Are you hesitant to file your tax returns? Do you think you are over paying or under paying the IRS? The fact is that IRS problems happen to most businesses because they do not know how to keep accurate records or how to properly prepare and file their tax returns. Hiring a professional tax advisor is a wise decision to avoid IRS problems both from a personal and business standpoint. Here are some tips that may help you get out of the tax jungle.
Research and engage the services of a tax professional such as a CPA, Tax Attorney or an IRS licensed, Enrolled Agent (EA), that can provide you with the peace of mind that your tax returns are properly completed. A professional tax advisor can review your tax returns from years past to see if you over paid or did not take all the deductions you are entitled. They can amend those tax returns and either reduce the amount of money you currently owe or file for money back.
Also, if you have had poor accounting practices or improperly prepared tax returns any size business can be subject to the scrutiny of an IRS audit. This can result in fines and penalties which if accumulated over a period of time can cripple a business. An experienced tax specialist can handle the negotiations with the IRS and reduce or eliminate the amount owed.
A CPA, Tax Attorney or EA can also negotiate a workable payment plan with the IRS if you do not have enough money to cover your tax owed. This will allow you to make payments over a period of time until your taxes, fines and penalties are completely paid off. Think of this as a loan for the money that you owe to the IRS.
The authors: Dawn Contardi, owner of Sharp Bookkeeping Service, a Certified QuickBooks ProAdvisor and a member of the American Institute of Professional Bookkeepers with 25 years of experience. John Florentino Jr., EA, Enrolled Agent focuses on advising, representing, tax planning, tax compliance and tax return preparation for individuals, partnerships (LLC’s), corporations, estates, and trusts and any entities with tax reporting requirements. Both can be reached at 732-458-3800 or from our contact form.