Tag Archives: Business

Tax Accountant Vs Tax Software

Tax Software

You are one of 50,000,000 Americans who must fill out an income tax return by March 15th … file yours early. (Photo credit: Keijo Knutas)

Why choose a tax accountant over tax software?

Preparing and filing taxes are rarely activities most people look forward to. Whether you need to prepare an individual or business tax return, you may be looking for an easier way to simplify this process. While one option available is for you to prepare your tax return on your own, the fact is that many people will find the process easier to complete when they use either tax software or the services of an accountant. While both options are preferred by many over completing a tax return on your own, there are clear benefits associated with using the services of a tax accountant.

Finding All Deductions
For most individuals and businesses, it is not enough to simply prepare and file a return. The goal also is to minimise the amount of taxes owed and even to maximize a refund. Tax software is designed to help taxpayers identify common tax deductions, but the fact is that you may qualify for additional deductions that are less common. In some cases, you may not be clear about if you qualify for certain deductions or not. Tax software may help you to identify some of these deductions, but you simply cannot beat the benefit associating with having a live professional assist you with the identification of deductions.

Getting Questions Answered
Most tax software programs are designed to be user-friendly, and they have a helpful hints or frequently asked questions section that may assist you if you have questions. However, many questions that taxpayers have are unique. They may fall into what can be perceived as a gray area, or the situation may be unusual and may require expert assistance. The fact is that you need to file your return accurately to avoid penalties. Therefore, working with a live tax expert can be useful to you.

A Look Toward the Future
Furthermore, a tax accountant can help you to plan for the future. When a tax accountant reviews your finances now, he or she may be able to identify different steps that you can take to minimize your tax liability next year or for several years in the future. You may be planning to purchase a new home, to buy office equipment or to make some other change, and there may be tax consequences associated with this. By working with a tax accountant, you will be able to better plan for the future and avoid paying more than necessary on your tax return.

As tax day approaches, one of the best steps that you can take to ensure that your tax return is filed accurately and on time and to ensure that your tax liability is minimized is to work with a professional tax accountant. The best tax accountant to use is one who is experienced and knowledgeable and who has the desire to communicate openly with you about your taxes. Take time today to locate a tax accountant to work with, and you can rest easy knowing that your tax return will receive the personal attention it deserves.

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Filing Taxes In 2013 After October 15

Filing Taxes In 2013 After October 15

If you were unable to pay your taxes earlier in the year, you might have been dreading the October 15th deadline for your deadline extension. Now that the 15th has come and gone, you might realize that you still have not filed – and that major problems may soon occur. Your first impulse should be to file as quickly as possible.

English: Wooden File Cabinet with drawer open....

English: Wooden File Cabinet with drawer open. Taken by me. (Photo credit: Wikipedia)

Luckily, even those who forget to file can still go through the process of filing taxes in 2013. Unfortunately, though, you will be without quite a few of the tools that you would normally use. Most of the web-based providers like TurboTax or TaxAct have shut down for the year as they prepare to transition from taxes 2013 to taxes 2014. E-filing has also been suspended in preparation for the 2014 tax season, meaning that you will not only have to prepare your taxes by hand (or with a desktop-based application), but you will actually have to send in the physical forms yourself.

Once you send in the forms, you will find yourself dealing with penalties. You will owe an additional five percent on top of any money you owe once the deadline passes, along with an additional five percent for each additional month that passes. If you fail to pay on time, you will owe .5% interest on your balance for each month that the balance goes unpaid, further increasing your debt. Added to all of this is a general 3% interest rate on the balance, which might leave you owing far more than you originally thought if you cannot file soon.

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Tax Made Easy – 7 Usefull Tips For Business

For many businesses, especially small businesses, taxes can be quite a handful. Moreover, it’s not just paying taxes, it’s knowing what can be taxed and/or deducted. So, we made a list of things every business should know about taxes, along with various tips for your business tax. This will help make our tax life a lot easier.

Make sure you keep Track of Everything

While we realize this may seem like one of the most obvious tips for your business tax, many businesses forget to keep track of everything. Every expense, purchase, deduction, refund and even car mileage –  keep track of them all. This helps you file accurate taxes. Remember, an inaccurate tax filing can lead to legal problems.

Separate your Expenses

One of the most important tips for your business tax is to always set apart your business expenses from your personal ones. Your personal expenses are not tax deductible while your business expenses are. Therefore, always keep them separate so you know how much you can deduct from your taxes.

Be Generous

If you have unsellable software, goods or equipment just sitting idly in your office, donate them to another business or to individuals. This will enable you to be eligible for a number of tax deductions.

Provide Benefits rather than Raises

One of the most basic tips for your business tax is that many goods and services are tax deductible. For example, if you purchase a business car, it’s tax deductible. If you purchase health insurance for your employees, even that is tax deductible. Therefore, instead of giving salary raises at your next performance evaluation, provide benefits instead. Not only do you have happier employees, you save on your taxes.

Make your Car a Business Car

This has got to be one of the best tips for your business tax. Many of us require a car to commute to and from work. In fact, we need the car to travel around the city when we are working. If you require a car, purchase one for ‘business purposes’ and log its miles as a mileage deduction. Since the car is registered to your business, it becomes a business expense and hence, tax deductible.

Pay for your Benefits, Deduct them from your Business Tax

One of the best tips for your business tax may seem rather awkward at first. If you have your own business, one of the best things you can do is hire your spouse. Once you have hired your spouse, provide them health insurance. Inadvertently, you are providing yourself and your family health insurance. Best of all, this is tax deductible. This could just be the most affordable health insurance ever!

Save yourself from Bad Debt

There are many tips for your business tax that are not well known. For example, deducting bad debts. Many businesses provide loans and lines of credit to their customers. For example, clothes bought with a credit card. If you can prove that a customer bought goods and cannot pay it back, if it’s an noncollectable account expense, you can claim for a business tax deduction.

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Innovations For Turbo Tax 2013

Innovations For Turbo Tax 2013

Professional accounting can help business owners save time and resources, and the Turbo Tax 2013 CPA Select edition by Intuit may be the ideal solution for tax filing season. Small businesses and tax filers needing a modest amount of assistance may benefit from this innovative online service, and the potential financial savings may be apparent quickly. Connecting with certified public accountants, tax attorneys, and federally authorized tax practitioners may be easier than ever with this Turbo Tax 2013 edition, and the CPA Select 2013 program may eliminate the logistics and stress that may be associated with proper tax filing.

Tax Preparation

Tax Preparation (Photo credit: agrilifetoday)

Many consumers are familiar with the helpful QuickBooks software offered by Intuit, and their latest tax service offering is in keeping with the ease of use that is characteristic of many Intuit consumer products and services. CPA Select 2013 is designed to be a straightforward approach to finding useful online tax filing assistance, and the Turbo Tax website provides easy steps for connecting with local CPAs and other tax experts. You can register your exact geographic location once you log on, and you can browse and update your location as needed or select a CPA from the list that is provided.

Working online with your chosen CPA eliminates the need to make a trip to an accounting office to get your tax preparation started, and uploading your document file may be completed in numerous ways. You can upload directly onto the secure server, by smartphone, or by using a fax machine. You may keep in contact with your CPA by telephone or email, and downloading your completed tax return can be done and paid for online as well. Your tax representative will notify you when your tax return has been accepted by the Internal Revenue Service, and you will receive timely notification regarding your refund status as well.

Navigating tax codes may be challenging for new business tax filers and individuals with unique tax filing needs, and experienced business owners may not know all of the deductions that they may be entitled to as tax laws change each year. The Turbo Tax CPA Select edition for 2013 may be appropriate for anyone who does freelance work or independent contracting, and self-employed individuals may discover previously unknown tax deductions from working with online tax professionals. Knowing whether you need to file a 1099 or Schedule C may be difficult to determine on your own, but your CPA will help you file correctly and on time. Saving as much money as possible may be crucial for small businesses, and this tax filing solution may save money and time. Free and affordable options from Turbo Tax 2013 can eliminate your worries about missing out on deductions and successfully filing your taxes.

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Intuit’s TurboTax CPA Select 2013

Intuit’s TurboTax CPA Select

Intuit has announced a new online service, utilizing TurboTax CPA Select. This service will connect local businesses with a skilled CPA to file their taxes.

Intuit's TurboTax CPA Select 2013

Business Sign X (Photo credits: www.roadtrafficsigns.com)

Intuit, a software company best known for their software Quickbooks as well as TurboTax 2013 & quicken have announced a brand new tax service for this years tax season. Turbotax CPA select is meant to get local businesses in touch with tax professionals to help them prepare and file their taxes. With this new services, the owners will know exactly how much the cost of their taxes are before they get filed.

This service will be available to customers first at conventions in January that will showcase a myriad of new products offered by Intuit.

The service is quite simple, local businesses owners will be allowed to browse a selection of qualified CPAs, these CPAs will have profiles that explain their experience and offer testimonials from other customers. The owner then submits documents to the professional and are given an estimate on the cost of taxes, if the owner accepts the bid they are filed away with no hassle.

This online service is available for both small businesses as well as free lancing individuals who may need some extra help navigating tax code. Since the service takes place all online the users can efficiently get their taxes taken care of without ever leaving their office to seek help. Not only do they save time, but they are also very likely saving money. Often times a CPA can find additional places to save money that the business owner is not aware of.

Plans for this new service begin at the low price of $89.95. With glowing recommendations from sites like mint.com this new service is sure to be a hit for intuit, adding to their long line of successful finance products.

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How to Settle Tax Debt for Less

How to Settle Tax Debt for Less

If you wish to settle down tax debt for less than there is only one common way to do so: simply with an offer in compromise; which means the IRS will agree to let you reimburse less than the actual amount to you want to pay. Though you can settle your tax debt for less, it is essential to bear in mind that you might not meet the criteria for an offer in compromise. The IRS accepts just about 15% of those that they receive

How to Settle Tax Debt for Less

Wipe our Debt (Photo credit: Images_of_Money)

There are various situations when you are able to settle for less. They are:

  • Doubt as to liability- This is actually when you are not found at fault for the debt that has been considered.
  • Doubt as to collectability- Here you just cannot pay the tax debt now, and there is absolutely no reason to think that this can change in the future.

If you are keen in submitting an offer in compromise you have several steps to take. To begin with, you first have to complete Form 656, and then offer in compromise and also Form 433-A, besides this application fee of $150 as IRS requests.

Most of the experts advise that you must wait at least 2 to 3 months to hear on your offer in compromise. You must not be surprised if it even takes the IRS a year, though – this is pretty common.

If you think that you meet the criteria for an offer in compromise, you might want to appoint a professional so as to make a final decision. A well experienced professional, who is aware of how settle tax debt for less, will surely be able to help you from start to finish. The major benefit of this is you get advice from an expert who has experienced and was successful in this before.

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