Effective Tax Planning and Management to Avoid Penalties
Filing tax returns is mandatory irrespective of the size of your business. Just as you implement business strategies to achieve financial gains you also need to focus on advanced tax planning and effective tax management to avoid being labeled as a non-payer or a tax defaulter and facing stiff penalties. It is a good practice to employ professional services for handling your business tax returns. Many business owners take assistance from inadequately skilled and knowledgeable tax preparers who promise to help in acquiring greater refunds. You should never fall into such traps as the practices they resort to are considered fraud or tax evasion ploys. This can land you in serious trouble as you will be held responsible for committing felonies even though the tax returns have been prepared by someone else.
These unscrupulous tax preparers use unsolicited methods such as declaring unauthorized deductions as the employees’ personal expenses, making false claims to charitable deductions or willfully denying the cash income. All these are enough proof to declare you as a tax evader before the law. You need to steer clear from those tax preparers who charge their fees after calculating the percentage on the refund amount. Here are some valuable tips to help you assess a reliable tax preparer
- Avail the services of reputed professionals who have handled tax return cases successfully. They should provide returns that are signed electronically by a tax professional governed and certified by the IRS code to prepare taxes.
- While choosing a professional tax preparer ensure that they are capable of answering all questions after the returns have been filed. Review your returns before submissions and ensure that you inquire about the things that you cannot understand.
- You should never sign a blank form. The professional firm that you appoint for preparing your business tax returns must have members on board who have all the resources, are continuously trained and bound by an ethics decorum.
A credible and influential professional tax preparer ideally provides you the following services
- They assist you in furnishing data on the various IRS and ITIN forms. They help you with the itemized tax 2106 form preparations.
- They ensure that the deductions and credits that your returns are entitled to are not overlooked
- All the data is passed through the quality assurance process and multiple reviews are conducted at different levels to identify any issues that may be sent for review by the IRS
- Your tax return is filed electronically so that you get your refund quickly
- The non-resident returns are signed personally by a senior tax reviewer and the paper returns are filed in a way that facilitates effective tracking and quick refunds
- Their office address is registered with the IRS. They accept your documents and forward you the soft copies which is an advantage if you reside in a foreign country
- You are provided with uninterrupted helpdesk support all the time and there are no charges involved
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