Tax season is by far the busiest time of year here at Biesinger & Kofford CPAs. Tax preparation is the main service that people have in mind when searching for an accountant. But there are many reasons you might need an accountant after April 15th. Here are just 5 things an accountant do for you outside of tax season.
Tax Planning Services
Tax preparation and tax planning are two very different services. In fact, professional tax planning in Provo can make your tax preparation and filing go much more quickly and smoothly, and can help you to potentially owe less or even get a bigger refund. Tax planning at the end of the tax year can allow you to make financial decisions that impact your taxable income, and can help you find additional deductions that you could qualify for. Now is actually the best time of year to do some tax planning for your 2018 return, so it’s a good time to contact us and set up an appointment.
Audits can happen at any time for your previously filed returns, and it can be a stressful experience if you don’t have a Provo CPA backing you up. During an audit, the IRS will review your financial records in great detail, and it’s important that every deduction and withholding you claimed on your tax return is backed up with physical records. If one of our CPAs filed your tax return, we can offer you representation during an audit, making the process much less stressful for you, and helping to guide you through the review every step of the way.
If you owe a large sum of the money to the IRS, the initial assumption is that you will pay the full amount in one payment. However, the IRS is usually willing to work with tax payers and set them up on an installment plan for their tax debt—you just have to take the initiative, as they’re not going to offer you this option upfront. Even outside of tax season, a CPA can work with the IRS on your behalf to set up a payment plan so you can pay off your tax debt over time.
Updates on Tax Laws
Tax laws can change every year, and we always stay abreast of these changes. However, most tax payers don’t have the time or desire to check for changes to tax law on a regular basis. Which is why we do our best to keep our clients informed of new tax laws and how those changes will impact them directly. This year has brought some major changes to deductions and other aspects of filing your taxes, so it’s important to have a CPA on your side who can provide you with information relevant to your individual taxes.
Reviewing Past Returns
If you haven’t worked with an accountant in Provo in the past, and you’ve been filing your old returns, it’s possible that you missed out on some deductions or withholdings. When we’re not filing new tax returns, we will gladly assist our clients with reviewing past returns and filing amendments so that you can get every deduction you’re eligible for—and possible get a nice little check in the mail from the IRS.
If you’re ready to do some tax planning in Provo or you want us to review an old return, contact us at Biesinger & Kofford CPAs. We’ll schedule an appointment for you and assist you with any tax-related questions—even when it’s not tax season.