No matter what business you are into, tax is one thing that you cannot avoid. When it comes to paying taxes, there are just too many things to do, too many computations to make, and just too many paperwork to deal with.
The success or failure of your business can lie in whether you get the tax part right on so many levels. To this end, you have to get your tax services done right. Doing this may be tough, especially when your organization is not big enough to fund a tax preparation or tax audit team that takes care of all the paperwork for you. However, you can always get independent bodies to carry it out for you.
Whatever the method it is you choose, there are certain tax services that should be provided to you, for you to get value for your money and also be in the right position with the governmental bodies. These services may have specifics that vary from location to location or business to business, but they essentially have to be taken care of. These tax services usually revolve around providing tax advisory services to the company or helping them leverage on tax advantages and so much more. Here are some of the important tax services that your organization needs to get today.
Tax Preparation Services
The first and most important of all the tax services is tax preparation. Tax preparation is the process of preparing tax returns, often income tax returns, often for a person other than the taxpayer, and generally for compensation. Whether you employ the services of a tax accountant or you make use of a tax preparation software, this service must be carried out in any organization.
Where you have the relevant professional tax preparer, his job should typically revolve around calculating, filing, and signing income tax returns on behalf of individuals or businesses. These things are essential for any organization that is registered within the shores of any nation. Where you have no professional to do these for you, tax preparation software like TaxSlayer, TurboTax, and TaxACT can do the work for you.
Tax Advisory Services
Another tax service that ranks high amongst all the other tax services is tax advisory or consulting. A tax advisor or tax consultant is a person trained in tax law. There are just too many mistakes and pitfalls an organization can possibly end up in without proper tax advisory services. The work of a tax advisor is all encompassing. It involves tax planning, and the provision of tax strategies. It would also involve the identification of tax risks and finding out ways of mitigating them.
The essence of tax planning and strategy is to provide proactive strategies and advices that are designed to keep your company in compliance with local, state, and federal tax regulations as appropriate. The advices would also ensure that you can optimize tax loopholes properly and use them to the advantage of the company. They just help you with any complex tax situation. It is certainly one of the tax services that cannot be avoided as tax advisors generally know more than the average Joe would.
According to Turbo Tax, a tax audit is an examination of your tax return by the IRS to verify that your income and deductions are accurate. A tax audit is when the IRS decides to examine your tax return a little more closely and verify that your income and deductions are accurate. In simpler terms, it is an examination of an organization’s or individual’s tax return. It could also be one of the tax services you enjoy from your tax specialist in your organization. The thing is, if by any chance you receive an IRS audit letter, you would need licensed enrolled agents to represent your company through it.
Enrolled Agents are types of tax advisors who are federally authorized tax practitioners, duly empowered by the United States Department of the Treasury. What they do is to represent taxpayers before the Internal Revenue Service (IRS) for tax issues including audits, collections and appeals. They simply provide you with the necessary tax audit assistance and tax audit representation. These services can save you a whole lot of money or make you lose same. All these can end just fine if you engage the right professional for the service.
A review basically means having a relook at something. Tax services centred on this does just that for you. Tax reviews could work in two ways. Your returns can be flagged for review by the IRS or the relevant body. This is usually done to verify your income, your tax withholding, tax credits, and so on. This is how they decide if you owe taxes or should pay more.
The other form of tax review is just about the same as the first, but much more in your favour. Here, the company that provides your tax services would take a relook at certain items. These things could involve issues such as inaccurate filing status, whether you got the correct refunds previously, or if you claimed the right credits. These things can earn you some forgotten cash that could save you a whole lot.
Other Tax Services
Asides the already stated tax services, there are some other services that you should expect from a very good tax team. These include:
- Tax Relief services to present solutions for you to get you back on your feet when you need to pay more to the IRS. This includes instalment agreements and offers in compromise
- Easy tax payment and filing options. For example, where payments and filing is done online
- Tax services regarding tax refunds
- Professional or Expert tax services
- Prevention from tax identity theft and all other forms of tax fraud
- Tax education
With these tax services in place, your organization would be almost completely unshakable when it comes to tax matters. Hence, ensure you get value for any money spent by demanding these tax services.