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Brandon, FL, Tax Expert: Top Benefits of Working With a Professional Tax Preparer

It is almost that hair-pulling, stress-inducing time of the year again, tax time. This leads to the inevitable next issue of whether to try one of the many DIY tax software programs available or have the taxes done by a professional tax preparer. While there are many more tax software options than ever before, there are still some critical reasons to trust a tax preparation professional to prepare taxes, explains Greg J. Menia, CPA and founder of  Accurate Tax and Bookkeeping Services

Doing taxes is a daunting task, and one most people want to avoid as much as possible. This is one reason why some people opt to try DIY tax preparation software. Many of these programs are very low-cost and simple to use. But is this the best option? For the few individuals that have simple taxes and some level of experience, it may yield an adequate outcome. For most, however, it can lead to costly mistakes. 

There’s No Substitute for Tax Knowledge

Tax software, like any other software program, relies on the correct input. The software may be advanced enough to anticipate some information and provide prompts, but it is still not a substitute for human knowledge and expertise. A tax preparation expert does not just input information, they evaluate it. Because they have knowledge of tax laws and have in-depth experience in working with real-life tax issues, tax accountants avoid costly mistakes and get more money back than any common software can. 

Tax Experts Use Better Software

One of the first benefits of working with a CPA for tax preparation is that professionals use expert programs that are not available to the general public. For comparison, there are many tax preparation programs available from as low as $10 to $200. Professional software programs can cost as much as $6,000 or more. The powerful software allows the accountant to evaluate the data, line items, and organization to ensure all the information is complete and correct. Better tax tools yield better results. 

It Avoids Mistakes

Mistakes in taxes can be very costly. It might mean missing significant deductions, or worse, triggering a costly, stressful, and time-consuming IRS audit. An accountant can help avoid these errors and help avoid being flagged for an IRS audit. 

Tax Professionals Can Help All Year

An accountant can do much more than just prepare taxes once each year. They can help clients work all year to make smart choices that will benefit them at tax time. Software is purely for getting taxes done. An accountant knows you, and your individual situation such as your job, children, expenses, education, and more. A knowledgeable professional can help make important recommendations such as smart business purchases or how to save for education.

A Tax Professional Saves Time and Money

When a person uses inexpensive tax software, it leaves a lot of room for things to go wrong. If it does go wrong, it means needing to hire a CPA to assess and handle the problem. All of this is time, money, and a lot of added stress that could have been avoided. Taxes are serious and complicated. Doing them wrong can have serious consequences. Overall, a tax professional can save time and money. 

Accurate Tax & Bookkeeping Services

Founded by Greg Menia, CPA, Accurate Tax & Bookkeeping Services, LLC (ATBS) is a full-service tax, accounting, and consulting firm located in Brandon, FL, offering services to businesses and individuals in Tampa Bay and surrounding cities. ATBS specializes in tax preparation and planning, accounting and bookkeeping, payroll, and representation in IRS/State matters. For more information about tax preparation or other services, call (813) 655-9702.

Accurate Tax & Bookkeeping Services

710 Oakfield Dr. 

Ste 125

Brandon, FL 33511

Brandon Expert Shares Top Reasons to Hire a Professional for Business Taxes

Between managing a team, marketing, sales, strategy, and daily operations small business owners wear a lot of hats. One area that the SMB should consider outsourcing first, however, is tax preparation. Hiring tax services for a small business is a smart move that can translate into better business profitability and a lot less headache, explains Greg Menia, CPA and founder of Accurate Tax & Bookkeeping Services, a full-service tax, accounting, and consulting firm located in Brandon and offering services to businesses and individuals throughout the Tampa Bay area. 

What is a Tax Preparation Service?

More than a tax advisor, a tax professional is someone with in-depth tax knowledge, advanced credentials, and industry experience to assist a small business with tax services. Most tax preparation services include preparing, filing, or assisting with business tax forms. Beyond these basic services, a tax preparer with appropriate credentials can also defend a taxpayer with the IRS. This includes audits and tax court issues. 

Advantages of Hiring a Tax Preparation Service

For small businesses, hiring a tax professional provides many benefits, not just during tax time. Here are a few of the most important advantages to small businesses. 

  • Having business taxes done by a professional helps business owners avoid costly mistakes.
  • Tax professionals can answer questions about difficult-to-understand tax codes and help resolve tax issues.
  • Tax professionals can provide tax planning services and advise business owners of smart money moves to make throughout the year. 
  • Tax professionals can help provide long-range strategies for reducing their taxes.
  • Utilizing a tax preparation service frees up the business owner’s time to focus on core duties and revenue-generating activities.
  • Tax Services for small businesses can review past tax returns to ensure they were filed accurately.
  • Using a tax professional helps reduce the risk of an audit. If the business is audited, the tax professional may be able to represent the client.

How to Find Tax Services for Small Businesses in Brandon 

Not all tax preparers are created equal, and not every tax preparation service is the perfect fit for every business. The key to finding a good fit is asking a lot of the right questions. 

  1. Do you have a PTIN (preparer tax identification number)? Anyone who prepares federal tax returns for compensation must have a valid PTIN to legally be able to prepare taxes. 
  2. What are your qualifications? There is a wide range of people that can prepare taxes, but that doesn’t necessarily make them a good fit for your business. 
  3. Do you have experience in my industry? 
  4. Who will be the person preparing my taxes? 
  5. What additional services do you provide? 
  6. What are your fees?
  7. Who will sign my return? A preparer without a PTIN will not sign the paperwork, and is a sign you should keep looking. 
  8. Do you offer electronic filing? 
  9. Are you available for questions even outside of tax season?
  10. What happens if I get audited? Can you represent me? 

A tax professional can help by preparing taxes, but the right service can help all year with services such as tax planning, bookkeeping, accounting, and consulting. By asking comprehensive questions, the small business owner can identify an experienced professional. 

Accurate Tax & Bookkeeping Services

Accurate Tax & Bookkeeping Services, LLC (ATBS) is a full-service tax, accounting, and consulting firm located in Brandon, offering services to businesses and individuals throughout the Tampa Bay area.  Areas of expertise include tax preparation and planning, accounting and bookkeeping, payroll, and representation in IRS/State matters. For more information about bookkeeping or other services, call (813) 655-9702.

Accurate Tax & Bookkeeping Services

710 Oakfield Dr. 

Ste 125

Brandon, FL 33511

Why Bookkeeping for Small Business Will Save You Money

From facility costs, insurance, taxes, and payroll to equipment, marketing, and licensing fees, there are many necessary services and expenses associated with running a small business. While optional, bookkeeping services are one of the most beneficial services to any small business, says Greg Menia, CPA and founder of Accurate Tax & Bookkeeping Services, a full-service tax, accounting, and consulting firm located in Brandon and offering services to businesses and individuals throughout the Tampa Bay area. 

As a small and growing business, handling the books in-house may seem like a manageable task. What many small businesses do not realize, however, is that it likely costs them far more to do on their own than it would outsource to a tax and accounting firm specializing in bookkeeping for small businesses

Opportunity Cost

On the surface, it may seem like it saves money when an owner or one of the employees does the bookkeeping. To find out if it is a cost-savings, it is important to calculate the total cost. For every hour an owner or another employee spends there is an hourly wage cost, plus the cost of opportunity lost while doing that activity. 

For example, if an owner pays themself $50.00 an hour and it takes 10 hours per month to do the bookkeeping, that totals $500. 

If the owner of the company generates $500 an hour in revenue-building activities, that is an additional $5,000 lost in that same 10 hours per month.  

Depth of Information

Another advantage of bookkeeping services is the depth of financial information that can be mined and utilized to make business decisions. For example, keeping books up-to-date allows the business owner to see trends, such as an increase in the price of goods. This allows them to adjust the prices of their goods and services accordingly to maintain their profit margins. 

Another way that bookkeepers for small businesses can save money is by identifying diminishing profitability in areas of goods or services. Conversely, a bookkeeper can help identify areas that have become more profitable. This information can help the business owner save considerable money that would have been lost otherwise. 

Top Advantages of Hiring Bookkeeping Services

A small business owner may be reluctant to hire a bookkeeper, but there are some outstanding advantages that make doing so a good idea. Here are just a few of those advantages. 

  • The owner and other employees can focus on revenue-generating activities such as engaging with clients or building clientele. 
  • All the records are kept up to date, complete, and accurate. This allows the tax preparation service to take advantage of all the tax credits and deductions. 
  • It allows business owners to manage accounts payables and receivables effectively. 
  • It helps position the business for continued success. Having the correct accounting information allows you to take advantage of tax benefits, investments, partnerships, purchases, and more. 

Finding the Best Bookkeeping Services 

When a business needs a bookkeeping service, it is important to find one that is local, familiar with your industry, and willing to provide personalized and attentive service. A skilled bookkeeper will be a true asset to your business and a partner in helping you achieve your financial goals. 

Accurate Tax & Bookkeeping Services

Looking for bookkeeping services near me? Accurate Tax & Bookkeeping Services, LLC (ATBS) is a full-service tax, accounting, and consulting firm located in Brandon and offering services to businesses and individuals throughout the Tampa Bay area.  Areas of expertise include tax preparation and planning, accounting and bookkeeping, payroll, and representation in IRS/State matters. For more information about bookkeeping or other services, call (813) 655-9702.

Accurate Tax & Bookkeeping Services
710 Oakfield Dr. 
Ste 159
Brandon, FL 33511

Accurate Tax & Bookkeeping: Penalties When Taxes Are Filed Late

What happens when taxes are filed late?

Although it may be tempting to evade tax payments, it is not advisable to do so. The IRS (Internal Revenue Service) takes action against tax-evaders. The interest and penalties on the outstanding amounts will accrue over time when taxes are not paid by the due date. Even though most people are aware of these facts, there may be situations when they file their taxes late or do not pay them at all. Hence, it is imperative to know the consequences of not filing taxes. Accurate Tax & Bookkeeping enlists the same below:

1. Failure to file penalty

If the tax return has not been filed by the deadline, the IRS can impose a penalty. This is the “failure to file penalty”. This penalty depends upon the amount of unpaid taxes and also on how long the filing of taxes has been delayed.

2. Late Payment Penalty

This is the penalty a taxpayer incurs for not paying the total tax amount owed by the due date.

3. Lost Tax Refunds

Taxpayers must file tax returns within three years of the deadline. If not, they generally will forfeit any refund the IRS owes them.

4. Statute of limitations

The IRS generally has the power to audit the tax returns filed by a taxpayer within the last 3 years. This time period can be longer under certain circumstances.  This is called the “statute of limitations”. If the IRS suspects that the taxable income filed has been understated, an audit can be conducted, which may lead to further penalties and legal actions.

5. Penalty abatement

Penalty abatement refers to the process of removing penalties for the taxpayers. This is done when the taxpayer has made a mistake while filing the tax or has faced an uncommon circumstance such as a natural disaster, serious illness, or death of a family member. The IRS may also waive the penalty if the taxpayer pays taxes on time, has filed all tax returns, and has no prior penalties within the last 3 years.

6. Pay in installments

A taxpayer can set up an IRS installment agreement which gives them up to six years to pay their tax liability.

If a large amount of time passes since the tax deadline and it has not been paid, the IRS could potentially seize a portion of the taxpayer’s wages until the amount owed is settled. Also, the IRS may file a return on the taxpayer’s behalf. This is called “substitute for return” (SFR). SFR can end up being larger than the original tax amount to be paid. 

Having said all this, the bottom line is paying taxes on time is the best way to maintain a healthy financial record. A good tax preparer can provide the necessary advice and guidance in this regard.

About ATBS

Workingclosely with small businesses and individuals, Accurate Tax & Bookkeeping Services is a tax preparation and bookkeeping service company founded in 2010 by Greg J. Menia. The team has expertise in the fields of tax preparation and planning, accounting and bookkeeping, payroll, and IRS/State representation around Tampa, FL. 
 

To contact Greg and the team at Accurate Tax & Bookkeeping Services today:

·   Or visit the offices at 710 Oakfield Dr. Suite 159, Brandon, FL 33511.