As completing an income tax return gets more complicated, there comes a time when it is prudent to turn to a professional tax preparation firm. Even if you have been doing your own return for years, it is possible you could be missing some deductions that could keep more of your money in your pocket.
When hiring someone for tax preparation in Brooklyn tax preparation Brooklyn taxpayers can benefit not only on this year’s income tax return, but also going back up to three years. The tax preparer can help by reviewing the past returns and amending them if necessary. Most people think the Internal Revenue Service will catch errors and correct them. While this is almost always the case when it is not in the taxpayer’s favor, it only happens occasionally when it goes the other way.
Another time for hiring someone for tax preparation Brooklyn should consider is when starting a new business. Even a small home business is going to benefit from having a professional to help with setting up the bookkeeping and doing any tax reporting necessary. Sole proprietors and other business owners may face the situation of having to pay in income taxes on a quarterly basis to avoid penalties. For this reason it is not prudent to wait until tax filing time to give a preparer a call.
Businesses can also be required to file other types of returns that they may not be aware of. Payroll taxes are one of those things that must reported and paid in on a regular basis. There may be other state and local taxes as well.
Besides the actual completion of tax returns, a firm can be helpful in the planning process. For example, when nearing the end of the fiscal year (which might be the same as calendar year depending on the business) there are purchases that should be made and others that should be delayed to minimize the amount of taxes that will be due. A professional can best advise on these matters.
One last advantage, and perhaps one of the most important, is that the firm that prepares your tax return can also represent you in front of the IRS in the event of an audit or other action. Their experience in this area could be extremely valuable to a business or even an individual. Give a call today to see how tax preparation and other services can help you.