Filing an income tax return can be confusing and difficult, especially if accounting is not your strength. Each year, close to 200 million Americans receive IRS notices due to faulty tax filing. Why not let professionals help you make filing taxes and resolving any IRS problems much easier?
The New Form 1040
In 2019, individuals will need to file tax returns using the new Form 1040, which has several new schedules and attachments. This new version may make self-filing taxes more confusing and difficult.
How Can Professionals Ease the Pain of Tax Filing?
Image via Flickr by 401(K) 2013
Professionals can ensure that your tax return is free of errors and complete in all respects. They can also make certain that the necessary attachments are enclosed and all disclosures are made. In short, tax professionals can prepare your return following IRS guidelines.
Proper tax filing can also help you in the following areas:
- Gaining maximum advantage of tax reliefs, write-offs, deductions, and other favorable provisions.
- Receiving early refunds if you are owed them.
Facing Tax Issues? Turn to These 4 Professionals
Several categories of taxpayers exist. Aside from individuals, taxpayers may be entrepreneurs, small businesses, partnership firms, corporations, professionals, and nonprofits.
Filing for different tax categories requires different professional expertise. Depending upon your tax category, you may need a CPA, a tax preparer enrolled with the IRS, or a tax attorney to manage your filing responsibility. Besides being accountants and tax experts, these types of tax professionals are also adept at legal matters. A tax attorney, for example, can effectively represent your case with the IRS or in a court of tax law. Being resourceful, they can also help in settling tax matters promptly and in your best interest.
If you find that dealing with your tax issues is difficult, you can seek the help of the following professionals:
- A CPA who specializes in handling your tax category and any issues that could arise from filing.
- A federal tax return preparer enrolled with the IRS. The IRS maintains an online directory of these tax preparers by state. Enter your ZIP code and the page will display a list of tax preparers in your area. Be sure to check out the prospective preparers’ qualifications, credentials, service history, and their fees.
- The IRS also hosts a Taxpayer Advocate Service or TAS. If you qualify, the TAS will appoint a professional tax lawyer to assist you with your tax return and tax matter.
- Tax attorneys. These attorneys are high-level professionals who have different specialties. They may practice independently or they may be part of a tax law firm.
Tax return filing is a specialized task and so is the handling of issues pertaining to tax filing. Receiving a notice from the IRS that calls an aspect of your tax return into question is something you would like to avoid. Instead of self-help, turn to the help of the professionals mentioned above. They can not only save you from trouble, but also save you much time and money.