Whether people feel their Tax Preparation in Manhattan is simple or complex, it is wise to hire an accountant instead of completing tax forms alone. Workers who typically fill out and file an easy tax form online, for example, often miss deductions that could increase the amount of a refund. At the very least, everyone will want to have forms and worksheets reviewed by an accountant before filing taxes with the Internal Revenue Service (IRS).
Confusing Changes
Tax laws change frequently confusing those who attempt to navigate them year after year with no professional assistance. Some laws are not clear and subject to misinterpretation. A mistake can lead to fines or penalties levied by the IRS which tends to perform more audits once changes have been introduced.
Ignorance of a changed law is another problem that plaques taxpayers who file their own taxes. Changes may allow higher deductions for certain items that are an advantage for a significant portion of the population. Accountants keep up with changes and understand how to apply them to benefit the taxpayer.
Complex Returns
The dramatic rise in global businesses, E-commerce websites, and international partnerships makes for complicated tax returns. Sales taxes, international taxes, import and export tariffs, and payroll taxes in these situations can become a nightmare for business owners. Tax Preparation in Manhattan takes place throughout the year rather than just at tax filing time.
Quarterly reports need to be precise, projected earnings for the next financial quarter must be as accurate as possible, and tax payments are expected on time and in full. An experienced accountant, such as Robert A. Woloshen CPA PC, works with the finance departments and the Chief Financial Officers (CFOs) of large corporations regularly to ensure compliance with all applicable tax laws.
Consult Early
Those consulting with an accountant regarding tax preparation for the first time need to make an appointment before the end of the tax year. Smart individuals will make appointments earlier than the last quarter because accountants are in high demand from December through April. Tax filing is less stressful when you know all receipts are in order and all available deductions are taken.
