Tag Archives: tax preparation

The Benefits of Professional Tax Preparation

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Tax preparation with goodaccountants.com is easy and can help you avoid an audit When it comes to many different jobs, you can usually save money by handling it yourself, but with taxes it’s often a different story. For both business owners and individuals, hiring a professional will often save you more money in taxes than the cost of the tax preparation services not to mention the cost of the time, and stress, involved in preparing your own.

Saving money

Using the services of a professional is one of your best bets for saving money when it comes to taxes. Tax rules are complicated and if aren’t in the business of preparing tax returns on a frequent basis it’s hard to be aware of all of the deductions or credits you might qualify for. Using the advice from professional tax preparation services will help you minimize your tax burden and pinpoint every possible deduction you’re eligible for.

Lower risk for error

Tax law has had major changes nearly every year for the past half century, with 3,500 tax law changes just since 2000. If you aren’t constantly keeping up to date with all of these regulations, it’s easy to make an error- and that can be costly.

If you make an error that results in a tax liability, the interest and fines will continue to accrue from the date that you’ve filed your taxes. While hiring a tax professional does not give you a 100 percent guarantee of perfection, the chances of simple mistakes are immensely reduced.

With complicated tax returns requiring numerous forms, the risk for error continues to increase with each. Hiring a professional for tax preparation will ease the stress and pressure that comes from attempting your own taxes.

Help with an audit and its potential consequences

If a professional prepares your taxes, your chances for audit will be reduced, and if for some reason you do find yourself face with an audit, the tax preparer will usually be able to help. Professional tax preparation definitely adds a safeguard to potential liability, although you will be ultimately responsible should there be any issues – therefore, the importance of hiring someone who can be trusted is imperative.

By using the free services of GoodAccountants.com, you can be assured that you’ll be connected with the top tax professionals in your area who are the most competent at tax preparation, so that you’ll have more time to handle the most important responsibilities for your business, or your life.

Prepare for Tax Season: Find an Accountant

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With tax season upon us, making sure that you have everything ready to be sent to the IRS can be nothing short of a headache.  Whether you are an individual looking to make the most of itemized deductions or the owner of a business, filling out tax forms beyond the traditional 1040 can get complicated very quickly.  The new year has brought a ton of changes to the tax laws, and navigating all of the loopholes and minute details by yourself can be tricky at best.  If tax season is more than you can or should handle alone, it might be time to find an accountant to do the hard work for you.

Making the Right Choice

If you own a business, it can be a bit tricky to find accountants who are well suited for the job.  Ideally, you will want to find a firm that has experience working with businesses similar to yours in size and nature.  The right experience means that you can feel confident that the firm you hire will be able to find all of the right deductions to help you pay only what is absolutely necessary in overall taxes.  You will find that the right team can work to review all of your statements and financial data to ensure that you are not paying more than needed.

Do I Need to Hire the Most Expensive Firm?

One thing that many business owners and individuals alike find themselves struggling with is whether or not it is necessary to choose the biggest or most expensive firm out there.  When you are trying to find an accountant, it is important to realize that size and cost are not the most important factors to consider.  Instead, look to the experience and reputation of the firms you are considering and determine which one will best fit your needs.

The Bottom Line

The most essential thing to consider when you are looking to find accountants is whether you are looking for long term or short term service.  Do you just want someone to take your paperwork and records and fill out your forms accurately, or do you want someone who can also provide tax or financial planning advice?  Do you want someone who can also provide auditing to help you reduce next year’s taxes?  Think about exactly what you hope to gain from your accountant, then work to find the individual or firm that best fits your needs.

Hire an Accountant to Save Money

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As a business owner, saving money is more than just a goal, it is a necessity.  Today’s economy is anything but stable, and unnecessary expenses can be quite unforgiving.  Turning a profit is simply harder than ever for most industries, as consumers are becoming thriftier and Internet commerce makes it harder for many companies to offer competitive pricing.  One thing you should note, however, is that when you are working with the best accountant for your needs, you will certainly find a number of ways to reduce expenses, maximize profits, and improve your overall bottom line.

Choosing the Best Accountants Requires Research

Selecting the best accountants for your needs is not as simple as finding the local provider with the highest overall reviews or even calling every number in the phone book.  You need facts, numbers, statistics, and recommendations.  You need history and experience.  You need to know that the professional in question has experience working with a business similar to yours and that they have been able to deliver solid results.  Whether you want the best accountant to help you prepare for tax time or someone to help you save money throughout the year, there is simply no substitute for taking the time to find the right experts for the job.

There are many ways that a quality accountant can help you save money, and it is always going to be worth the time and effort to really choose someone who can provide solid ideas and advice.  You need an accountant who is on top of the latest changes in tax laws and who can review your budget and expenditures to help you see where you can save money without cutting corners.  The business world today is more competitive than ever, and there is no doubt that the most successful companies also have the best accountants working for them.

Saving Money Is Everything

While a solid business model and a high level of product and service quality can play a monumental role in the success of your company, your ability to make sound financial decisions is imperative.  The decision to seek and hire the best accountant for your business can have a huge impact on your bottom line.  Not only can it spell relief during tax season, but a great accountant can help you find new ways to improve your overall profit margin so that you can see continued success in the face of a competitive and uncertain economy.

The Best Advice Bookkeepers Can Give

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When you own a business, finding a bookkeeper who can help you stay on top of payroll, expenses, and income is crucial.  Managing your numbers helps you ensure that your company is maximizing its profit potential and makes it easy to share your financial data with lenders whenever they request a report, and it also ensures that tax time is as stress and hassle-free as possible.  Proper bookkeeping is a lifesaver in the event of an audit, and the simple fact is that it makes managing the day to day operations of your business much easier.  Taking advice offered by your bookkeeper can often pay off handsomely, and the right advice can be huge.

Finding a Bookkeeper You Can Rely On

If you were to ask most professional bookkeepers what one piece of advice they would most like to offer business owners, it would likely be to stress the importance of hiring an expert.  While turning over your financial records to a savvy individual may work well for a fledgling self-employment setup, new tax laws, taking on more employees, and increasing your business load can all quickly create a situation that is unmanageable.  Taking the time to find a bookkeeper at the start so that they are familiar with how your business works and how you are spending and making money can really keep everything running smoothly no matter what turns your business takes.

Managing your own payments and expenses can often lead to missed deductions, failure to create properly formatted reports for lending agencies, and even an increased risk of audits when tax season rolls around.  If you take the time to find a bookkeeper who has the experience and training necessary to handle your specific business situation, you will find that he or she can easily help you see where cuts or adjustments need to be made, as well as what areas of your business are proving the most (or least) cost effective.

The Right Expert Makes a Big Difference

No matter how you look at it, choosing the right bookkeeper for your needs is going to make a big difference for your company.  Trying to do it all on your own takes your focus off of your business.  If your company is small, you won’t need to employ someone on a full time basis in order to reap the benefits, but you should have someone who is qualified to handle your numbers for you.  A great bookkeeper is as essential as a solid business model, and it can really expand your overall bottom line.

Tax Preparation for 2012

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Tax season is something that many of us have come to dread.  Even if you are expecting a big refund in 2012, the simple fact is that every deduction, every entry, and every number you enter matters greatly.  Nobody wants to face a potential audit, and even the best tax preparation software can miss important entries.  There is simply nothing that compares to having a tax expert review all of your paperwork and information, and hiring someone who is familiar with the intricacies of IRS tax law can help you prevent errors, minimize taxes owed, and maximize refunds.

Getting Tax Help Is Crucial

Unless you are working with a single W-2 and are taking the standard deduction, the simple fact is that you can benefit greatly from seeking assistance with tax filing.  Every year, taxpayers miss millions in deductions and credits that they were fully qualified for, and this can mean the difference between paying taxes and getting a refund of taxes already paid.  A qualified tax expert can ask the questions that software programs often miss, letting you know what you really qualify for and how to ensure that you are at the lowest possible risk of being audited.

Of course, choosing a tax preparation expert isn’t as simple as going to your local chain tax company.  In fact, many people find that they get much more benefit by working with a qualified independent accountant.  In order to serve as a qualified tax expert, an accountant must attend classes on the latest IRS tax laws, and choosing someone with experience in cases similar to yours can leave you feeling fully confident that your deductions and credits will be maximized.  Whether you are self-employed, own your own business, or simply have multiple income sources, a tax professional can make a huge difference for you.

Getting It All Done Properly

Filing your taxes can be a huge stress; especially if you are uncertain how new tax law changes affect you.  Choosing a tax filing professional to take over the job will certainly help to alleviate this stress, and knowing that all of the numbers on your forms are right can eliminate worry over audits, missed deductions, or overpayment.  It may be tempting to save money by using tax software, but the simple fact is that when you sit down with someone who takes the time to understand your home, business, and tax situations, your chances of reaping maximum benefit increase exponentially.

Tax Preparation: How to Get Ready for Tax Filing

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Every year several businesses are caught off guard by the pending tax season. It often feels like the last season has just ended, when the next one begins. As a direct result, a lot of businesses either spend several weeks scrabbling to gather things together for their accountant or needlessly waste money paying another individual to sort through the mass of paperwork.  So how do you avoid this trap?

Develop a Strong Organizational System

The key to effective tax preparation is to set up an organization system at the beginning of January.   Your organizational system should be unique to both your business and to the individual maintaining it.  Set up a meeting in early January or if you are really proactive, in late December, with your accountant.  During this meeting, have an informal discussion about the items, invoices, and receipts that you should be tracking on an annual basis.  At the end of the meeting, take some time to decide what is the best way for you to track these items on a regular basis.

Make the System Work for You

Effective tax filing has to begin with a system that works for you. Ideally, you will use some of the terrific organizational features that are available through technology:  quickly connecting all your systems together.  But if you hate computers, even simple tools like an Excel spreadsheet and email reminders will be extremely ineffective.  In this situation, you will need to develop a paper system or perhaps assign the tracking duty to another individual in your company.

Try to start your tax filing system at the beginning of the year and maintain it.  When you maintain good records, you will save both you and your company time and money.  Retain the hard copy of all receipts. Do not assume that something is unnecessary, your accountant is the expert and will help determine what is necessary to retain and what can be discarded.

Communicate Regularly with your Accountant

Maintain regular communication with your accountant to save you money in the long run, especially if you have any questions regarding expenses and tax legislations.  Your accountant’s role is to save you time and money throughout the year, not only during tax time.

Tax preparation is always easier if you plan ahead.  However, if this did not occur this year, don’t panic. A good accountant that is familiar with your industry will be able to effectively navigate your company through the mountain of paper work and help you stay on track for the next tax season.