Whether you are an individual earning your regular income or a small business owner earning profits from your trade; to fulfill our role as a responsible citizen, we must pay taxes. Most people run away from taxes but it’s not just because it takes a good part of their income; it is more than that. Paying taxes involves figuring out the percentage and amount that you are liable to pay to the government. The tax amount is generated in accordance with the rates and regularities passed by the authorities of a particular state or country.

In short, it is not easy. The process is extraordinarily complicated and while some people might be able to figure out their individual tax on their own, a small business needs guidance for sure. Not only do tax preparers help in making the whole ordeal short and easy to handle, but they also come up with ways that could help taxpayers save and deduct some taxes.

For any Kissimmee tax preparation needs, please call us at 407-502-2400.

What Is Tax Preparation?

So, what really is tax preparation in Kissimmee? The whole process involves taking care of various financial matters, preparing tax returns or income tax returns for an individual or a business. Tax preparation in Kissimmee can be done by either a person or with the help of hiring the services of a tax preparer on a compensation basis. Tax preparation can also be done using different software or online services.

When it comes to getting our taxes prepared in Kissimmee, we have a plethora of options. We can hire a person with the certification, license and an education that gives them an authenticity to conduct their work. There are also a number of tax preparation businesses which are not licensed yet working with the sole focus of preparing taxes in Kissimmee.

Who Is an Income Tax Preparer?

Tax preparation is a complex and complicated process that requires our time, efforts and extra attention to every detail. It also requires some extra knowledge and little open secrets to handling it with smartness. Unfortunately, a businessman who is well educated in the art of manufacturing and supplying or an individual who is a writer or an artist do not possess these hidden skills in their sleeves. They need someone to take care of their taxes and prepare their tax return. A tax preparer can either be a single person or an entity that are deeply involved in the matters of taxes and legalities and can easily handle things, like filing tax returns or claiming tax refunds.

For any Kissimmee tax preparation needs, please call us at 407-502-2400.

Steps of Tax Preparation in Kissimmee

While there are different methods of getting your tax prepared in Kissimmee, the survey tells that 60% businesses still prefer hiring an individual for this work. Hiring the right professional for this work can lead to major tax savings and all the while, remaining in the circle of legality. Our lack of knowledge often leads us to make mistakes and suffer from a loss. If you are planning to hire a professional to help you with the tax returns and tax refunds, then here’s your guide to picking up the right individual and the actions you need to take.

Here’s your step-by-step guide for tax preparation in Kissimmee:

  • Select A Specialized Tax Preparer:

Everything will go smoothly if you get your hands on the right tax preparer. The best way to go about it is through word of mouth, reviews and referrals. Don’t rely on a tax preparer’s own marketing. If a friend tells you about a tax preparer and is confident in his/her skills, then you have got your preparer. However, make sure that the preparers have their PTIN number since the IRS, as of 2011, has made it mandatory for tax preparers to be licensed and registered.

  • Meet The Tax Preparer:

Once you have chosen your preparer, ask them to meet you as soon as possible. Tax preparing is a convoluted procedure and the more you drag it, the more complicated it will become. For your tax preparation in Kissimmee, set up a meeting with your preparer immediately so that in the case of any refund, you can get yours promptly without any delay. Also, all the deductibles and other planning have to begin way before the tax period. So, any advice your preparer may have in that regard must be communicated to you straight away.

  • Gather Information and Documents:

While your tax preparer is busy with preparing your tax returns, you need to do some preparations of your own. Soon after your contact and deal with the tax preparer, you’ll begin receiving different kinds of information returns. Your job is to check them and see if they all match with your original records. Next, you should start collecting all your receipts for your deductible expenses. Usually, this is taken care of as it happens but if this is your first time, then collect and gather all the recipes for deductible items together so that it becomes easier to determine the price of the write-offs. The more organized and responsible you remain in this regard, the better it will be for your tax preparation.

In case you have made charitable donations, make sure to gather its records too. Keep looking for new tax rules and changes for tax preparation in Kissimmee to brace yourself from any hidden costs. Most of the times, businesses are unable to keep up with all the things and end up missing their deadline. iIn case you feel that way, you can always ask for item extension.

Whether you are an individual or a small business owner, tax preparation in Kissimmee or anywhere in the world requires lots of time for preparation. So, besides following the above procedure and advice, make sure to start way early. This will not only allow you to be done on time but will also help you in planning more calmly and smartly.

For any Kissimmee tax preparation needs, please call us at 407-502-2400.

Types of Tax Preparation in Kissimmee

There are two kinds of people who desperately need their taxes prepared in Kissimmee; individuals and small business owners. So while tax preparation does not exactly have types, they do have different sources at the end of it. Tax preparation can either be done for an individual or for small business owners.

  • Individual Tax Preparation:

Every individual needs to pay their taxes and while it is just a matter of figuring out one person’s tax return, deductibles, write-offs and refunds, it still leaves the best of us all baffled and confused. The fact that 77% of tax payers in America find it easier to pay their tax with the help of taxpayers also speaks volumes about the complexity of tax preparation in Kissimmee.

Either way, tax preparation in Kissimmee becomes an important concern for an individual who is liable to pay tax and has to take help from the experts. Let’s have a look at just some of the important considerations that have to be processed when doing an individual tax preparation for an individual:

  • General Taxable Income
  • Income Documentation
  • Retirement Income
  • Business Income
  • Tax Credits Checklist
  • Expense And Tax Deduction
  • Tax Estimate Payments Checklist
  • General Information

These are just the tip of the iceberg. The requirements and details that are involved in each of these considerations are even more complex and require quite some time for preparation.

  • Small Business Tax Preparation:

Small business owners need to have their taxes prepared and ready by the time the tax season rolls around. Small business tax preparation in Kissimmee is slightly different than tax preparations for an individual person. While an individual person can begin their tax preparation only a few months before the tax season, a small business has to begin their preparation from the very beginning. Tax preparation in Kissimmee requires proofs, receipts, documentations and a small business must begin maintaining records and bookkeeping from the very start. In fact, some small business owners even hire a tax preparer right after their start-up to get advice on matters of tax. Having information and knowledge about taxes beforehand helps small businesses in avoiding costly mistakes and keeping track of all the costs that might assist them with their tax deduction.

The list for small business tax preparation is long and extensive. What counts and what is deducted as business taxes is a never ending list of questions and documents. It is impossible for a small business to maintain and prepare for tax preparation in Kissimmee on its own. The following are just some of the considerations of tax preparation:

  1. Income:
  • Gross receipts from sales or services
  • Sales records (for accrual based taxpayers)
  • Returns and allowances
  • Business checking/savings account interest (1099-INT or statement)
  • Other income
  1. Cost of Goods:
  • Inventory
  • Beginning inventory (total dollar amount)
  • Inventory purchases
  • Ending inventory (total dollar amount)
  • Items removed for personal purposes
  • Materials & Supplies
  1. Documentation of Expenses:
  • Advertising
  • Depreciation
  • Meals and entertainment (business-related)
  • Interest Expense
  • Expenses of professional services
  • Office Supplies
  • Other Expenses
  1. Home Office Deduction:
  • Square footage of home office
  • Home office supplies

Popular Software for Tax Preparation in Kissimmee:

The second most popular source of tax collection in Kissimmee is through software. While there is a number of software now available in the market, we are listing down some of the most popular ones here:

  • H&R Block at Home:

Formerly known as TaxCut, H&R Block at Home is one of the most popular and widely used software for tax preparation in Kissimmee. One reason for its wide popularly is it’s long-running when it comes to tax preparation. H&R Block at Home allows individuals and business owners alike to cover a wide range of tax preparation features. It also connects the users with some expert’s tax preparers. The only setback of this software is its high cost, especially when compared to other similar software and the difficulty in making the final error check using this software.

  • TaxSlayer:

TaxSlayer is very cost friendly for those taxpayers who cannot afford software like H&R Block at Home. Low in cost as it is, it is not lacking by any means when it comes to its features. TaxSlayer supports all the major IRS forms and schedules; in fact, it is said to be the one software that supports the most. The only place where it can use a little improvement is its navigation system and user interface. Other than that, this software is perfect by all means. It even offers extra schedules, like C and F, to its users. It even supports a wide range of IRS documents which make tax preparation in Kissimmee all the easier.

  • TurboTax:

Where TaxSlayer stands out for its affordable cost, TurboTax stands out for the being the most user-friendly tax preparation software. From creating your account to tax documentations, everything happens smoothly without any unnecessary hurdles. The software also keeps updated and supports the most modern designs. TurboTax also offers constant guidance and support to its users by providing a live chat option. So anywhere the user feels any difficulty, they can get assistance from the 24-hour chat service. Tax preparations in Kissimmee are made even easier because of the endless options and automatic functions. The users don’t have to worry about keying in information, such as salaries and donated amounts, as TurboTax is built to take care of it. It also takes care of any new acts and rules and shapes the tax system in the software accordingly. The best of TurboTax is its double-checking feature. Tax preparation with TurboTax eliminates all chances of potential mistakes and costly errors.

  • FreeTaxUSA:

If your business or you as an individual deals with income and expenses that are pretty straight forward and remain more or less the same year after year, then the FreeTaxUSA software is just for you. Without any hotchpotch and pretty straight-on processes, one can do their tax preparation in Kissimmee by just keying in some numbers and getting the results. FreeTaxUS is easy-to-use and remarkably cheap. However, it cannot handle very complex matters of various other small businesses.

  • eSmart Tax:

Being smart and all, eSmart Tax software is known for staying up-to-date and always coming up with new features and better options to improve its service. eSmart Tax is also a favorite among many taxpayers for providing free e-filing of federal return to its users. Other standout features of this software include free advice for audit reports and 24/7 tech support from their live chat.

Mistakes to Avoid During Tax Preparation in Kissimmee:

With such a complicated and mind-numbing procedure, it is only natural that we make mistakes. However, by following careful methods and understanding some of the most common mistakes during the process, we can minimize ours.

Read on and discover some of the most common mistakes made during tax preparation in Kissimmee:

  • Fishing for Big Refunds:

Who wouldn’t claim for refunds if they get a chance to? No one. However, that doesn’t mean that you can just walk anywhere asking for a big refund without actually making sure whether the claim is even accurate or not.

  • Slip-ups during Calculation:

Where there are numbers involved, errors are inevitable. However, with double and triple checking, these miscalculations can be eliminated. Sometimes, these miscalculations can cost a really heavy amount to the taxpayers or cause a reduction in their tax refund amount. If you are prone to making loads of calculation errors, then it’s better to consider a tax preparation Kissimmee software to avoid making any major blunders. Though IRS’s own system will be putting your file under many processes of checking and double-checking, it’s better that they are not given a chance to find any discrepancy.

  • Error in Writing:

One of the most common mistakes that usually happen whenever we are dealing with numbers and calculations is mistyping. 4,200 is often written as 2,400 or 42,000 and it can cause some major trouble to the taxpayer. Another mistake is found in the bank account details, a mistake that can actually prove to very costly to the taxpayers. In the case of tax refunds, the entire fund can go into the wrong account. The better solution would be to get a direct deposit in your bank account.

  • Incomplete Information:

Another frequent mistake found during tax preparation in Kissimmee is incomplete information and most of it comes down to security numbers. Some people write it wrong and some even forget to write it at all. It is necessary to copy the number on all tax returns exactly as it is mentioned on the Social Security Card.

  • Error in Typing:

It is not only the numbers that taxpayers miswrite. Many even misspell their name or the name of the business. They should copy it exactly as it is mentioned in all the official and legal documents to avoid any mishap.

Now that you know every important detail about tax preparation in Kissimmee, make sure to use the right means for tax preparation of your or your business’ taxes. Be it software, a licensed accountant or a tax preparing enterprise, as long as you have the right support beside you, your tax preparation shouldn’t be a problem at all.

For any Kissimmee tax preparation needs, please call us at 407-502-2400.

Was this post useful?


Post comment