Did you know that not just anyone has the ability to speak with the IRS on your behalf during a dispute? If you want to ensure that your taxes are being prepared by someone who is ready and able to deal with the IRS should there be an issue, we’re always here for you.
What is tax avoidance? It sounds illegal, but tax avoidance is the perfectly legal method of finding as many deductions as possible to save money on your tax return. A tax accountant knows all of the deductions, such as the ability to write off a gambling winning with up to the same amount of gambling losses or contributing to an IRA.
Financial advice is important for individuals and businesses. It’s important to know the difference between a CPA and an accountant before creating a business relationship. A CPA must pass a rigorous test administered by the state, and then because the CPA is certified by the state, must follow strict rules on ethics and complete continuing financial education each year to maintain that certification.
While many enrolled agents restrict their practices to tax preparation and representation, our firm holds additional professional designations. We offer preparation of year-round tax planning as well as preparation in addition to other services.
Did you know that income tax was once repealed? It was repealed in 1872, but it was brought back in 1894 with the passage of the Wilson Tariff Act, which also created the Bureau of Internal Revenue.
An accountant can help you decide which type of business structure is right for you depending on your situation!
The most common mistakes on tax returns are math errors. There are so many places to add up items and sometimes you have to remember to go to the previous page to include a figure in the calculation. A tax accountant is intimately familiar with the return and won’t make that kind of mistake.
Savings and investments are just as important for your small business as they are for your personal life. The best way to do this is to become familiar with all the different forms of investment, including CDs, money markets, stocks, and bonds.
I only have a home-based business so I don’t really need a CPA. An experienced CPA may be able to offer tax tips that you don’t know about or other advice that could help to cut costs in your home-based company. You can save money by hiring a CPA on a consulting basis instead of as a full-time employee.
Convert to a Roth IRA. Roth IRAs are a popular choice because when the money is withdrawn in retirement, there's no tax due. These types of accounts are enjoying a renewed surge of popularity now that there's no longer an income limit on who can convert a traditional IRA to a Roth account.