I came across a recent Wall Street Journal article on why paying for a tax professional for tax prep is a good idea. According to the article, many small business owners are cutting costs by doing tax returns themselves. However, the downfall comes in the enormous amount of time spent on these tax forms due to a general lack of understanding of the complex tax code–which could result in overpaying taxes or paying too much on Advil pills to get the paperwork done in time.
Business taxes are no small feat. With the current economy where talented people are getting laid off, many more people are becoming their own bosses. This entails a whole new set of tax forms, such as the 1099 for independent contractors, that people may not have needed to think about before.
WSJ reports that “This tax season, entrepreneurs operating on a tight budget may be tempted to forgo professional help in preparing their companies’ returns. But experts say the investment is typically worthwhile — at least for those just starting out — to maximize deductions and avoid penalties. Tax specialists can help ensure that business owners don’t pay Uncle Sam too much or too little and help identify all the tax breaks they’re eligible to receive.”
Another important thing to think about is that if experts are recommending hiring tax pros for just preparing tax returns, it would only make sense that the need for hiring a well-qualified tax resolution firm would be even greater when you’re trying to resolve IRS problems such as unpaid back taxes and delinquent tax returns.
Make no mistake about it, the IRS is coming down hard to close its tax debt gap–be it Nicolas Cage for $14 million or Joe Six-Pack for $4,000. It is no time to be meddling around with how far you can go before getting caught. Make tax compliance your priority this year and get your taxes filed on time.
If you find yourself in IRS trouble and need to talk to a tax relief expert, give our office a call at 888-699-7630 for a free tax relief consultation or visit www.TaxResolution.com for more information.
More Tax Help, IRS News and Tax Relief Tips:
- Tax Help Options For Overseas Tax Evasion as UBS Pushes For Swiss-US Deal
- Tax Help News: IRS Enforcement to Get Priority, Big Bucks in 2010
- Tax Resolution News: IRS Warns Against Frivolous Tax Arguments That Can Incur Severe Penalties
- Tax Help: How to Resolve Your Back Taxes & Prevent Tax Problems If You’re Short on Cash This Season
- IRS Help and Income Tax Relief for Individuals and Businesses Unable to Meet Tax Obligations