How To Pick A Qualified Tax Professional

Instead of hiring tax preparers who simply enter numbers into software, look instead for a true tax professional who prepares taxes and has the following qualifications: Is the tax pro licensed? CPAs and enrolled agents (EAs) are licensed in all types of tax matters. Very few preparers in the big chain tax prep stores are licensed or possess more than a minimal level of tax
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Categories: SACRAMENTO PERSONAL TAXES.

The Ugly Truth About Tax Prep Chains

It’s amazing that a large number of people have their taxes prepared by H&R Block, Jackson-Hewitt, Liberty Tax and other large tax preparation chains, when most of their preparers are unlicensed, seasonal and possess a minimal level of tax knowledge. When reviewing tax returns prepared by the big chains, we find obvious errors on many of them. Perhaps it would be understandable, if they charged
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Categories: SACRAMENTO PERSONAL TAXES.

Tax Credit to Subsidize Health Insurance Costs

You may be eligible for a Premium Tax Credit (PTC) to subsidize the cost of your health insurance premiums. The only plans that qualify for the PTC are those acquired through a qualified health insurance exchange (exchange). The exchanges can determine eligibility and the amount of your PTC (if any) based on your family size and projected household income (including spouse and dependents’ income) for
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Categories: SACRAMENTO PERSONAL TAXES and SMALL BUSINESS ADVISORY.

Obamacare Tax Penalty for Not Having Health Insurance

Did you know that because of the Affordable Care Act (Obamacare) your tax returns will never be the same? If you, your spouse or your dependents lack health insurance (beginning in 2014) you may owe a penalty on your federal tax return (unless you qualify for an exemption). To avoid the penalty, you must have a qualified health plan that meets the standards under Obamacare.
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Categories: SACRAMENTO PERSONAL TAXES.

Is It Really Cheaper To Do Your Own Taxes?

Many people believe that preparing their own taxes is cheaper than hiring a professional, but saving money on tax preparation (especially for business owners) can cost you more in taxes.  And since time is money, you’ll save countless hours by NOT doing it yourself; not needing to learn the new tax rules nor trying to determine which ones apply and which ones don’t. One of
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Categories: SACRAMENTO PERSONAL TAXES.

How Do Enrolled Agents & CPA’s Differ?

 At Incompass, we don’t employ seasonal non-licensed tax preparers, like the big chains hire. Our tax professionals are LICENSED Enrolled Agents (EAs) or Certified Public Accountants (CPAs). Most people know what a CPA is or have at least heard the term CPA, but many are not aware of the tax professionals called EAs. One reason is that there are about ten times more CPAs than
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Categories: IRS PROBLEMS and SACRAMENTO PERSONAL TAXES.

Beware of Tax Debt Relief Scams

Beware of telemarketers and advertisers on radio and television who make claims that sound too good to be true and who claim that they can settle IRS claims for “pennies on the dollar”. To avoid getting ripped-off in these scams, be sure to use local tax professionals whenever you have IRS problems.  Check the company’s website to verify that actual tax resolution professionals are employed,
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Categories: IRS PROBLEMS, SACRAMENTO PERSONAL TAXES, and SCAMS & SCHEMES.

Building a Business Relationship with Your Tax Advisor

You will receive much more benefit each year, if you have your taxes prepared by a licensed tax professional (an EA or CPA), instead of one of the giant chain tax preparation offices. The giant chains, such as H&R Block, Jackson-Hewitt, Liberty Tax and others, hire unlicensed, low-skilled, seasonal preparers to provide tax preparation services each year.  Then, as soon as Tax Season is over,
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Categories: SACRAMENTO PERSONAL TAXES.

Do I Really Need a Tax Professional?

Yes.  A qualified tax professional with all of the facts at his or her disposal can determine the appropriateness of the application of any tax law to your given situation. Every year there are numerous changes to the tax laws and the tax code.  IRS Code sections now number from 1 to over 9,800 and encompass more than 11,000 pages.  Frequently, provisions are added while
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Categories: SACRAMENTO PERSONAL TAXES.