Making More Money

Going to a tax services provider carries with it a lot more benefits than just getting help with this year's paperwork. These 5 tasks illustrate just how much value a professional's help can be.

Amending Returns

There is a slew of reasons, from spotting inaccuracies to receiving new W2 documents, to amend a return from the current year or a previous one, but the process is not one the average filer will be familiar with. The 1040X Form can be filed within three years of making a return, and most state forms following a similar time requirement.

New Tax Laws

Every year is visited with a range of new rules governing what you can and can't claim on your taxes, and it's wise to have a professional around to keep you fully up to date on developments. Local, state and federal laws tend to be revised in the months before the beginning of the calendar year, but late changes can be completed even after folks start to file in January.

Business Needs

Setting up a system for handling complex business tax needs, such as carrying startup costs forward into years to expect to be profitable, is a job that calls for a lot of help. Companies that are required to collect and submit sales tax to states will also require assistance configuring accounts and seeing that they're taking out appropriate amounts of money each period to satisfy the government.

How you intend to set up your company is also something you might want to discuss with a tax services professional. You can ask, for example, would it be wise to start as an LLC or a fully incorporated firm?

Reduced Risks

Documents sent to the government by licensed and accredited professionals are generally less likely to be seen as risky. How you file your taxes is a factor is how the government determines whether your return should be subject to an audit. Some of this will end up being a cost-benefit analysis, and a tax services provider can help you decide whether the upside of claiming a particular deduction is worth the risk of government scrutiny.

Long-Term Planning

Figuring out what the long-run advantages of a particular tax structure might be can be hard for the average person. A professional can explain how to look out for your company's financial health while you focus on doing what you're good at.

Talk to professionals like Balkcom Pearsall & Parrish CPA's PA to learn more.