Tax Preparation Service Coral Gablesk PowerPoint PPT Presentations

Filing your taxes each year need not be a stressful experience if you prepare in advance and take the time to understand a little more about what can get you a credit or a deduction. Even if you’re using the services of a tax professional, it doesn’t hurt to understand as much as you can about the whole process, and the more information you can accurately present to your tax professional well in advance of the due date, so much the better.

It could be many weeks, or even months, before taxpayers and payroll processors begin to fully understand how the new tax laws will affect matters, but the guidance due to be issued by the IRS this month, should give further insight.

As discussed in Part One, the majority of US citizens use the services of paid tax professionals to help them submit their tax returns each year, and with these simple tips, your tax preparation experience can be as pain-free as possible:

Few see doctors as business people, and few doctors will admit to being businessmen, but the reality is that those who do operate their own practices, must find a balance between caring for their patients and running a service-based business. Even some of those doctors employed by hospitals or other medical facilities will be required to make important financial decisions.

Did you know that dental practitioners are among the most overtaxed people in America, with research showing that around 95% are overpaying their taxes by 10 to 50%? They also rank highly among those who voluntarily pay more tax than they are required by law to pay, and this is usually because their tax professional is simply not doing their job properly.

Most US individuals and businesses who benefit from having completed their tax returns in a timely and accurate manner, will admit to having used the services of a tax professional, and there is absolutely no shame in that.

Many U.S. citizens use tax preparers at tax time, and competition can be fierce as tax professionals vie for your business. With around 150 million taxpayers seeking help with preparing and planning for their taxes, the business is a lucrative one and some preparers may try to tempt you with talk of low rates and gimmicky promotions, but then they may quickly add on fees for services which see their low rates suddenly skyrocketing.

One of the simplest ways of preparing for your taxes is to utilise the services of a tax professional, and recent statistics put around 60% of US tax paying citizens reportedly using paid preparers to submit their tax returns. While it is perfectly acceptable to go it alone - especially if you have a good head for such things – using a paid professional is the best way of eliminating errors and being sure to submit all the relevant information at the right time.

Changes to tax legislation mean that small businesses the world over are getting a break on their taxes, and the legislation is one of the most significant tax overhauls passed in decades. It’s responsible for providing pass-through businesses and corporate entities with lower tax rates.

Getting a tax refund is what every U.S. citizen hopes for when they complete their filing, waiting for it to come through can be a nail biting time, though. The IRS state that refunds should be received within 21 days if you’ve used the e-file service or direct deposit but will take a little longer if you’ve filed through the mail or have asked for a cheque to be sent to you.

Tax planning is a term that we all hear frequently, but we do really know precisely what it means? Read on to find out the basics of tax planning and what you need to know as a tax payer:

Once you have your tax information up together with all the necessary paperwork and documentation, you’re ready to start preparing your taxes. Some people choose to tackle this alone, while most seek professional help to ensure that they get the best from their money. So, who can you turn to when getting ready to prepare your taxes?

For your small business to succeed, it’s essential that you use tax planning strategies to lessen the amount of money that you need to pay to the IRS. Below are some simple tax planning strategies that you should be utilising, and for more detailed strategies, it’s best to seek professional help in the form of a tax planning and preparation specialist:

The overall goal of planning your taxes is to arrange your financial affairs in such a way that your taxes are minimized. There are 3 basic ways in which to achieve this, with each method having some slight variations:

Planning taxes for physicians and medical practices can often be a little more complex than for other professions, and there are some areas which will require special attention:

Whether you’re new to the world of taxes as a business owner or individual, an accountant is generally considered to be the best person to help you with your financial information, and they can be thought of as professional tax collectors.

For many small businesses, keeping track of, and managing their taxes is a yearlong commitment, and there are several important types of deadlines to be aware of throughout the financial year:

Taxes are a hassle no matter how you tackle them, but there are ways of simplifying the whole process by planning in advance to help minimize your stress levels when your taxes are due:

Tax filing time can be nerve wracking, whether it’s your first time or your twentieth, but with this simple guidance, filing for the first time should be made a little easier:

Tax filing can be a confusing and complicated debacle at the best of times, but with the effects of the new 2019 Republican Tax Law beginning to reverberate around the country, things just may have gotten out of hand. With some tax breaks having been scrapped or capped, and others being introduced or expanded upon, it can be tough to stay on top of things. So, here is the first part of a brief guide that attempts to answer some of the most common tax queries:

Whatever the time of year, taxes are never far from the thoughts of most small business owners, and planning and preparing for them is an all year affair. Many small companies use tax professionals to assist them with their taxes, not only for convenience but for ensuring that their returns are timely and correct, and if you don’t yet have one, perhaps you should?

When Congress decides to make changes to tax rates, that’s when they occur and the frequency at which this happens is hard to predict. Most recent changes were back in 2001, thanks in part to the Economic Growth and Tax Relief Reconciliation Act, which reduced tax rates for both individuals and businesses. So, Congress writes the tax laws, but the IRS are responsible for implementing them and helping to explain how the new rules can be applied to specific situations. Treasury Regulations and Revenue Rulings are the written regulations and procedures in which the new tax codes will appear, and they are almost four times as long as the tax code itself! Here’s a little more about the relationship between the IRS and the tax code:

Tax time comes around with surprising regularity, and when it seems you’ve only just got over the stress of filing in time for the deadline, that time of the year comes around again and our taxes loom over us like a rain cloud.

Research has shown that most dental practitioners overpay in taxes, and the reason behind this seems to stem from their lack of proactive tax planning. By not appreciating, understanding and acting upon the myriad nuances of the tax law, dentists the country over are missing out on potential tax saving opportunities and jeopardising their financial futures.

The best advice anyone can give you with respect to small business taxes, is to keep them in mind throughout the year, and not just at tax time. Don’t let your receipts, invoices and other financial paperwork be stacked up in a disorganized manner; keep track of them as they come in and file them accordingly, this will make life much easier for you and/or your tax professional when it does come to tax time.

Maybe you’ve just completed your latest tax return and discover that you can’t afford to pay it? What should you do? What will happen next? Might you be arrested and thrown in jail?

With 2018 fast coming to an end, it’s time to ask yourself if you’re ready for the new tax season? 2019 brings in a variety of changes and each of these could go on to affect how you file and Form 1040.

Whether you’re a small business owner or an individual looking to take better care of your finances, you may be curious to know the difference between a tax planner and a financial planner, and which of the two you might benefit from using the services of.

Tax planning is a vital element of any business and involves delving into various tax options to see if it’s possible to eliminate or reduce, taxes owed by conducting business and personal transactions in a certain way.

With the beginning of a new year, comes the perfect opportunity to begin to think strategically about your taxes, if you haven’t already. Here are a few points you might want to take into consideration when planning your taxes:

Attaining and retaining clients is naturally a huge responsibility for business owners both large and small and can detract from other equally important elements of running a business, such as finances. While as a small business owner, you may be busy building up a solid customer base and maximising your potential to make money, you must remember to stay on top of your taxes, and ideally, stay one step ahead of the tax man.

With April 15th very definitely behind us, most US citizens who didn’t file for an extension, have filed their taxes successfully, either alone or with the help of a tax professional. Many folks will be disappointed to discover that they owe taxes, while others will be pleasantly surprised with a refund.

Thinking about your taxes well ahead of time may be the furthest thought from your mind, but rest assured that it’s one of the best ways of reducing the risk of a major tax headache, and helps to avoid mistakes being made due to last minute panic.

There are some tax tips that can just as easily apply to the professionals involved with other people’s taxes, as to the taxpayer themselves, and both parties are more than capable of succumbing to the stress that often accompanies tax season.

`Reducing taxes is a goal many of us aspire to, and by trying to understand our taxes better and become tax law savvy, we can often end up saving ourselves many dollars each year. Read on for the top ten tips for reducing your taxes:

Paying more than you ought to the IRS, is something every individual or business owner will try to avoid, and while everyone must pay their taxes, understanding some common tax exemptions and deductions, can help minimize the total and ensure that the end amount is accurate.

Now that we’re firmly into 2018 and 2017 is becoming a distant memory, if you’re a small business owner, you’re probably busy trying to keep afloat or work out ways to improve your business in the new tax year.

With the 2019 tax year looming on the horizon, you’re probably already thinking about preparing for this time to try and get the maximum out of the changes that were introduced with the TCJA, or Tax Cuts and Jobs Act. Credits have been adjusted, exemptions and tax bracket have altered, making it the perfect time to take a step back and look at your finances before the end of the fourth quarter. Keeping that in mind, here are just a few intelligent money manoeuvres to think about before December 31st, that could help you stay a step ahead of the tax filing season:

This year has been one of confusion and uncertainty for taxpayers, with President Trump’s reform kicking in, leaving many filers unsure of how it will affect their tax liability. Experts are warning about significant delays to the filing procedures, as the IRS, tax filing software providers and tax professionals integrate the Tax Cuts and Jobs Act into their filing and processing systems.

If you’re a first-time tax filer, in some ways life will be made easier as young adults are less likely to have complex financial circumstances that would result in hundreds of pages of tax documentation, but it can still be a stressful, time consuming period in life. So, here are a few commonly asked questions and tax filing tips for students and young adults who may be filing their taxes for the first time:

If you’re new to the world of business, you may not know what an EA, or enrolled agent is or even how they can help businesses with their taxes. If you’re one of those people, then read on and find out whether an EA can help you with your taxes:

Recent surveys have shown that more than half of the population use the services of a paid tax preparer when completing and submitting their tax returns, and for these people, it’s crucial to get started well before the tax return is due. Left too late, and you simply will not have a pleasant tax experience, and may even incur fines for untimely returns.

There are many ways in which you can try and get yourself organized before the 2019 tax year commences, and here are just a few of them:

President Trumps shake up of US tax laws is certain to affect you in some way, but the full depth of the reforms, are not yet fully understood - even by tax professionals - and just how the changes will affect individuals, is still unclear.

When you are the sole proprietor of a business, whether large or small, you need to pay extra attention to your taxes and incurring costly penalties for mistakes or inadequate data, is always a possibility if you don’t engage with a tax preparer.

There are several different ways in which you can file your federal income tax return for your small business, when the time comes, and it will depend upon whether your business is being run as a sole proprietorship or with a legal entity like an LLC or corporation.

It can really pay to think outside of the box when it comes to totting up your tax deductions, and believe it or not, there are a few creative ways in which you can save yourself some money. That said, these potential deductions are not easy to qualify for, and you would be wise to consult a tax professional before taking any steps towards creative deductibility.

Taxes are something that I’m certain only those involved in the tax profession enjoy dealing with, and even then, I’m sure that they get bored of the paperwork, endless figures and constantly changing tax laws! That said, no matter how boring or troublesome we find dealing with our taxes to be, we simply cannot ignore them, and if we do, we can end up having to pay costly fines. There are a few ways that you can minimize the stress involved at tax time though; even if you hand your paperwork over to a tax professional each year, there are still ways that you can simplify the process, and here’s how:

The tax code, officially titled the Internal Revenue Code, has been written by Congress and has an average of 3.7 million words…at this present time, at least! It’s a compilation of tax laws that have been written and passed by Congress since the ratification of the Constitution way back in 1788.

Many years have passed since there was last a tax reform - way back in the days of President Reagan, in fact – and the new ‘Tax Cuts and Jobs Bill’ that has recently been passed is bound to have an impact on all taxpayers, from individuals to business owners.

It’s that time of year again, and as a small business owner you’re thinking about preparing your taxes ready to be filed. Penalties for errors or late filing can be costly, especially for smaller companies, and so getting ahead and preparing your taxes is strongly advised. But what if you don’t have the time to do this yourself, or don’t have the necessary skills and knowledge to prepare your taxes without fear of making a mistake? If this is the case, then you should hire a qualified tax preparer.

If you’re a non-resident alien living in the states today - or NRA - you will likely face significant issues when trying to obtain refunds of withheld IRS taxes that are rightfully yours. A recent IRS freeze on credits that were claimed on Form 104NR (or the Non-Resident Alien Income Tax Return), which did not match the data filed on forms 1042 by tax withholding agents, is responsible for creating many of these issues, and the Taxpayer Advocate have been challenging this move.

Tax filing naturally means that you are reviewing your business’s finances, and so once your taxes have been filed, it makes good business sense to think about the future of your finances before you put all your paperwork away. Here are a few points to consider for your businesses financial future, once your taxes have been filed:

Whether you’re a non U.S. resident or a foreigner living in America, you still need to pay your taxes irrespective of your alien status.

EA stands for ‘Enrolled Agent’ and this is the highest credential that the IRS award to tax Professionals; it’s recognized in all 50 U.S. states. Attorneys and CPA’s or ‘Certified Public Accountants’ are licensed on a state by state basis, and they are also empowered by the Department of the Treasury to represent taxpayers before the IRS.

If used for raising revenue alone, the US tax system would doubtless be a much simpler affair. However, as the system needs to be fair, efficient and enforceable, and has been used by Congress to influence many aspects of political life and for delivering benefits to groups and industries for many years now, it remains complicated, and in fact, becomes more complex every year.