It’s always a good idea to use a tax adviser/preparer to do your taxes because they are working with sometimes hundreds of individual returns with different scenarios. I can’t tell you the number of returns I have corrected because of errors due to Taxpapers not knowing all the credits, deductions and loopholes in the tax code. Having a second opinion can result in hundreds of dollars in tax savings each year. In addition, the tax planning tools you should receive from your advisor can go a long way in helping you save future tax dollar. Juan Williams, Your Tax Advisor.
A good tax preparer should disclose approximate cost before filing your return. Typically you should expect to pay in several ways: by the hour, by the form or by the return. I’ve seen costs range from $150-$700 or more in some cases. It’s always a good idea to discuss these cost with your preparer first. Please note that you should never have to pay a % of what your refund is unless its on an amended return. I hope this helps…Juan Williams, Your Tax Adviser
I recently started working for myself and will need to file my own taxes. It was suggested to me that I file for a small business license in my state (WA) when filing my own taxes, but I wasn’t told what the benefits of this are. Can’t I simply file my self-employed income tax with my SSN? Is creating a small business for my self somehow beneficial?
You also may have seen or heard of some financial services firms and even retail businesses offering to do tax preparation for free or for a very nominal sum. How can they do that, since they obviously lose money on the tax returns?
They have to make money somewhere. Some retailers expect you to spend your tax refund with them. Financial services firms may hope to make money on other products and services they plan to sell to you. Read the privacy policies carefully, as they will indicate if the company doing your tax preparation plans to share your personal financial information with “affiliates” or “subsidiaries” or “non-affiliated third parties.” Some firms use free or cheap tax return preparation as a “loss leader” to generate prospects for their other financial products. Guard your financial privacy carefully.
One last thought — if a firm is doing your taxes for nothing, how much time do you think will be spent carefully looking for deductions and analyzing your future tax planning. Also, how motivated do you think the person (if there IS a human at all) preparing your free return will be?
The IRS has partnered with several large firms to offer free electronic filing for a limited number of taxpayers (based on income, in some cases). How will you know whether you qualify? You may have to go all the way through the online tax preparation process before they tell you if you’ll have to pay or not. Most of the firms offering free federal e-filing do charge for preparation of a state tax return.
For returns prepared by Nvisionit, there is no extra charge for electronic filing — in fact we recommend it.
Tax preparation and planning are yearlong events and in fact has to be done for the rest of your life. Many tax firms are seasonal and therefore cannot offer you the convenient hours and schedules to address your needs. We are available all year long to help you file, consult and deal with many tax issues that can arise.
Although most of our returns are prepared in Texas, we offer tax preparation for all states and our clients are spread out throughout the USA. It’s as simple as faxing or emailing us your information and we will set up a convenient time to help you plan, file and get your return back just as if you were in came to our office.
Larger firms typically work as franchises to get you in and out the door as quickly as possible. Many of the preparers have very little to no experience in tax preparation and planning so they simply input your information and charge you outrageous fees. They are paid a low wage and minimum commissions to get you to apply for Refund Anticipation Loans and peace of mind guarantees. With millions of dollars in advertising to get you in the door and only a short time to recover those capitals, they target low wage workers who are in dire need for the largest refund of the year. There is usually no customer service or follow up during the year to assure that your business is given top priority!
At Nvisionit Financial Solutions, Our company’s mission is “To help thousands achieve financial success through a proper level of financial education that will empower them to create wealth so they can leave an inheritance to their children’s children.” We currently offer a wide selection of services that includes:
Tax Preparation and Planning
Debt Termination and Credit restoration
Home-Based Business ownership
One on One Financial Consultation
Tax and Financial workshops
Many thousands have benefited from the services of Nvisionit Financial Solutions. We encourage individuals to contact us for a free and private consultation to see how they too can benefit from our many services.