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#TaxSeason #TaxTime #FileSmart #TaxHelp #DeadlineReady #MoneyMoves #CPAApproved #TaxExperts #StressFreeTaxes #TaxPro #MaxRefund #GetYourRefund #SmartMoney #TaxRelief #FinancialWellness

Wondering whether your tax situation calls for a hired gun to sort things out and minimize what you pay? We detail several instances where outsourcing your taxes to a professional make perfect sense.

#tax #taxes #taxprep #taxpro #cpa #taxseason

https://wealthup.com/when-to-hire-tax-professional/

If the thought of doing your own taxes keeps you up at night, it’s better to just hire a tax preparer to file your return this year. But that comes with its own set of scary problems. Here are a few stress-free tips for finding a reliable tax preparer.

#tax #taxes #taxprep #taxpro #taxhelp

https://wealthup.com/picking-tax-preparer/

Let's be clear:
The #1 most demanded, most immediately cost effective use of AI by small businesses is connecting their marketing and sales processes with their accounting processes.
#taxpro

On tomorrow's Daily Tax Minute, we will address nonprofit filing requirements due May 15 and the penalty for late filing. On Wednesday we will cover anonymous donations to nonprofits under the new disclosure rules. #nonprofit #taxpro

If you owe taxes, it is better to file now and pay later than not file on time. Even if you don't have your accounting ready to file now, or if you do not have the money to pay the income tax, an extension filed by tomorrow is an easy inexpensive way to save the cost of a large tax penalty for late filing. #taxproblems #taxpro

The most surprising and fastest growing small business tax practice development of 2023: the sudden need to perform so many tax filing engagements without traditional bookkeeping reports. https://taxproblems.cpa/what-is-a-tax-compilation/ #taxpro

The field of tax accounting has always been ridiculously complicated and overloaded with potential for conflict. In recent years we saw a sharp rise in both unintentional noncompliance fueled by social media misinformation and a spike in deliberate noncompliance. Now we are beginning to see IRS and other tax authorities advance and automate their audit and collection processes. I don’t know where this is headed but am quite certain that it means full employment for the rest of my years. #taxpro

https://southjersey.cpa/confused-over-section-199a-business-earned-income-deduction-for-multi-entity-businesses/ A timely issue for small businesses facing March 15 filing deadlines. #taxpro

When you were about to send your client a reminder of the things you need to finish up their 2022 accounting work, and you see photos pasted on Facebook showing that they are on vacation in the Caribbean.
#taxpro

Law enforcement
History is made by those who break laws. The end of slavery, rights for women, companies like Uber and Airbnb, even clean air and water, would not have happened without people breaking laws. I’ve created a little notoriety myself by documenting and anonymously publishing deliberate lawbreaking positions by CPAs. #taxpro

They say that it’s natural that most of your clients tend to be within 10 years of your own age. Consequently, I don’t work with many young families. But today I finished a multi-year tax project that should (fingers crossed) bring five figure refunds to a young working class family that can really use it. It’s a good feeling; different from helping a wealthy client save much larger amounts. I say “fingers crossed” because some Covid-related issues are so subjective.
#taxpro

I feel like a "good tax Samaritan" today after amending a tax return for a young family's 2019 tax return to request an additional Earned Income Tax Credit. Any amount of additional cash is a big deal to young working class families. Tax return amendments are not simple; there are many complicating factors to consider. Among the complications: IRS and states don't seem to follow their own published procedures sometimes. I do not have many young modest income clients so I do not normally handle many EITC returns. #taxpro

Comparing Tax Prep Prices: TurboTax vs CPA
If price is your primary concern, avoid the higher expense of a CPA.

About half of Americans prepare their own tax returns, and the other half hire help. Most people do not require a senior level CPA with tax law expertise to prepare their personal tax return. A private practice CPA in the northeast region is naturally more expensive, but there are other benefits. This post only compares the prices.

TurboTax Live with one state tax return advertises its premium service at a combined rate of $458, less early-bird discount, plus any additional elected services.

My lowest tier flat rate service is $1,000, less referral discounts, that includes a list of related services.

Both of these quoted prices assume that the financial statements are already complete for any self-employment income or side gig. My experience is that this is often not the case, and this can be the most expensive part of the process. Both of these also presume that there is no cryptocurrency reporting which can add to the cost. #cpa #taxpro

Tomorrow evening I will be the guest on Jim Quinn's cable TV show in Millville. Later this week I have a second group presentation in Mount Laurel. Hopefully we resume TV studio filming "My Two Cents", the streaming media show. Late in the month I'm the guest speaker at the Bridgeton Chamber meeting. All of these talks will focus on the dramatic changes in how accountants now serve the community. I spent much of today gathering notes and organizing the presentations. #taxpro

Accounting trends:
“Not only don’t we have enough bodies, but those in positions are not as qualified” - guest comment by Amber Setter on the latest episode of Cloud Accounting Podcast #taxpro

It's February Already! https://tonynovak.com/its-february-already/

#smallbusiness #productivity #taxpro

Useful and interesting online discussion yesterday inspired this blog post about six current or recent #smallbusiness #tax cases. #taxpro
https://taxproblems.cpa/ein-confusion-with-small-business-mergers-nesting-and-ownership-changes/

Another hot tax topic with a lot of misinformation bantered around in social media. https://taxproblems.cpa/hobby-loss-tax-problems-on-the-rise/
#taxpro