Tag Archives: Preparation

Tax Preparation Requirements ? What Your CPA Needs when Preparing Your Taxes

The goal of a Certified Public Accountant is to prepare your tax return accurately and with the biggest refund allowable or in some cases, owing less to the IRS. To do so, the CPA has to obtain all the pertinent information from the taxpayer. There are two primary ways to obtain this information. The first option is to sit down, face to face with the client, and ask 40-80 questions, provide them with a list of documents they will need and send the taxpayer home to accumulate the documents.

The most efficient option is for the Certified Public Accountant to provide the taxpayer with a questionnaire and a list of documents they will need before the client arrives in the office. The questionnaire lets the CPA know the areas that they need to research or ask additional questions which in turn could lead to a more robust tax refund for the client.

A typical question would be, “Did you purchase a new car during the tax year?” If the answer is yes, the CPA knows to inquire about sales tax paid (which is a deduction), and can ask further questions about the use of the vehicle (personal or business) which might result in further deductions. A CPA can review the list quickly which lowers the client invoice since most CPAs charge by the hour.

Most CPAs create their own list of documents needed to complete tax preparation for a client, and usually consists of one or two pages. Generally, the minimum a Certified Public Accountant needs is:

– Form(s) W-2 (wages, etc.)

– Form(s) 1099 (interest, dividends, etc.)

– Schedule(s) K-1 (income/loss from partnerships, S corporations, etc.)

– Form(s) 1098 (mortgage interest) and property tax statements

– Brokerage statements from stock, bond or other investment transactions

– Closing statements pertaining to real estate transactions

– All other supporting documents (schedules, checkbooks, etc.)

– Any tax notices received from the IRS or other taxing authorities

– Prior Year’s Tax Return if prepared by different firm.

– Value of donated items.

By bringing these items to your CPA, you will save time, money and frustration – all while potentially uncovering hidden deduction gems and saving you money on your tax return.

John Harman is a Certified Public Accountant in McKinney Texas. With over 25 years in the tax preparation industry, John has the knowledge and insight to get the most out of your corporate or personal tax returns.

Naperville, Illinois Accounting Firm Providing Cpa, Tax Preparation, Bookkeeping, Audits, Quickbooks, Strategic Business Planning And Payroll

Naperville Illinois Accounting Firm vs. Online Tax Providers

For those who live in or around Naperville, Illinois, an accounting firm that can handle your taxes is available to offer you service, attention to detail and quality over what you’ll get with online tax providers.  No matter where you’re located, in fact, accounting firms are available to handle your tax preparation needs.  Though many people use online tax providers, there are some differences that may make you want to hire a Naperville, Illinois accounting firm to do your taxes this year instead.

Millions of Americans use a professional tax preparer each year, and for a good reason.  Having a professional in Naperville, Illinois or anywhere across the country to do your taxes minimizes the chances that there will be an error in your tax filings.  Accountants are well versed in tax law and on top of any changes made to the tax code each year.  They’re professionals, and not likely to make a mistake.

But when you use online tax providers, you’re essentially using that provider’s software to prepare your taxes.  You’re inputting the information according to the questions asked by the software.  If you’re usure about something asked or confused, despite the things built into the software to make sure nothings missed, you could make a mistake that the software won’t catch.

The tax code changes regularly, and professionals like those in a Naperville Accounting Firm keep abreast of all the latest changes and developments to make sure you get every deduction possible and don’t overpay.  Online tax providers update their software too, but if you come to something you’re unfamiliar with, you might miss something that a professional wouldn’t.  Online tax providers also can cost more than a person thinks at the outset.  There might be extra fees associated with electronically filing the state form, or certain forms necessary to complete your taxes, as well as extra fees if the returns are rejected and need to be filed again.  You should read the fine print before preparing your taxes with an online provider.

And while it doesn’t happen often, if your taxes are audited you’ll definitley see the benefits of hiring professionals.  If you used a Naperville, Illinois accounting firm, that firm and all of your tax records are right there to back you up and make sure everything is taken care of.  If you’ve done your own taxes through an online tax provider, mistakes you’ve made can cost you in late fees and penalties.  You can get auditing back-up from online providers, but typically that incurs an extra charge, bringing the price up.  When you use a Naperville, Illinois accounting firm, you get not only personalized service and attention to detail that can save you headaches later, but the utmost in security and professionalism regarding your financial matters.

Elle Wood alerts you to businesses and organizations that offer exemplary services and value. Find out more about finding an Accounting Firm in Naperville, Il by visiting www.LewisCpa.Us

Working with your Dallas Accountant—Some tips for Tax Preparation

Your Dallas Accountant need not know everything about the income tax preparation. Hence, it is important that you know how to actually “work with” your accountant. Here are some tips for you on how you can go about this particular affair.

Firstly, fix an appointment with your Dallas accountant immediately after the peak season of tax preparation. You should ask him or her for the detailed list of items that he or she needs to bring the considerable deduction from the final bill. You should understand that they are not aware of everything as such. They are just here to help you out. In Dallas, you can find the best Dallas CPA services that cater to your business and financial management. Any improper calculation in the income tax can lead to a deduction in your income. Perhaps, the accountant is least concerned about it. It is up to you to ensure that you extract all that you need from your auditor or accountant.

Hence, it becomes necessary to find accountants or auditors from renowned Dallas accounting firms who are sure to lead you in the correct path right from the word go! Though you have to pay marginally more than what you pay individual accountants, you are assured of good accounting services that these companies offer you. This is definitely helpful in managing your finances effectively so that you are clearly ahead of your rivals.

No matter how big your organization seems to be, Dallas CPA firms assure you of all the accounting and financial services for your company. If you are newly building a business, you need to ensure a safe foundation in terms of the most critical resources which is nothing but money. How you manage it matters the most when it comes to newly established businesses.

These firms offer advice on how to proceed with all your accounting needs such as income tax preparation, payroll, auditing, tax planning, etc which are very important when it comes to structuring your business. You may not be aware of the tax deductions that you can avail if you try to do this entire procedure by yourself. Hence, it is important to opt for an efficient Dallas accountant.

To learn more about dallas cpa you can visit www.gurianco.com and learn how dallas accountant helps millions of consumers reach their financial goals.

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