Who to Seek Help From When Filing Taxes

One of the most stressful times of the year is when a person is required by law to file taxes with their state and the Federal government. For most individuals, the reason for this stress is that they are unfamiliar with the tax process and the consequences of the actions they take regarding the payment of their taxes. There are two categories of taxes with which individuals generally seek outside assistance for those who know the tax code. These categories are individual income taxes and business taxes. Luckily, there exists a body of professionals who can help when it comes time to file these types of taxes.

Who to Seek Help From When Filing TaxesAlthough complex in their own right, individual income taxes are much simpler to keep track of and file correctly each year than business taxes. There are many different tax credits, both refundable and non-refundable, that a family can possibly qualify for if they meet the criteria. Some tax software programs may miss an eligible credit due to a taxpayer. A tax professional will aid in the preparation process provided the taxpayer chooses a knowledgeable accountant, either at a tax preparation firm or private office, and gives them accurate information to work with during the process. One should verify they are a certified public accountant and are licensed to practice in the state.

Due to the complexity of the business tax code in the United States, it is highly recommended that one hires professional assistance to complete their business taxes. Making use of an accountant or team of accountants is the most efficient method of managing a business’ books during the year. Should a business need to deal directly with the IRS on a matter, the best course of action is to hire a tax attorney. A tax attorney certainly holds many benefits over an average accountant for many reasons. They are experts in tax law, both at the state and Federal levels, rather than just knowing how to balance accounts. They are trained to negotiate on behalf of the owner of the business with the IRS on coming to the best deal possible.

It is wise to check the qualifications of any professional hired as not every attorney is able to practice tax law. A knowledgeable tax attorney should hold a degree in accounting, economics, or finance, a Juris Doctor (J.D.) degree from law school, and a Master of Laws in Taxation (LL. M.) degree. Also verify they have been licensed to practice in the state they work in. Should Federal court be a possibility, they also need to hold a Federal license to practice tax law.

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