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Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Log on http://www.etservicesva.com/
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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.
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Since 2001, tax preparers have been required to undergo a federal tax law examination to prove their technical skills and knowledge by the IRS. While there are no educational or experience requirements necessary to become a tax preparer, the more successful ones will have the following knowledge and skills to help businesses file their tax returns, along with having passed the exam set by the IRS:
There are a variety of ways in which tax professionals set their prices for preparing their clients taxes, and no two will charge the same amount. However, one general rule of thumb is that the more complex the financial situation, the higher the price will be.
Your chosen tax preparer is of course being paid to help you with your taxes, but it’s in the interests of both parties to try and make the process as simple as possible. You are doubtless paying your preparer by the hour, so the easier their job is, the less time it’ll take them, and if your tax preparer is getting bogged down trawling through your receipts or income documents, they may simply make themselves unavailable to you when the next season comes around.
When you are the sole proprietor of a business, whether large or small, you need to pay extra attention to your taxes and incurring costly penalties for mistakes or inadequate data, is always a possibility if you don’t engage with a tax preparer.
OTTAWA, ONTARIO--(Market wired - Feb. 10, 2014) - Did you know? Filing your taxes online is increasing in popularity as Canadians discover how fast, easy, and secure filing online really is. Last year, over 74% of Canadians filed their income tax and benefit return electronically. Are you ready to join them?
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Recent surveys have shown that more than half of the population use the services of a paid tax preparer when completing and submitting their tax returns, and for these people, it’s crucial to get started well before the tax return is due. Left too late, and you simply will not have a pleasant tax experience, and may even incur fines for untimely returns.
Filing your taxes each year need not be a stressful experience if you prepare in advance and take the time to understand a little more about what can get you a credit or a deduction. Even if you’re using the services of a tax professional, it doesn’t hurt to understand as much as you can about the whole process, and the more information you can accurately present to your tax professional well in advance of the due date, so much the better.
It’s that time of year again, and as a small business owner you’re thinking about preparing your taxes ready to be filed. Penalties for errors or late filing can be costly, especially for smaller companies, and so getting ahead and preparing your taxes is strongly advised. But what if you don’t have the time to do this yourself, or don’t have the necessary skills and knowledge to prepare your taxes without fear of making a mistake? If this is the case, then you should hire a qualified tax preparer.
The reason is that you will get a refund of the state taxes withheld. Which form to use: ... For tax return with payment due, mail to: Hawaii Department of ...
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