Hearing the words ‘tax season’ elevates the blood pressure of many individuals. The need to file taxes on time while ensuring accurate information is entered to avoid penalties turns this seemingly simple task into a stressful ordeal.
However, you don’t have to needlessly stress yourself when filing taxes. Instead, it’s best to leave this tax hassle to an expert tax accountant in Lake Nona, FL. You can let an expert deal with number crunching and the nuances of taxation laws.
Hiring a tax accountant in Lake Nona, FL can provide you with many benefits. In this article, you will know about the exact role of tax accountants. Also, you will know the benefits of hiring a tax accountant in Lake Nona, FL and the questions you should ask to hire a competent and experienced professional to handle taxes for you.
If you need help with any tax accounting please call us at 407-502-2400, or email us at [email protected].
Tax Accountants: What Do They Do?
Tax accountants are certified and experienced professionals. They can handle all types of tax-related matters for clients. Apart from doing all the legwork involved in calculating and filing taxes, tax accountants can also help devise tax saving strategies during a season. They can review your previous tax returns and offer you the best advice to maximize your tax savings. You can potentially save thousands of dollars when you hire a tax accountant in Lake Nona, FL to do your taxes for you.
A tax accountant in Lake Nona, FL has in-depth knowledge about the local taxation laws. They can help you to minimize taxes by informing you about deductions and allowances allowed by the IRS. Here are some of the ways in which you can benefit by hiring a professional tax accountant in Lake Nona, FL.
1. Error Free Tax Return File
The IRS imposes a hefty penalty in case any error is found in the report. It’s essential that the tax return file is free of any errors of any kind. Whether the errors are due to computation, entering incorrect information, or entering correct information on the wrong line, you will have to pay hundreds of dollars for the mistake. In addition, your tax refunds will be delayed due to mistakes on the tax return file.
A tax accountant in Lake Nona, FL will make sure that there are no errors on the tax returns. As a result, you won’t have to worry about paying any fine or delays in tax refunds as a result of mistakes on a return file.
2. Qualified Tax Consultation
Another benefit of hiring a tax accountant in Lake Nona, FL is that you can get expert insight into tax-related matters. Qualified tax accountants have complete command over complicated tax rules. They can inform you about credit or deductions that you can qualify. The professionals will also give you advice on how to handle certain tax-related issues. They can give you the best advice regarding how to maximize your tax savings.
3. Avoid Costly Legal Battles
When you submit a tax return file, you have to sign a declaration that all information in the file is accurate. However, if later, the IRS audits your tax returns and finds errors, you can face serious legal consequences. Hiring a tax accountant in Lake Nona, FL provides safeguard against costly legal battles. The tax accountant in Lake Nona, FL will go to great lengths to ensure that all the information mentioned in the tax return is correct to the best of their knowledge.
4. Focus on Your Business
Small business owners and self-employed individuals can get the greatest returns on hiring the services of a tax accountant in Lake Nona, FL. Delegating the task of dealing with taxes to a qualified individual will let you focus on your business. Having someone do the number crunching and fact-finding for you when filing taxes will result in great time and cost savings.
With the help of a professional tax accountant, you can build a solid financial plant to make the best of tax opportunities. You can also take decisions that will have a minimum impact on the taxes. The time and money saved in filing taxes can be better reinvested in your business for greater return on investment.
5. Handle Complexities in Tax Filing
A professional tax accountant in Lake Nona, FL can handle all the complicities involved in dealing with tax-related matters. The professional will itemize the deductions and file different forms including IRS 1040, Schedule A, C, SE, and others. Each of these forms requires entering a lot of information from the accounting records. Your tax accountant in Lake Nona, FL will deal with all the complex and time-intensive tax-related tasks, thereby easing your burden.
6. Deal with Complex Real Estate Taxation
Your tax accountant in Lake Nona, FL can be your best friend in case you own different properties. Calculating taxes for different properties is a complex task. There are a lot of chances of making mistakes when calculating taxes. This could result in a hefty fine imposed by the IRS.
The tax regulation authority in the US levies a ‘failure-to-pay’ penalty if the property owner forgets to report income from a rental property. The penalty can be as much as 25 percent of the total tax due. A tax accountant in Lake Nona, FL will ensure that there are no errors regarding rental properties.
7. Handle Taxable Investments
A tax accountant in Lake Nona, FL can also ease the burden of calculating taxes for taxable investments. The tax professional can include all reportable gains and losses on taxable investments. The penalties can be high, especially for large investment amounts.
By hiring a tax accountant in Lake Nona, FL, you can be sure that there are no errors in the file. A tax accountant will use the knowledge regarding taxes on sales of bonds, stocks, and mutual funds to ensure correct information is added in the tax return file. The professional tax accountant will deal with a lot of different tax-related aspects of investments such as taxes on the long-term and short-term gains and dividends. Also, the tax professional will use knowledge about the different tax rules such as the wash rule, cost basis rule, and others to ensure accurate filing of taxes.
8. Deal with Alternative Minimum Tax (AMT)
Alternative Minimum Tax (AMT) can be triggered in different situations. Some situations when AMT can apply include sale of small business stock, investment advisory fees, or large expenses of an employer. Dealing with these type of taxes is complex, which is why you should let a qualified tax accountant in Lake Nona, FL handle the task for you. An accountant will help you determine whether you will be hit by AMT and also how to accurately calculate the taxes.
9. Calculate Large Gift Taxes
Calculating taxes on large estate gifts is another complex task that you should better let a tax accountant in Lake Nona, FL handle for you. The tax professional will inform you of the different opportunities for minimizing taxes. Some of the strategies include establishing a donor-advised fund or using retirement plans as a source of fund.
10. Help Tax Exempted Organizations
Even tax-exempt organizations can benefit from hiring a tax accountant. The fact is that every organization — even charitable trusts — need to file annual returns. They have to reveal information regarding donations and grants. Also, it’s important that tax-exempt organization report how the funds were utilized in carrying out the operation of the organization. A tax accountant will ensure that the charitable or non-profit company fulfills all the legal requirements for filing annual returns.
How to Select the Best Tax Accountant for Filing Taxes?
You should not just select a tax accountant that charges the lowest price for the services. Make sure that you ask the right questions to ensure that you hire a professional, experienced, and trustworthy tax accountant to deal with your tax-related affairs.
Here are some of the questions that you should ask before hiring a tax accountant.
1. What is Your Experience?
You should find out whether the tax accountant has experience in working with your type of business. A construction and restaurant business has different rules regarding wages and expenses. That’s why it’s important to make sure that the accountant has the required experience in working with similar businesses as yours.
2. Do you Have Required Educational Credentials?
Another important question to ask is regarding the educational credentials of a tax accountant. The best candidate for handling tax-related matters is a professional with a Certified Public Accountant (CPA) license.
CPAs can offer you the best and most qualified advice regarding tax-related matters. The professionals can help you formulate strategies that can result in maximum tax savings for you. Paying a bit extra for a licensed professional will be worth it as compared to hiring an unlicensed professional. You can know more about tax savings and also avoid paying hefty IRS fees for errors and mistakes in the return file.
3. Will You be Available Throughout the Year
Make sure that you hire a tax accountant who will be available all year round. Some tax consulting firms close doors after April 15 and reopen the following year. However, you will need tax help all year when operating a business. This is important to ensure that you take the right decision that results in maximum tax savings. So, it’s essential to make sure that the tax accountant will be available throughout the year to address any issue that arises.
4. Who Will Actually Work On Tax Return Files?
You also need to determine who will actually work on your tax return files. Most large tax accounting firms assign tax duties to different individuals. As mentioned previously, you need to make sure that a qualified and experienced tax accountant is working on your returns. So make sure that the person who is assigned to handle your tax-related matters has the required experience and credentials. You don’t want to deal with a junior tax accountant who always has to consult with a senior to give an answer.
5. Are You Appropriate for the Job?
Trustworthy tax accountants will inform you whether they can handle tax related matters for you. The accountants can tell you whether they have the experience and skills to handle taxes related to your business. If an accountant tells you that he or she isn’t qualified for the job, you should better believe the professional and avoid pressing the professional to work for you.
Make sure that you request for references of both previous and current clients. Take the time to check the references. You need to hire a tax consultant who is trustworthy and who has the expertise to handle all your tax-related matters.
Tax accountants can benefit both individuals and businesses. They can track all the sources of funds as well as the outlays. The tax professionals will ensure that all expenses are recorded including those that can help reduce the tax burden.
With the help of a tax accountant, you can identify qualified deductions, capital gains or losses, and other transactions that can reduce the tax burden. While hiring a tax accountant is not a legal necessity, it’ highly recommended. Hiring a professional tax accountant in Lake Nona, FL will ensure that you adhere to the local tax laws and regulations.