When it comes to tax preparation, many people just don’t know where to start. Between handling marriage and divorce, the arrival of a little one, mortgages, small business and more financial options, taxes become a convoluted process as we get older.
At Community Tax, we offer tax prep services from our many certified professionals that allow you to take a back seat and relax. Our business consists of accountants, CPAs, tax attorneys and enrolled agents with thousands of hours of experience processing every type of tax situation imaginable. You can be confident knowing that our team will create a seamless report just for you.
Tax Preparation Process
At Community Tax, we are delighted to provide services for every type of tax prep situation. We’ve worked with thousands of people and have helped them reach their financial goals. We are proud to offer one affordable flat fee of our services stripped of any hidden fees or surprises. Our professionals make the process quick and easy so you can relax.
Every year when tax season comes around, people come to us to seek relief from the authorities at the IRS. Whether you want to prepare your taxes to stay financially secure or you’re struggling to pull yourself out of tax debt, our tax preparation services have proven to help thousands resolve any tax issues. Our tax return preparation process is designed to help each individual reach their financial goals.
- Building Trust with Our Clients
We believe that it’s important to build a rapport with our clients so they feel comfortable speaking to us about their tax issues and goals. Many come to us with little to no knowledge of how to handle their taxes. Reach out to us and we’ll answer any questions you may have regarding the tax preparation process. We can clear up any unfamiliar vocabulary, terms, laws and restrictions so that you gain a better understanding of tax law and how we can help.
- Little Work on Your Part
During the process, you’ll do little more than fill out simple questionnaires. These questionnaires are designed to find out more information about your finances and goals. That way, we can prepare your taxes efficiently and more thoroughly. We want to get a better picture of your tax situation and financial needs so we can take care of the rest. If your income taxes are simple, we’ll quickly complete everything you need, factoring in deductions to get the most out of your return. Should you continue to work with us, we’ll offer you financial assistance to help you plan and achieve your financial goals beyond tax season.
If your tax preparation needs more attention, we’ll prepare a more thorough investigation. During the investigation process, your dedicated tax practitioner will gather all of your available tax information in order to analyze it properly. He or she will file a Tax Authorization Information Form 8821 with the IRS or equivalent for the State Taxing authority to obtain a complete record. They will then acquire any additional relevant information from the dedicated priority practitioner services line. You can present to us any financial information regarding your investments, assets, options and more.
- Initial Analysis
While your information is being gathered by one of our professional tax practitioners, our investigative staff will analyze your records and make sure they match the IRS or state’s allowable standards in order to determine the best course of action according to your goals. Once we complete the initial analysis, we follow up by contacting you with the information we have and the measures you can take.
- Resolving Any Tax Issues
Once we’ve gathered the initial information we determine if further action needs to be taken. Our team will gather more in depth information regarding your finances and other documentation that they can use to propose before the IRS or state if need be. If we decide that your tax situation requires a resolution, we’ll prepare the necessary documentation for you. Our professionals have the unlimited authority to represent on your behalf before the IRS. Should we need to come up with a plan to pay back any tax debt, we will represent you and propose a resolution to help you satisfy your debt.
- Further Financial Assistance
As mentioned earlier, we’re more than happy to maintain a professional relationship with our clients to help them succeed in their financial future. Our team of dedicated professionals will help you reach your financial goals by creating a devoted plan specific to your needs. Whether you want to buy a home, raise a family, make investments or go on a vacation, we’re more than happy to help forge the path ahead.
When Should I Choose a Tax Preparation Service?
If you’re asking yourself, “Should I hire a tax professional?” The answer is yes. It’s never too early to hire a certified tax professional to help prepare you for tax season and get your finances in order.
- You Don’t Have the Time or the Patience
Let’s face it: many of us don’t have the time to do our own taxes. Unfortunately, no matter your schedule, the IRS still holds you responsible to do your taxes. You still need to organize your documents, itemize your deductions, and gather receipts on medical expenses, job expenses, charitable deductions and more. And you have to complete and submit all of this documentation by a definitive date in April.
What’s more, the tax code has likely changed thousands of times in your lifetime. The truth is that nobody knows the tax code inside and out. Even though the IRS is transparent about defining different tax codes it’s still a mind-numbing process to understand the subtle nuances of what you can and cannot do. Even the simplest tax returns require time. If you, like others, don’t have the time or patience to pay close attention to your taxes then you should hire a professional.
- You’ve Made Mistakes on a Previous Return
If you’ve made mistakes on a tax return within the last three years, a certified tax professional can amend your return to prevent further penalties. Many people who aren’t tax savvy or didn’t spend the proper amount of time on their taxes will inevitably make mistakes so we advise to fix them right away.
- You Recently Got Married or Divorced
Your marital status as of December 31 defines your tax status when you file in April. Once you get married or divorced your taxes totally change. If you’re married a tax professional will analyze your financial situation and advise you on whether to file jointly or separately. On the other hand, if you’re divorced a professional will account for any alimony or child support that’s received or paid.
- You Support Someone Financially
If you are the sole supporter of someone financially then you’re most likely able to claim them as a dependent. This is typically true of children and ailing parents. If you have a child or you’re taking care of your elderly parents you’ll be able to claim them on your return.
- You Own a Small Business
The first few years of a small business are the most pivotal to the business’ long-term success. Many small business owners try to save costs their first year by opting to do their own taxes. If you are new to the realm of small business, it’s wise to become an expert on local and federal tax laws in order to avoid pitfalls. Each state has different laws that govern the way small businesses pay their taxes. Mess up your taxes and your business will suffer harsh penalties that are difficult to resolve in the beginning stages of a business.
- You’re Moving
Moving is expensive, but a tax professional can ease the burden. A certified tax professional from Community Tax has the ability to organize your finances and prepare your taxes to take advantage of every tax break possible. If you move before December 31, you’re responsible to file for both cities and states in which you moved. You may be eligible for certain credits and returns that you can claim from one city and not the other.
- You’ve Made a Large Purchase
Any big ticket purchase like a home, a rental property, a car, a boat, annuities and other investments need to be accounted for when you file. A certified tax professional has the knowledge to minimize costs associated with sales and usage, and will help maximize any write-offs associated with your purchase.
- You’ve Bought or Sold Stocks
Any sale or exchange of bonds, stocks, securities and more are called capital asset transactions. If you’ve interacted with any of these, you’re subject to capital assets and capital gains taxes. Unfortunately, the rules regarding capital gains tax are long, complicated and require an entirely separate form to file. To file your sales and exchanges properly, you need to have expert knowledge of these rules, deductions and trading securities. If this is giving you a headache it’s time to consult a professional.
- You Want to Plan Your Financial Future
Preparing your taxes isn’t just about the present, it’s about your financial future. If you want to get on the right track and take steps ahead toward a goal, our professionals are here to help make that happen. At Community Tax, our team helps provide clients with the strategy they need to move forward to achieve their objective. Whether you need to get out of debt, plan a family or buy a home, our tax experts are here to help make that dream a reality.
Tax Preparation Services
At Community Tax, our tax preparation services are designed with your needs in mind. We craft our services with the expectations of our clients in mind. No matter your needs, our certified team of tax professionals will meet your expectations with a sincere interest in your future. We’ve worked with thousands of clients in all tax matters imaginable and we’re dedicated to providing our services to you. Here are just a few of the services we offer to help prepare your taxes and keep you on the path to steady finance.
- Individual and Corporate Tax Returns
- Tax Resolutions
- Estimated Tax Payments
- Estate Taxes
- Inheritance Taxes
- Missing Tax Returns
You are welcome to reach out to us now with any questions or concerns regarding our tax preparation services. We are proud to help people navigate complex tax issues to come to a reasonable and affordable solution. Our professionals are standing by to help you resolve outstanding tax debt, newly acquired assets, missing returns, audits and more. If you seek assistance in one or more of these areas, a Community Tax team of professionals is ready get you there.
Types of Tax Debt Resolutions
Should our tax preparation service indicate that you need to resolve any debt, we’re prepared to offer a number of deals before the IRS that will work in your favor. If you have tax debt that needs to be paid, we will find the appropriate option for you that allows you the most financial freedom. We will formulate a plan, negotiate with the IRS, and give you the opportunity to pay your debt based on your needs. Fortunately, the IRS is willing to compromise payment pending your financial situation and we’ve helped hundreds of people reach a resolution they can afford.
Offers in Compromise
If you’re in danger of falling into financial hardship while making debt payments, the IRS may settle for an Offer in Compromise. After reviewing all of your financial documents including income, investments and assets, the IRS will determine a price that you will pay. The remainder of the debt is forgiven and the taxpayer is released from their liability. These are difficult to come by but they are possible to achieve with the help of a professional.
Installment agreements are more common and they allow the taxpayer to pay a minimum installment amount over a period of months or years. You’re allowed to pay a certain amount based on your current finances, personal assets, property and more.
Stair Step Agreement
This type of installment agreement is designed to help the taxpayer pay off major expenses like a loan or child support. Once the payment is made the taxpayer is automatically accountable for the back taxes that remain.
Streamline Installment Agreement
The biggest benefit to this agreement is that it doesn’t require the taxpayer to disclose all of his or her financial information to the tax agency. The only stipulation is that the taxpayer must owe equal to or less than $50,000 and pay within a 60 to 72 month period. This is the ideal agreement for those with a disposable income.
Partial Pay Installment Agreement
This is a form of hardship plan that is negotiated based on the taxpayer’s current financial situation. The hardship payment identifies the financial need to pay less than the typical monthly payment in order to pay any outstanding tax debt. Like some other deals, the IRS has a 10-Year Statute of Limitations in which they can collect the debt. Any remaining debt after 10 years is wiped and the IRS can no longer collect it.
Conditional Expense Installment Agreement
The Conditional Expense Installment Agreement allows you to continue to make payments within a 60 month period. To obtain this agreement, the taxpayer has to make a steady income that equates to having some form of line of credit or 401k.
Currently Not Collectible Status
Taxpayers who face serious hardship due to their debt may be found to have a Currently Not Collectible Status. If the IRS deems, based on the taxpayer’s financial information, that he or she can’t meet even basic living expenses, the IRS will honor this agreement up to ten years. During this Statute of Limitations, the taxpayer is required to file taxes and provide any other information that the IRS requests. If at any point the taxpayer is no longer in financial hardship the IRS will create a new payment plan based on his or her finances.
When it comes to hiring tax services, the question is a matter of not if, but when. When we’re younger taxes are simpler and easier to solve on our own or with the help of digital software. Yet as life gets more complicated, so do our tax returns. If you’re on the hunt for a better tax preparation service, our professionals at Community Tax are here to help you. We have a team of certified public accountants, tax lawyers and enrolled agents with decades of experience to help resolve any questions or issues. Whether you need to act fast on a notice you’ve received from the IRS, or you just want to get a professional to look at your taxes from a different angle, our team has you covered. Reach out to us today for higher returns, tax debt resolution and a better financial future.