legal fees, fines and possible jail time.

Procrastination on some levels is acceptable when discussing mundane items like an oil change for your car or doing laundry, but when it comes to serious financial issues such as a tax filing, procrastination can get you into deep trouble. If you are not abreast of your financial position at any given moment, you not only risk missing a tax filing date but you could also be setting yourself up for other financial surprises.

If you are seeking ways to avoid a tax audit, you should definitely stay away from filing late. Audits, legal proceedings, and aggressive action by tax collectors are common results when businesses file their taxes late. If for some reason a hardship requires that your business seek relief or leniency from regulators, you will have a difficult time of success if you have a history of late filing. Those with an impeccable tax filing record are more likely to receive consideration from tax authorities so always file on time or early.

Another unintended consequence of late tax filings may relate to your firm’s ability to obtain financing. When you apply for financing, you will need to provide current income information and if your tax returns are not ready, the lender may be concerned about your business operations.

One final reason to file on time is to reduce your own level of stress and worry. Once your taxes are filed, you can easily move ahead to focus on growing your business.

If you are looking for a tax preparer for your business, call us at iRefund Tax Group and we can put our 20 years of tax preparation experience to work for you.

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