When it comes to taxes, many people struggle to navigate the complex and often unforgiving tax laws. As a result, many individuals and business owners rely on the help of tax preparers when completing their tax returns. However, some people have questioned whether these tax professionals truly work year round, or if they only spend a few months of the year doing their job.
Do Tax Preparers Work All Year?
We can’t speak for every tax preparer, but here at Minton CPA & Associates, we do offer year-round tax preparation services. Let’s look at a few reasons why you as an individual or a business owner would need a year round tax preparer.
- Late Filings
There are many circumstances that may result in a need to file a late tax return. One of the most common reasons is being unable to gather all of the necessary documentation in time, which may be due to unexpected circumstances or simply a lack of organization.
Another factor that can lead to late filing is procrastination. Often, people put off dealing with their taxes until the last minute, either because they are overwhelmed by the process or because they want to postpone paying any taxes that might be owed.
Regardless of the specific reason for being late, it’s nice to have a year round tax preparer that can assist with completing the tax return smoothly and minimizing penalties.
- You’re A Business Owner
It’s extremely beneficial for business owners to work with a year-round tax preparer. This professional will be able to help you through the complexities of running a business and ensure that all of your tax obligations are met on time.
For example, they can help you plan for the tax implications of new revenue streams or changes in staffing, ensuring that you don’t exceed your taxable income threshold and face financial penalties. They’ll ensure that you not only complete all of your filings on time, but that you are taking advantage of all of the deductions available to you and maximizing your return.
Having a tax preparer that you meet with periodically throughout the year allows you to identify potential issues before they become problems and strategically plan your tax situation, saving you time and money in the long run.
- Filing Back Taxes
There are a number of reasons why you may need to file back taxes. If you have failed to report all of your income for a given year, then you may be subject to back taxes on any unreported earnings. Or if you have received any additional tax credits or deductions that were not claimed on your previous returns, then you also may need to file back taxes.
No matter what the reasons are, it’s always a good idea to have a year-round tax preparer by your side who can assist and guide you through the process. A tax professional can identify whether or not an amendment needs to be made with your previous returns and give you guidance and advice moving forward.
- Charitable Donations
If you’re someone who gives large donations throughout the year, it’s good to have a tax preparer to help you navigate all of the various requirements for charitable contributions and ensure that you receive any tax benefits that you may be entitled to. This will involve keeping detailed records of your donations including receipts, bank statements, and donation confirmations from charities. A tax preparer will be familiar with the ever-changing rules and regulations around donating, so they can assist you with any questions or issues that might arise.
- Life Changes
Life changes often happen and can impact your taxes throughout the year such as job changes, getting married, having children, home ownership, or starting a business. A year-round tax preparer is an invaluable ally when it comes to navigating all of these changes.
They will be able to help you understand how your tax situation has changed due to these life events and how this might affect your next filing. They can also provide guidance on ways that you can take advantage of new tax breaks and deductions, ensuring that you are not missing out on any opportunities for savings.
Year Round Tax Preparation Services
At Minton CPA & Associates, we understand the importance of staying on top of your taxes. Whether you’re a business owner or an individual taxpayer, we offer comprehensive tax preparation services that are tailored to your unique needs.
We also offer service bundles for business owners and real estate investors who need additional services and consulting. So if you’re looking for a reliable year-round tax preparer, look no further than the Minton team. We guarantee you won’t be disappointed with our high-quality services. Contact us today at 757-546-2870 or send an email to alex@cmintoncpa.com.