Best Tax Preparation Services
Filing taxes in the United States is complicated. Reports show that Americans spend about 13 hours preparing their taxes yearly. Compiling all forms and receipts is time-consuming, and figuring out your tax-deductible expenses can be confusing.
Tax preparation services are fast becoming popular amid the rising number of remote workers, moonlighting individuals, and offshoring companies worldwide. It’s a valuable resource that helps individuals and businesses save time, reduce costs, and ensure compliance with Internal Revenue Service (IRS) regulations.
Recommended Firms
H&R Block
H&R Block is one of the largest tax preparation firms in the US, offering a wide range of services for individuals and businesses. They provide in-person and online tax preparation options, along with tax planning and audit support. With experienced tax professionals and a user-friendly platform, H&R Block aims to simplify the tax filing process for clients.
TurboTax (Intuit)
TurboTax is a leading online tax preparation software that allows individuals and small businesses to file their taxes easily. With a step-by-step guide and various pricing tiers based on complexity, TurboTax caters to different needs. The platform also offers audit defense services to help clients navigate any IRS inquiries effectively.
Jackson Hewitt
Jackson Hewitt provides affordable tax preparation services through its nationwide network of offices and online platforms. They specialize in maximizing refunds and offer options for refund advance loans. Their knowledgeable tax professionals are dedicated to helping clients understand their tax situations and make informed decisions.
KPMG
KPMG is one of the largest professional services firms providing audit, tax, and advisory services globally. Established in 1987, their compliance consulting practice helps organizations manage regulatory risks and enhance compliance programs through tailored solutions and expert guidance. Their extensive resources and industry expertise enable them to deliver high-quality service to clients.
How tax preparation services help businesses?
Frequent changes to the tax code and regulations on tax deductions can make the experience nightmarish for the inexperienced. Hiring specialists can make the tax filing process a breeze for businesses, especially during the hectic tax season. Here are some of the ways tax preparation services help your business:
- They save you time and money. Professional tax preparation services can work on your tax deductions and tax credits, which could make up for their fees. Their service allows you to free up your time and dedicate it to more important business.
- They help you avoid mistakes when filing taxes. Tax preparation services save you from errors, which can be costly for your business and could lead to an IRS audit. Expert tax preparers ensure an error-free filing of taxes.
- They provide year-round assistance. You can avail of the services of tax professionals well beyond tax season. They can advise you on tax planning or help you understand local tax laws for possible tax credits.
- They help review your previous tax returns. Tax preparers can evaluate your tax documents from previous years. They can track any missed tax credits and amend your records if necessary.
- They give you peace of mind. Filing taxes could lead to countless hours of agonizing over whether you did everything correctly. Tax specialists can give you peace of mind by answering all your questions and accomplishing everything on your behalf.
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How do you choose the right tax preparation service for your needs?
Processing tax returns can be difficult, but choosing the right tax preparation services for your needs shouldn’t be. Follow these steps to find the service provider that suits your needs:
- Determine your needs. Business owners might benefit from hiring a tax advisor to help with tax planning.
- Ask for their Preparer Tax Identification Number (PTIN). The PTIN is an IRS requirement, along with the suitability check. Avoid companies offering tax preparation services without the proper credentials.
- Get recommendations from people you trust. Ask your social circles for a tax preparation service they hire and can endorse.
- Familiarize yourself with pricing models and compare options. Remember that your service provider should charge by hour or service, not based on the amount of your tax refund, as this goes against the ethical code of standards.
If you encounter a delinquent tax preparer or encounter issues with your tax returns, don’t hesitate to file a complaint with the IRS.
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Five things to consider when partnering with tax preparation service companies
Knowing how to choose the best tax preparation services for yourself or your business is crucial for a seamless tax filing process. Take note of these critical factors to consider when hiring a tax preparation company:
- Credentials – The IRS requires tax preparers to pass a suitability check and get a PTIN. Depending on the state, there is also a required state license or an electronic filing identification number (EFIN). If you seek representation during tax filings, your tax preparer must be an enrolled CPA, agent, or attorney.
- Expertise – Tax filing demands technical know-how, so ensure your chosen service provider has the qualifications. In addition to double-checking their credentials, inquire about their previous clients and the industries they’ve worked with.
- Technology – Ask about their tools for filing taxes and if they offer electronic filing services. Electronic filing and using tax software help guarantee accuracy and efficiency.
- Communication skills – Advanced communication skills are essential for tax preparers, especially when dealing with clients and the IRS. Choose a tax preparation specialist who can communicate with officials with ease and confidence for the best outcome.
- Fees – Clarify all the fees with the service provider upfront. Assess the rates and decide if they are within your budget. Researching average tax preparation service rates can also help ensure you don’t get overcharged.