Why You Should Hire an Expert in Tax Preparation

In the United States, many people file their taxes all on their own. Unfortunately, however, a lot of these people really shouldn’t! Individuals who file their taxes on their own are likely to make errors or oversights that could cost them money, keep them from saving money, or perhaps even increase their chances of an audit.   

Thus, even if you feel confident about filing your own taxes, it’s always best to hire a professional tax preparer. After all, they are experts in the field, so it just makes sense to have one of them help you out come tax time.

Save Time

Preparing your tax return accurately and in the way that benefits you the most takes time. It’s not something you can just do in a quick fifteen minutes or so.

Unfortunately, though, not everyone has the time to devote to their returns. If that describes you, don’t just rush through it. Instead, let a professional help you. They can do all the filing for you, typically after asking you just a few key questions. Many will even submit it to the IRS on your behalf. Thus, you get an accurate tax return filed without you really having to do much of anything.

Save Money

If you find yourself owing way too much in taxes each year, it could be because your taxes aren’t being filed in the best possible way. The “best possible way” means with every possible deduction and credit you can take being applied.

The average taxpayer may take a few deductions or credits here and there, but a professional will know every deduction and credit inside and out and whether or not it applies to you. To make sure you don’t miss out on something that could save you money, let an expert prepare your return.

These are just a couple of benefits of having a professional prepare your return. Perhaps the best benefit is that you don’t really have to worry or stress over your return once it’s complete. Instead, you can feel confident that it’s been filled out correctly and that you have a nice refund or at least a lowered tax bill coming your way.

Tax Documents

The mailbox is full at this time of year, with documents all pertaining to the tax filing season.  Outside of the W-2, you’re not sure what you need to save for tax preparation.  

You’ve reviewed your Wage and Tax Statement (W-2).   You’ve checked your final paycheck stub from 2019 to make sure it matches the total indicated on W-2, and that is as far as you've gotten.  With all the statements you've been receiving since January, it's time to start accumulating those year-end statements in that malia folder titled, TAX 2019.

Tracking records for income, interest, and taxes withheld is the more accessible part of filing season as they tend to come to you in paper form.  It can be the paperless records that we often fall short with.  If you find yourself at year-end trying to look back and account for items such as charitable donations and other deductibles, creating a simple excel spreadsheet that you use to record these tax-saving opportunities throughout the year is a must.  Taking a little extra time to log expense, check number, payee name, dollar amount, and dates will save you time in the long run.

A few other forms you need to file and save is the 1098.  The 1098 form addresses the interest you paid on your mortgage during the year.  Interest is tax-deductible, and if you're itemizing your deductibles, you'll need this form. 1098-E and 1098-T are forms related to education.  The 1098-T is a tuition credit and the Lifetime Learning Credit offers up to $2,000 for qualified education expenses paid.  The 1098-E is the Student Loan Interest Statement, and if you've paid interest on a student loan, you may be able to deduct it on your federal income tax return.

Whatever you're receiving in year-end documents, it's best to keep everything if you're unsure.  It's much better to have kept unnecessary documents then attempt to try and recover them at tax time!

Seasonal Work in the Tax Industry

IRS Form W-9 (Photo credit: Wikipedia)

If you’re one of those in need of seasonal work, you might want to look into working for a tax preparation company. These companies typically need good temp work between January and April, when they get very busy preparing income tax returns.  

Getting hired to help in this industry is a great way to earn some extra money, but it’s also a good way to learn more about the tax industry, to gain some experience, and to potentially have a stepping-stone into the tax industry.

Just be aware that some of the seasonal jobs in the industry do require special certifications, so always check carefully to ensure you’re qualified before you apply for a particular job.

Types of Work Available

When tax season does come, you’ll find that all kinds of seasonal tax work pops up.

You can check out both smaller and larger tax firms, online tax companies, and even the IRS itself to find temporary positions in the industry during the peak season.

No matter where you go, you’ll also find that there are lots of different types of jobs available. You could end up being anything from a tax preparer (with the right qualifications) to a general clerk to a data transcriber or anything in between. Just keep an open mind, and look for jobs that match your experience and your skills.

Get Started Today

It might seem a little early to start applying for seasonal work, but it’s definitely not.

After all, tax season is here, so if you think this is the right industry for you, start looking into your options and applying for seasonal work right away!

Paying to get Your Taxes Done?

When it comes to taxes, many people attempt to file and prepare their taxes on their own. And sometimes, they’re actually successful at it. Other times, though, they end up making costly errors that cause them problems or cost them money.   

If you don’t want to find yourself in that second situation (and who does?), it’s in your best interest to hire someone to file your taxes for you, especially if you have special tax circumstances or more complex tax needs. Look for an accountant with a good reputation who you can trust to save you as much money as possible.

And, if you’re still set on filing your taxes yourself, why not have a professional accountant to show you how? After all, what better way is there to learn than from an expert?

Many accountants will gladly walk you through the process of filing your taxes, educating you so that, in the future, you can do it yourself. And, if you happen to get stuck or run into a problem, you’ll have a great resource- your accountant- that you can call on to help you out.

Obviously, there are some really great benefits to hiring a professional to do your taxes…or to at least show you the ropes. So, the next time you find yourself wondering “is it worth it to pay someone to prepare my taxes?” remember that the answer is yes!

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How to Boost the Size of Your Tax Refund

Would you like to increase the size of your income tax refund…or maybe just ensure that you get one in the first place? If so, you’ll be glad to know that there are several highly effective strategies that can help you to do just that!

Fewer Allowances = A Bigger Refund

If you’re looking to increase the size of your tax refund, then, when you fill out form W-4 for your employer, you will want to consider claiming fewer allowances. This is because, the more allowances you file, the less money you’ll see come income tax time.   

Of course, allowances do mean you get a larger paycheck throughout the year, but if you’d rather get a nice lump sum come income tax time, declaring fewer allowances is the way to go.

Go for the Earned Income Tax Credit (EITC)

One of the very best options out there for decreasing how much you owe in taxes and thereby increasing the chances of getting a sizable refund is the earned income tax credit. This credit is available to moderate to low-income individuals who:

·         -Have a social security number

·         -Are a U.S. citizen, a resident alien for at least a year, or a non-resident alien who is married to an American citizen or resident alien

·         -Are not a claimed dependent

·        - Have some type of income

You can file for this credit when you file your yearly taxes, but if you need help or have questions about it, be sure to ask an accountant or financial adviser for more information.

Consider a Change in Filing Status

Sometimes, people can easily fit into more than one tax filing status. If that’s you, it is a smart idea to go over your possible options to determine which one is the best fit for you and which one is going to benefit you the most.

There is a good chance that, if you haven’t chosen the right one, you may be getting less of a tax refund than you possibly could. To learn more about the different filing status options and to ensure you choose the very best one for you, speak with a financial professional.

As you can see, there are a great many things that you can do to increase your chances of getting a nice-size refund come tax time. Follow these tips and get professional tax assistance where needed, and you’re likely to enjoy a big, fat check this year!

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The Biggest Tax Blunders

Most people will make mistakes on their taxes at one point or another. However, some mistakes are more common and, in some cases, more detrimental than others.

Obviously, you should aim not to make any mistakes whatsoever when you file your tax returns. But, at the very least, you should aim not to make any of the most common and most easily avoidable tax mistakes.

Filing Late

Perhaps the most common tax offense is waiting too late to file. The tax deadline each year is April 15; at that point, you absolutely need to have your taxes sent in and done with. Find a way to stick that date in your mind, and then don’t forget it.

However, instead of just aiming to file by or on April 15, do your best to file even earlier than the cut-off. You’ll likely get your refund a lot sooner if you do and if you are entitled to one, of course. Plus, employers usually send out W-2s and 1099s right at the start of the new year, so there’s really no reason not to file as soon as you receive them.

Failing to Make Necessary Updates

When you go through a major life change, such as a marriage or the birth of a child, there’s a pretty good chance that your filing status is going to need a change too. If you fail to make a necessary filing status change, you could end up paying too much or too little in taxes. Either scenario is bad.

If you don’t really understand the whole filing status thing, whether or not you need to make a

change, or how a necessary change is going to affect you and how you can limit any negative effects, remember that you can always ask an accountant for advice.

Forgetting to File Certain Forms

Remembering to file more common and basic forms, such as your W-2 for your main job, is usually pretty easy. However, if you’re doing side work that requires a 1099 or have some kind of new or unusual-for-you form to file, it’s easy to forget all about it or to put it off until it’s too late. Don’t make that mistake. Find out early on all the forms that are needed for you for the tax year- an accountant can really help with figuring that out- and then get on it!

In fact, “get on” all of your required tax-related tasks. The sooner you start getting things together, the less likely it is that you’ll end up making a serious and potentially costly mistake.

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Tax Tips for Newlyweds

Updating your status from single to married may bring about some unanticipated changes, including changes relating to your taxes. While wedding planners don’t typically use an IRS checklist, here are a few things to keep in mind when filing your first tax return as a married couple.

As with any tax issue, contact your tax professional to help you navigate your own unique situation.

Notify the Social Security Administration (SSA)

If one of you has taken on a new name, report the change to the SSA. File Form SS-5, Application for a Social Security Card.

It is important that your name and Social Security number match on your tax return. The IRS will match your information with records provided by the SSA and, if the records don’t match, any electronically filed return will be rejected and any paper filed return will have the mismatched individual’s personal exemption cancelled until the error is corrected.

Avoid making a name change too close to tax season. While the SSA can process a name change in about two weeks, the delay in data-sharing between the SSA and the IRS can make any change near the end of the year problematic. In such situations, it may be advisable to file the tax return using your maiden name and change your name with the SSA after the return has been filed. Form SS-5 is available on the SSAs website at www.ssa. gov, by calling 800-772-1213, or by visiting a local SSA office. A copy of your marriage certificate and driver’s license is required.

Notify the IRS If You Move
The IRS will automatically update your new address upon filing your next tax return, but any notices the IRS sends in the meantime may not get to you. The U.S. Postal Service does not forward certain types of federal and certified IRS mail. IRS Form 8822, Change of Address, is the official way to update the IRS of your address change. Download Form 8822 from www.irs.gov or order it by calling 800-TAX-FORM (800-829-3676).

Notify the U.S. Postal Service
To ensure your mail, including mail from the IRS, is forwarded to your new address, you’ll need to notify the U.S. Postal Service. Submit a forwarding request online at www.usps.com or visit your local post office.

Most post offices will not forward refund checks so be sure the IRS has your correct address. Using electronic direct deposit for refunds can prevent them from being delayed due to address mix-ups.

Notify Your Employer
Report your name and/or address change to your employer(s) to make sure you receive your Form W-2, Wage and Tax Statement, after the end of the year.

Notify Financial Institutions
Financial institutions with which you do business need to be notified to ensure that any Forms 1099 are sent to the proper address. This would include banks and brokerage firms, as well as employer-sponsored retirement plans.

Check Your Withholding
If you both work, keep in mind that you and your spouse’s combined income may move you into a higher tax bracket. The IRS Withholding Calculator, available at www.irs.gov, can help you determine whether you need to give your employer(s) a new Form W-4, Employee’s Withholding Allowance Certificate. Use the results to fill out and print Form W-4 online and give it to your employer(s).

Select the Right Tax Form
Choose your individual income tax form wisely because it can help save you money. Newlywed taxpayers may find that they now have enough deductions to itemize on their tax returns, rather than taking the standard deduction. Itemized deductions must be claimed on a Form 1040, not a 1040A or 1040EZ.

Choose the Best Filing Status
Your marital status on December 31 determines whether you are considered married for that entire year for tax purposes. The law generally allows married couples to choose to file their federal income tax return either jointly or separately in any given year. Figuring the tax both ways can determine which filing status will result in the lowest tax.

For most married couples, filing jointly will result in a lower tax liability. This is especially true if there is a significant difference in your incomes. The so-called “marriage penalty” only applies to couples who both earn relatively high salaries.

Certain situations may make it more advisable for married taxpayers to file separately.
• If both spouses have their own itemized deductions, such as medical deductions, they may be able to claim higher overall deductions because of the percentage limitations on Schedule A.
If one spouse has past due debt with the IRS or an-other government agency, such as child support obligations or student loans, filing separately will prevent the other spouse’s share of any refund from being used to offset debts for which he or she is not liable.
• If one spouse has messy or missing records, or is thinking of taking a risky tax position, the other may want to file separately to avoid becoming liable for potential additional taxes or penalties.

Planning for your wedding may be over, but don’t forget about planning for the tax-related changes that marriage brings. More information about changing your name, address, and income tax withholding is available on www.irs.gov, or contact your tax professional.

Simple Projections
Based on your tax information from last year, it will be easy to prepare a dummy return to show what your tax situation would be if you had been married. You can print out Form 1040, other tax forms, and tax tables from www.irs.gov. On the blank forms, combine tax information from last year’s returns. For example, combine the wage amounts from both returns and enter the total on Form 1040, line 7, of the blank form. Do the same for items such as interest, other income, and include deductions if either person itemized.

Use filing status, deductions, and exemption amounts as if you had been married. The resulting tax and refund or amount due will give you an indication of whether your current withholding is sufficient to cover your tax liability when incomes are combined and will also help identify any problems that may need to be addressed when you file as married taxpayers.

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Accounting: A Profitable Career Choice

Accounting Today recently revealed that accounting and related careers are some of the most profitable jobs of today.

Accounting, along with tax preparation, payroll services,and bookkeeping reportedly had a net profit margin of around 19.80% last year, beating out the legal services industry, the oil and gas extraction industry, and the commercial and industrial machinery industry.  

That’s pretty impressive, but you may be wondering what it has to do with you. Well, when you really think about it, a lot. Truly skilled people tend to go into fields where they can make good money and be financially secure. And, when those people are financially secure, they tend to work harder and do better at their jobs.

Thus, you can look at the profitability of accounting as proof that there are many good accountants out there. In fact, you don’t have to look far to find a great accounting firm in Naperville and the surrounding areas.

With so many skilled accountants working in the industry today and many more looking to join the workforce, there’s absolutely no excuse not to have an accountant working for you.

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Tips for Hiring a CPA

So, you’re planning on hiring a CPA. Whether you just need someone to lend a little tax help, someone to set up your business payroll, or anything in between, it’s important that you are selective about whom you hire. Not only do you need someone you can trust, but you also need someone who knows the ins and outs of financial law and who will make your money work for you.

 One thing you should always ask any potential accountant is if he or she has a preparer tax identification number. This number is given to true CPAs by the federal government. It identifies the preparer as someone who has been trained and certified to prepare taxes professionally. Don’t trust any “accountant” who doesn’t have one of these numbers!

You should also quiz potential accountants on their working histories, their educational training, and other qualifications. Try to choose someone who has been working in the industry for at least a few years and who has been through rigorous training and schooling related to the field.

You deserve to know your money is safe, and the best way to get that peace of mind is to hire only the best CPA around.

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Five Basic Tax Tips About Hobbies

Millions of people enjoy hobbies that are also a source of income. Some examples include stamp and coin collecting, craft making, and horsemanship.

You must report on your tax return the income you earn from a hobby. The rules for how you report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions you can claim for a hobby. Here are five tax tips you should know about hobbies:

Logo of the Internal Revenue Service (Photo credit: Wikipedia)

1. Is it a Business or a Hobby?  A key feature of a business is that you do it to make a profit. You often engage in a hobby for sport or recreation, not to make a profit. You should consider nine factors when you determine whether your activity is a hobby. Make sure to base your determination on all the facts and circumstances of your situation. For more about ‘not-for-profit’ rules see Publication 535, Business Expenses.

2. Allowable Hobby Deductions.  Within certain limits, you can usually deduct ordinary and necessary hobby expenses. An ordinary expense is one that is common and accepted for the activity. A necessary expense is one that is appropriate for the activity.

3. Limits on Hobby Expenses.  Generally, you can only deduct your hobby expenses up to the amount of hobby income. If your hobby expenses are more than your hobby income, you have a loss from the activity. You can’t deduct the loss from your other income.

4. How to Deduct Hobby Expenses.  You must itemize deductions on your tax return in order to deduct hobby expenses. Your expenses may fall into three types of deductions, and special rules apply to each type. See of Publication 535 for the rules about how you claim them on Schedule A, Itemized Deductions.

5. Use IRS Free File.  Hobby rules can be complex and IRS Free File can make filing your tax return easier. IRS Free File is available until Oct. 15. If you make $58,000 or less, you can use brand-name tax software. If you earn more, you can use Free File Fillable Forms, an electronic version of IRS paper forms. Free File is available only through the IRS.gov website.

For more on these rules see Publication 535. You can get it on IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Additional IRS Resources:

• Business or Hobby? Answer Has Implications for Deductions
• Publication 525, Taxable and Nontaxable Income
• Publication 529, Miscellaneous Deductions
• Publication 17, Your Federal Income Tax
• IRC Section 183: Activities Not Engaged in For Profit (Audit Technique Guide) – details on the factors to determine ‘for profit’ or ‘not-for-profit’

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Are You Eligible for These Deductions?

Whether you handle your tax return preparation on your own or hire someone to do it for you, you are probably aware that there are a lot of tax deductions out there. When you qualify for multiple deductions, you can really save yourself a lot of money. Unfortunately, however, there are some truly great deductions available that a lot of people miss out on, simply because they don’t know they exist.

You probably already know, for example, that you can get a nice write-off for cash donations that you make to charitable organizations. Did you know, however, that you can also get a discount for non-cash

donations? Yes, donating that old television set or dryer can add up to a nice discount on your taxes.

You can also catch a big break if you deduct your mortgage interest, something you can only do if you actually live in the home at the current time. But, of course, you don’t have to sniff out all of these deductions on your own. The right tax preparer can find them for you and then make sure you get the full deductions to which you are entitled.

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Tax Time Mistakes

Tax time, have you met the deadline? If you are one of the many procrastinators, it’s crucial that you don’t make a mistake. Unfortunately, if you haven’t been doing the proper bookkeeping, you’re at a high risk of making a mistake, especially if you’re feeling rushed and stressed about the tax filing process.

Mickey Mouse's Social Security Number (Photo credit: Tom Simpson)

So, what’s the biggest tax mistake people make? Surprisingly, it’s often the little things that go wrong. One of the main mistakes people make is listing their social security numbers incorrectly or not listing them at all. The IRS reports getting thousands of tax returns without proper social security numbers, a mistake that can lead to late fees and interest charges.

To avoid little (and big) mistakes on your tax return, don’t take on the tough task of bookkeeping on your own. Let the friendly, professional accountants at Susan S. Lewis Ltd., located in Naperville, handle the tough work for you!

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Lying to the IRS: Just Don't Do It

When tax season rolls around, everyone hopes to get a refund and to avoid paying taxes. Unfortunately, however, that outcome just isn’t reality for many people. While paying taxes can be frustrating, you should know that engaging in any kind of fraud or lying when it comes to the IRS just isn’t worth it!

Most people who commit tax fraud don’t do so in big ways; they just commit “little” frauds, such as claiming unearned income or making up expenses that don’t really exist. Some people will even fib about the number of dependents they currently have. While some of these scams might work for a while, they will likely results of that tax audit aren’t favorable, you could end up in serious legal and financial trouble.

eventually lead to a tax audit, and if the

Get the most out of the tax filing process the legal way by allowing a qualified accountant to assist you. The accountants at Susan S. Lewis, Ltd. of Naperville are trained to make your income tax filing as beneficial to you as possible.

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Why You Need an Accountant

Moser Tower along the Riverwalk park complex in Naperville, Illinois, USA. Moser Tower contains the city's Millennium Carillon. (Photo credit: Wikipedia)

Many people make the mistake of thinking that accountants are only for the rich or for those who have very complex financial needs. In truth, though, absolutely anyone can benefit from having a personal accountant whom he or she can trust.

 Accountants are especially beneficial around tax time, which is going on right now, because they can help their clients to file their tax returns in such a way so that the returns will have the most beneficial outcome possible for the filer. Some people end up getting back much more in income taxes than they would have otherwise thanks to the help of an accountant, and even if you don’t get a lot of money back, you can still reduce the amount of taxes you’ll have to pay by filing correctly and in a timely manner, something that’s a whole lot easier to do with a knowledgeable accountant by your side.

For help with your own taxes and/or with other financial matters, find your accountant today at Susan S. Lewis, Ltd. of Naperville.

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2013 May Be the Year You'll Need to Hire a Professional

By Dan Caplinger

It's hard enough doing your tax return in normal years, when tax laws look a lot like they did the year before. But with the massive changes that the just-in-time fiscal cliff compromise legislation created in the tax code, this might finally be the time to get a professional tax preparer on your side.

Taxes (Photo credit: Tax Credits)

Choosing the right preparer could greatly increase your refund by finding tax deductions, tax credits, and other benefits you might miss -- but picking one isn't always easy.
Below, we offer some tips on how to pick your pro. But first, let's look at all the reasons why having an expert on your side makes sense this year more than ever.

Changes at the Edge of the Cliff
Until politicians in Washington managed to come to their last-minute agreement, tens of millions of taxpayers were facing potentially huge tax increases.

In particular, the alternative minimum tax promised to wreak serious havoc on millions of families' returns. The AMT was originally intended to prevent the very rich from using loopholes and credits to avoid the tax man altogether. But time and inflation expanded the number of people who fell under the AMT enormously -- or would have, had lawmakers not annually passed a temporary "patch" to the AMT that adjusted it for inflation.
Thanks to the partisan wrangling in Washington, though, the last temporary patch had expired at the end of 2011, and -- had no fiscal-cliff deal been reached -- initial estimates put the number of new AMT payers this April at upwards of 30 million, with an average tax hit of around $4,000 and some taxpayers seeing even larger increases of up to $8,000.

The fiscal cliff compromise actually solved the AMT issue permanently, and extended low tax rates for the vast majority of taxpayers. But in the process, it brought back some confusing provisions to the tax code. For instance, the measure extended a tax break for charitable contributions made from IRAs. But since the new law didn't take effect until after the ordinary deadline for 2012 contributions, the IRS had to issue special rules to allow taxpayers to make charitable distributions in January, but have them treated as applying to the 2012 tax year.

Looking ahead, things will get even more complicated for many taxpayers. Although the highest ordinary income tax rates only take effect above $400,000 of taxable income for single filers and $450,000 for joint filers, several new provisions apply at lower income levels. Those include the new Medicare surtax of 3.8 percent on investment income, which applies to income above $200,000 for singles and $250,000 for joint filers. Also, phase-outs of itemized deductions and personal exemptions are also back, meaning that, after enjoying several years of temporarily favorable rules, millions of taxpayers will see those tax breaks fade away.

Getting an expert tax preparer to help you now will not only make it easier to get your 2012 tax returns filed but also help you get a head start on planning for 2013's taxes. But you have to find the right tax professional for you.

Who to Hire and When Not to Bother
Most of the advice you'll find on getting a professional tax return preparer in your corner focuses on qualifications. As when hiring any professional, it's important to check on background, experience and quality of service, to get recommendations from friends, and to weigh your particular needs against each candidate's strengths and weaknesses.

But it's equally important to find a tax preparer with whom you're comfortable on a personal level. Like a doctor or lawyer, your tax preparer will learn sensitive personal information about you, and you'll need to feel able and willing to tell him everything necessary for him to file a complete and accurate return.

Moreover, make choices based on the level of difficulty of your taxes. If your only income comes from your job and you typically file a 1040-EZ, you don't have to waste money on a high-powered tax attorney or accountant. But if you're dealing with special tax rules this year, going to the mall to work with a novice preparer at a national chain can cause unnecessary anxiety.

Most importantly, don't wait too long. By the time April rolls around, the best tax return preparers will already be swamped, and you may well find yourself out of luck trying to find one to help you.
So if you're among the roughly 60 percent of taxpayers who'll get expert help on their returns this year, procrastination is the enemy. Go out and find someone to fight for your biggest possible refund now.

Related articles

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