PDF-Advantages of Tax Preparation Services: Getting Your Taxes Done Right

Compliance with tax legislation is an obligation that both individuals and corporations must meet since taxation. . Understanding Federal Income Tax Principles. . Internal Revenue Service (IRS). responsible for administration and enforcement of federal tax laws. For new business owners or anyone entering the corporate world for the first time, corporate income tax can seem like a minefield. Let’s look at it in a little more detail: 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. 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. 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. 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. 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: 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: 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. There are, of course, strict penalties in place for those who incorrectly file their tax return, whether it’s a business or personal one, but the IRS will not assess a penalty if it owes you or your business, a refund. You can even claim your refund late by filing an amended tax return within three years, but if you owe money to the IRS and fail to pay because of an inaccurate tax return, then they may go ahead and assess penalties and interest. 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: 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. Want to know the advantages of BBA courses? Here are some important benefits of bachelor of business administration degree programme including easy admission, complete learning, excellent job opportunities, and others. https://www.blog.spsu.ac.in/advantages-of-bba/ 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: