To the average American, the mere thought of 'tax preparation' is daunting and evokes the image of a confusing and complex process. It is not surprising, therefore, that the vast majority of taxpayers seek out some form or another of IRS tax help, whether by way of a tax software such as Turbo Tax, a retail tax service, or online tax preparation business. A reputable tax service firm will complete and file their customers' income tax returns in a thorough, expeditious, and accurate manner, saving them time, money and aggravation. More importantly, the tax professionals providing the income tax service will be well versed in the most current tax laws and thus be able to ensure that their clients' tax returns conform to legislation such as the IRS regulations.
Taxpayers in search of income tax help will find a wealth of sources at their disposal, offering a variety of income tax preparation services, including the following:
1. Preparation of income tax returns
Experienced, qualified tax preparers prepare federal and state income tax returns for businesses and consumers (Americans residing in the United States or abroad). The professionally-trained agent performing the tax return preparation will typically address a wide spectrum of client tax concerns, from very simple to highly-intricate, involving
-
Estates
-
Stock options
-
K-1's
-
Trusts
-
Expatriate tax issues
-
Rental property
-
C and S corporations
2. Online tax preparation
Although paper returns are still the norm, an increasing number of taxpayers are opting for an online tax preparation of their state and federal tax returns. This method offers considerable convenience to consumers since they may prepare and file their taxes from the comfort of their homes, and the procedure is quick and easy. The tax software that is utilized is usually very efficient, time-saving, and accurate. Taxpayers are guided through a step-by-step process and provided with all the requisite forms. One such established online tax preparation service is GOV (http://www.gov.com), which extends to consumers the following services:
-
Assistance in understanding and filling out the tax forms
-
Notification of tax refund status
-
E-filing of an extension
-
Interactive completion and filing of state and federal income taxes, with the guidance of an IRS-authorized agent
-
Standard forms and instructions that may be downloaded, printed and mailed
-
Fill-in-forms and instructions that may be downloaded, printed and mailed
-
Option of filing online
An online tax preparation service typically offers free online tax support, via email or a live chat. For instance, consumers may email a question to an online tax preparer and receive a response from a real person within the hour. The website will post a Frequently Asked Questions (FAQ) link, providing answers to common tax return preparation questions. Online staff members may conduct a comprehensive online evaluation of an individual or a business' taxes. An online income tax service is capable of handling all income tax forms, ranging from Schedule A and C to Form 1040.
3. Online tax filing
Another reliable service offered by tax preparation businesses is online tax filing. A client's tax return is filed directly to his or her state's Department of Revenue and to the IRS. The electronic dispatch reduces the amount of paperwork and achieves fast results for the customer, who receives the refund in a matter of days, as opposed to weeks. Many firms offer free electronic filing (IRS e-filing) to consumers who engage their income tax preparation services. In addition, they allow their customers to deduct the fee charged for tax return preparation directly out of their tax refund. Finally, consumers who use an online tax filing service will have the added benefit of having the IRS deposit their tax refunds directly into their bank account.
4. Identification of taxpayer's credits and deductions
Tax return preparation specialists will be able to identify all the deductions and credits to which a taxpayer is entitled, thus helping to maximize his or her tax savings.
5. Expert review by tax professionals who will ensure that the tax returns are complete and accurate
6. An automatic time extension for the filing of federal tax returns
7. Issuance of an amended income tax return
8. Audit assistance
Taxpayers who receive an audit notice from the IRS will receive audit assistance from the tax preparation business that handled their return. A representative of the company will accompany them to the audit and explain how their income tax returns were prepared.
9. Assistance with all state and IRS correspondence sent to taxpayers, such as inquiries and letters concerning their tax returns as well as audits