As we approach year end and enter the new year, many of you will be looking at you tax return preparation needs. Some of you will again prepare your own return using retail tax software. Others will go to a mass production tax return processing firm like those advertising on television. So many people will give little thought as to the quality of the tax return they prepare using software or receive from a minimally educated and trained tax processor, and do not have the skill set to determine whether or not it has been prepared correctly. If readers get nothing else from the articles we produce at Fragnoli and Company, CPAs, I hope they take us up on this advice, “have your return prepared by a seasoned, licensed (CPA) and educated professional”. Frequently, the cost savings by using a mass production firm or purchasing the software is not significant. Also, in many instances, the most favorable tax position has not been attained. Additionally, many times we have seen errors in returns that do not have an impact in the year in question, but will impact future years.
Many firms, like Fragnoli and Company, CPAs, will provide a free initial consultation or interview and will give the most recently filed returns a quick once over to see if they have been prepared correctly or there are any obvious errors. Taxpayers should take advantage of these consultations to see if they may be better served by engaging the services of a CPA or Enrolled Agent for their tax compliance services. Get a nice cup of coffee and spend an hour or so with a tax professional and, at minimum, confirm that your prior returns are satisfactory. If not, think of the financial benefit you may receive.
For business owners and employers there are many different possible tax deadlines. Here is the link to the tax calendar for 2014. http://www.irs.gov/pub/irs-pdf/p509.pdf. We recommend you put this in your task bar as a reminder of your deadlines or ask your CPA to send you an alert. Of course, you are always welcome to call on Fragnoli and Company, CPAs to assist you with these services.