Looking for free tax help? There are several organizations and resources that provide free tax assistance and services. Some of the services are available to all taxpayers, while others are available to specific groups of taxpayers. Below are four of these free services:
IRS Website: The IRS website is probably the best free resource for information and advice on tax matters. The website provides information on how to file returns, deductions and credits that you can claim, information on common errors, and updates on changes to tax amounts and procedures. The website also offers other services, such as a downloadable application to remind taxpayers of tax dates, tools to access services on your mobile phone, and a service that helps you calculate the amount of the Earned Income Tax Credit ( EITC) that you can claim.
Voluntary Tax Assistance and Tax Advice: The “Voluntary Tax Assistance and Advice Organization” is a free volunteer service accessible to low- and middle-income people. The service is also available to other taxpayer groups, including military and seniors. The service provides free tax advice, information and preparation services to qualified citizens. You can visit the Internal Revenue Service (IRS) website to find a Voluntary Income Tax Advice and Assistance Center near you.
IRS Taxpayer Assistance Center: The IRS has local offices available in all major cities and many of the other smaller cities. These offices are open to all taxpayers and provide free tax advice and consultations. So, if you need to meet with an IRS staff member to help you with an IRS matter, you can always visit your local IRS Taxpayer Assistance Center and find help. You can check the IRS website or call the IRS toll-free number for the location of an IRS Taxpayer Assistance Center near you.
Small business owners struggle to effectively manage their own in-house accounting services and deal with bookkeeping. When setting up a comprehensive accounting department, it is important that you ensure that the following five areas are covered: payroll services, tax deductions, incentives and credits, corporate taxes, and financial statements. By effectively setting up your accounting department to cover these core areas, you will be able to get your accounting services right the first time. Make sure you hire someone with the right mix of knowledge, skills, and personal attributes.
Some small businesses prefer to outsource their accounting services and focus on their core business. However, if you have a general understanding of payroll and can afford to hire an effective payroll professional, you should be able to manage the in-house accounting service effectively. Make sure the person you hire to handle your payroll is familiar with the specific payroll responsibilities required by government agencies. They should understand the fundamentals of payroll management and implement options to make the process simple enough for you to follow. Accounting services that are critical to a strong payroll system will require accurate and timely filings; A back payroll leads to penalties and interest charges, so make sure you get it right the first time.
In addition to handling payroll, your accountant should have knowledge of tax principles and practices. The essential accounting services that must be provided are tax strategies, tax compliance and tax planning with the aim of minimizing your tax obligations. Make sure they are trained to help you take advantage of thttps://gopostbox.com/he tax credits and incentives for which you are eligible. Don’t let your business be denied access to these valuable incentives and credits due to a lack of knowledge on the part of your accountant.
Corporate tax obligations must be prepared precisely; This is often a complex process that must be executed by a trained professional with relevant experience. Preparing corporate taxes to comply with compliance regulations can be an onerous task. If your accountant holds the prestigious Big 4 tax credentials, you can be sure that their in-house accounting service is strong and operating at the forefront.
Your financial statements should be prepared in a standard format to ensure consistency. Your accountant will need to prepare all of your financial statements and reports, including the following: balance sheet reports that describe the assets, liabilities, and capital stock of the business. The accountant will also provide a comprehensive income statement showing expenses, income, and profit and loss. Other accounting services that must be provided are the preparation of your cash flow statement and associated documents. This will identify the cash flow activities of your business so you know the creditworthiness of your business.
