Tax Preparation

Between Jobs? Enroll in a Tax Course and Become a Tax Preparer

admin — Fri, 27 May 2011 02:55:48 +0000

Between Jobs? Enroll in a Tax Course and Become a Tax Preparer

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Between Jobs? Enroll in a Tax Course and Become a Tax Preparer

By: Deysi Alcala
Posted: Sep 10, 2009

If you have recently been laid off and are considering career options, it may be well worth looking into the field of tax preparation. This is a career with minimal entry requirements, offers a great deal of scheduling flexibility, along with attractive earnings potential.

It is a fact that many of those who have been laid off are older workers who may face some barriers with regard to obtaining new employment but are also not yet ready to retire. The relatively short length of training needed to start work in this field (little as 10 weeks) combined with the earnings potential, even working on a part time basis, provides these workers with a ready method by which they can remain in the workforce while ensuring a steady stream of income.

Even if you are not thinking to make tax preparation a long term career, it can still provide a method of earning an income while seeking work in your field. Much tax preparation work is performed on an evening and weekend basis since most clients are unable to visit the office during the work week. In addition, by performing this work you will be gaining some valuable skills that can be readily transferred to nearly any career. You may even find that what you thought would be a temporary “gig” until you locate suitable employment in your field, turns into a long-term situation! Many tax preparers continue to perform this work on a part time basis while also holding full time career.

If you have been laid off from a career within the banking of financial sectors you will find that many of the skills you have developed in your prior career are directly applicable to the field of tax preparation. The specific areas of similarity include:

A tax preparer must have the ability to conduct a comprehensive interview with clients to obtain a full understanding of their financial situation.
The completion of a tax return asks for much the same financial information as does a mortgage, investment, or credit application.
The work of a tax preparer necessitates the ability to accurately interpret sometimes complex regulations on a client’s behalf.
Tax preparers must be detail oriented, be comfortable with computer software programs, and possess excellent client service skills.
Tax preparers must also adhere to a highly professional code of conduct and ensure that all financial information revealed by a client is kept in complete confidence.

In the end, no matter the industry from which you come, the field of tax preparation can be a great way to supplement your income or launch a whole new career! The most important prerequisites for entry into the field are basic facility with numbers and good people skills. The rest can be learned! Take the time now to start looking for a tax course today.

Deysi Alcala – About the Author:

Deysi Alcala is the administrator at the National Tax Academy a leading provider of online tax courses designed to ready students for the exciting and growing field of tax preparation. For more information about our online tax courses , visit www.NationalTaxAcademy.comp>

Source: http://www.articlesbase.com/careers-articles/between-jobs-enroll-in-a-tax-course-and-become-a-tax-preparer-1215241.html

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Article Tags:
tax course, tax preparer career, tax training, learn taxes, tax school

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Tax Preparer or Marriage Counselor?: Enrolled Agents and Innocent Spouse Relief

admin — Sat, 21 May 2011 23:19:01 +0000

How Leveraging Innocent Spouse Relief Can Help At Tax Time

In their role as a registered tax return preparer, enrolled agents often find themselves wearing many hats. Offering up suggestions for mitigating a bad marriage is not exactly something that would qualify as a typical function of anenrolled agent. But the IRS has incorporated a number of features into tax law that make this scenario more than possible, a subject covered in most tax CPE courses on marriage and taxation. One such scenario is dealing with IRS tax liability under what is called the “Innocent Spouse Program.”

Typically, a husband and wife assume equal liability when it comes to income tax on a joint return. However, if one spouses intentionally commits fraud without the other partner’s knowledge, then that individual, known as the “innocent spouse” in this relationship, may not be liable.

By requesting what the IRS deems “Innocent Spouse” consideration, spouses in this predicament can be excused from their obligation to paying taxes, interest, and penalties.

What Makes a Spouse Innocent?: IRS Criteria

According to the IRS, the following conditions must be met before the IRS will consider agreeing to grand someone Innocent Spouse relief:

(1) Taxpayer must have filed a joint return containing incorrect information relating to the spouse

(2) Taxpayer is able to establish that, at the time of signing the joint return, they had no reasonable knowledge of either an error on the return or intentional fraud

(3) After considering the totality of the fact, the IRS believes it would be unfair to hold the taxpayer responsible for these errors or fraud

For the purposes of qualifying for the innocent spouse program, errors on the tax return could pertain to unreported income or a specific incorrect deduction or credit. As outlined in most EA CPE courses on the subject, common errors include fabricating business deductions or failing to report 100% of an individuals’s income.

Rigorous Standard of Proof

In situations where a spouse had knowledge of the error, or fraud, when the return was prepared and filed, Innocent Spouse Relief is not an option available to them, according to the IRS. In such cases, both spouses will remain equally liable for all of the taxes as well as the penalties and interest that flow from this infraction. Furthermore, the IRS considers a spouse’s reasonable knowledge of this offense grounds for dismissal of this relief. However, by the same token, the IRS assures taxpayers that it always considers the complete range of facts and circumstances in this decision-making process. These factors include the nature of the error, as well as its size; a taxpayer’s unique financial situation, educational background and business knowledge; the degree of a spouse’s actual participation in the fraud, including whether the so-called innocent spouse failed to question the return manner fitting a “reasonable person.”

Likewise, the IRS will consider a number of other question to calculate whether holding the innocent spouse accountable for the error is a fair act or not. Among these include:

Did the innocent spouse derive a significant benefit, either directly or indirectly, from the error?
Has “bad” spouse abandoned the “innocent” spouse?
Is the couple divorced or separated?

Divorce Not a Given for Acceptance

Not all divorced or separated taxpayers will qualify for Innocent Spouse Relief. However, if the innocent spouse successfully demonstrates no prior or direct knowledge of the incorrect tax filing, the law may offer them some relief from IRS debt.

IRS Circular 230 Disclosure

Pursuant to the requirements of the Internal Revenue Service Circular 230, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including in any attachments, it was not written or intended to be used, and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed in this communication.

How To Lessen The Workload of Tax Preparation and Bookkeeping

admin — Fri, 20 May 2011 22:36:36 +0000

If you have a business, perhaps you consider bookkeeping and tax preparation among your more unsavory jobs. After all, who wouldn’t? These two jobs, bookkeeping and tax preparation, can be among the most laborious of the duties you have to shoulder when you run your own business. And the problem is, it doesn’t even have a lot to do with your business itself, except that you, of course, are doing your job as a citizen and making sure that you pay your taxes right and on time.

First of all, let’s talk a little bit about tax preparation and what it is. You as a citizen and business owner have the obligation to your government that you must prepare and file regular tax returns; this usually happens at least once a year but may happen quarterly, depending on your specific circumstances. Doing this can be quite laborious, because you have to figure out what all of your liabilities and deductions are, any exemptions you have from taxation, and so on. You’ll need to pay your taxes on time in order that you won’t be held responsible for further late fees and penalties because you filed your taxes late.

Now, of course, you can do this yourself (and you can also do the bookkeeping associated with tax preparation, because you’ll need those figures to properly pay taxes and keep abreast of your business financially). But the fact of the matter is, a lot of people don’t have the ability to do those jobs themselves, and they surely don’t enjoy them even if they can do them.

So now, I ask you: Would you rather be spending time running your business, working with customers, and doing what you really love to do? Would you like to leave the duties of tax preparation and bookkeeping to someone else?

Using someone (firm or individual) who is versed in current tax laws and tax codes seems like a reasonable solution, doesn’t it? After all, this person or firm is going to know exactly what current laws are, such that you won’t unwittingly overlook something you should know about so that you may have to pay fines or other expenses for improperly filed taxes, such as late fees.

Outsourcing these arduous tasks to someone who not only can do them better than you can but may actually enjoy them as well, as a livelihood, makes perfect sense, because their expertise will make your job much easier, and will make sure that your taxes are filed properly.

And by the way, you can also outsource bookkeeping duties as well. These are your day-to-day financial accountings of your business; if you have trouble keeping on top of this because the business itself takes up so much of your time (and why wouldn’t it?), assigning bookkeeping duties to someone else who’s an expert at doing that, too, may be a very smart choice. Which is best for you? Outsource tax preparation and/or bookkeeping, or keep them in your own task list? It’s your decision.

Online Tax Courses Lead to Profitable Tax Preparer Career

admin — Thu, 19 May 2011 21:42:28 +0000

The tax preparation career is a great opportunity for those who enjoy working with people and are good with numbers. It is a misconception to think that tax preparation services are needed only during the busy tax season from January through April. Many individuals and companies have a need for tax preparation services throughout the year as a result of filing for filing extensions.

Listed below are a few strategies to assist you in planning to become a Tax Preparation Consultant and choosing the right income tax course.

You may enroll in one of the programs offered by a tax preparation service. To enroll you must have either a GED or high school diploma and several companies require that you have some experience either field. However, there are also firms which will train entry level candidates as long as you can demonstrate proficiency with numbers and comfortable win working with a calculator.

The best strategy is to call these agencies as early as September before the new tax filing season and inquire as to their admission policies. You will also want to inquire as to their hiring policies upon program completion. In effect, you want to know what the likelihood is that you will be hired as a regular employee after the rush of tax season.

If you would rather not be bound by a traditional classroom schedule due to family or other work obligations, you can also enroll in an online program to obtain certification. These courses may be offered by both private education companies as well as the continuing education programs of many local collages.

With regard to private instructional programs, it is best to perform careful due diligence by contacting such consumer reporting agencies as the Better Business Bureau to ensure the program of your choice has a good reputation.

A final method of preparing for this career is to complete your own taxes, or as much as you can if your situation is rather complicated. This method is probably best used in conjunction with a formal training program so that you can get exposure to all types of situations in completing forms on behalf of individuals, families, as well as business entities. l

There are currently only two states that require tax preparers to be licensed through their state education departments. These states are Oregon and California. However there is much talk of instituting federal regulations for the licensing of all those who charge a fee for the preparation of taxes.

This is of special concern should you seek to operate a solo practice. In this event, check with your secretary of state for business licensing requirements. If you work for a tax preparation company, they likely already have the necessary licensure so this is not an issue of concern.

Tax preparation software

admin — Tue, 17 May 2011 20:14:26 +0000

The way we do taxes in this country has changed. No more going down to the local library or post office and collecting all the necessary forms. No more spending hours penciling in incomes and deductions. You’re halfway through your return and discover you need another form? Simply download it; and if you file with one of many online services it may be automatically attached to your return. Fifty-seven percent of individual tax payers e-filed in 2007, an increase from 2006 of three percent. This year even more people will take advantage of e-filing. Why change your payroll provider?

A lawyer with the necessary skills to successfully manage tax issues we face today and will take time to assess your tax return and come up with the right strategy. These professionals have years of experience working with tax codes and regulations and are ready to fight for their rights. When using a keyboard tax lawyer in principle, tax issues can be avoided.

Why E-file? on-line application is easy and safe. And you come back much faster if you choose direct deposit to receive a refund of only 10 days.

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* Get an accountant in Sydney, who is confident, attractive and accessible, especially if they interact with the customers. * Get an opinion on the outlook for business plans or ideas. It gives you a good indicator of the candidate’s knowledge of accounting and how that person thinks. Finally, make sure you hire accountants and small business people will see themselves and the rest of the crew (if any) that the good working relationship.

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For the same reason, most Valentine’s gifts have been purchased in the afternoon 14th February and malls are full of Christmas – people are built to wait until the last minute, or take action to change. In fact, when adults, the best way to change behavior, without the impending deadline for tens or hundreds of tiny steps. Think of the impact of commercial radio: You might not remember the ads for the first time, or 20, but he also slipped in mind that, of course, you find yourself humming without even trying. $ 64,000 question is, what he was doing with the sales training? In a word: everything.

Advantage of automated time and attendance system is able to offer, not generally regarded as an essential business systems, as you might think. Ironically, the web is a lot of valuable resources to help you during the implementation process and enables you to take maximum advantage of resources and ensure an ideal and cost-effective implementation process, but only a few people in the business world knows that. question the accuracy of the accumulation would be clocking workers demand wage records to interpret awards and export files. Along with several questions, such as technical, such as multi-time clock through a LAN or WAN, and watch some of the confusing calculations. tax preparation software |

If you enter two times, we have a large amount of data. That is a great opportunity for savings, and more mistakes.

Search for dealers to offer free trial version to try the system. Not four software company offers training for you? If a new system for your company, you need to train their staff to use. If company in training, you can save much time and effort.

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Tax Preparation

admin — Mon, 16 May 2011 19:41:14 +0000

Chewed-on pencils, crumpled-up pieces of paper, worn-down erasers, and your hair standing on end from running your hands through it in frustration, what do these all mean? Why, of course! Youâ??re doing your taxes!

Itâ??s an annual ritual that bonds Americans as truly as fireworks and complaining about our mothers-in-law: tax time. As April 15th draws near, tempers grow short and time seems to speed up. A contest brews between two worries: that youâ??ll make a mistake that will bring the scrutiny of the IRS upon your finances, or that youâ??ll overlook deductions that could have kept more money in your own pocket.

How to ease the frustrations? First, make sure you avoid the most common taxpayer mistakes. Even if you have found an accounting firm in Naperville to advise you, it is possible to overlook things. A recent study by the Government Accountability Office (GAO) discovered errors even on most returns completed by paid tax preparers. These errors can be quite costly to fix. Thus, itâ??s important for each taxpayer to know the most common mistakes in order to avoid them.

The number one mistake is the easiest to correct: math errors. Too many bleary-eyed nights can lead to adding when you should subtract or copying numbers wrong. This can be fixed by utilizing tax preparation software. Also, always double-check your entries, for itâ??s easy to transpose numbers (for example, putting 87 instead of 07).

The second most common mistake is one that costs many people: overlooking deductions. Even though itâ??s much simpler to take the standard deduction, itâ??s almost always better to itemize. The GAO estimates that every year, more than 2 million taxpayers overpay because they fail to do this. Because there is such a long and varying list of possible deductions, including job search expenses, volunteer work expenses and gambling losses, this is where itâ??s easiest to get lost within the tax codes. Itâ??s also where some professional help with your Naperville tax preparation can come in handiest. Your tax advisor can go through all your expenses with you and may well find deductions that didnâ??t occur to you. Additionally, a good advisor will guide you to future money decisions to help lighten your tax load in subsequent years.

Even if you do utilize tax preparation software or an accountant, keeping good records is up to you. Here is where many Americans make a third mistake: forgetting all about taxes once April 15th has passed. Something as simple as a shoebox or a drawer for receipts, health bills and donations can assist greatly in the next yearâ??s filing.

Avoid these common mistakes and you may avoid the hair-pulling and teeth-gnashing when next April rolls around!

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Online Tax Preparation – Get Tax Return Preparation Help

admin — Sun, 15 May 2011 18:52:37 +0000

Each individual is required to file their tax return before the deadline. Tax preparation is a simple task for a large number of taxpayers who have easy tax returns. You have to sum up the income of all your sources while preparing your return. After that, you need to subtract your allowable tax deductions so that you can come up with proper taxable income. Then you can think of deducting eligible credits.

If you have paid your taxes more than necessary by payroll deductions or estimated taxes, you will get refunds. You should learn about your tax liability because you have to send the IRS a check that comes along with your tax return. So, preparing your return properly is important and challenging but with the help of software, you can make your task easier and faster.

While preparing your and filing your return, you have to keep all of the applicable tax laws in your mind. You can visit the IRS website to learn about the latest updates on taxes. Besides this, there may be certain things like your marriage, the birth of a baby, the purchase of a new house, the loss of major source of your income, etc. that can affect your tax situation and your tax payment.

Many people many have complex tax situations and preparing returns can also be complex. But fortunately, for complex tax situation, you have various alternatives. You can turn to online tax preparation and e-filing services to do your task. You can visit the IRS website to choose an IRS approved company or you can just search in the major search engines.

If you have knowledge of tax laws and have familiarity with how to prepare return file, then you can do it with the help of software. As a result of several tax software offered online, you should know which will suite your needs.

Your first priority should be the Free File program offered by the IRS but for using it, your adjusted gross income should not be more than ,000. If you are not qualified for this option of free file, you can consider choosing online software companies approved by the IRS. There are varieties of software applications which come in affordable prices for preparing and filing returns online. You can explore the internet and learn about the reviews on major tax preparation companies well before making a choice.

Drake Tax Preparation Software Productivity Enhancement in a Hosted Environment

admin — Sat, 14 May 2011 18:36:45 +0000

Drake tax software is one of the most affordable and features rich tax return filing application available for tax planners. But most importantly drake tax software offers full financial management options with its vast number of add-ons, diverse forms and import/export features compatible with large number of accounting and CRM applications.

Many tax preparers have realized the benefits of having tax preparation software hosted in the cloud environment with benefits such as anytime anywhere data accessibility, collaboration and security of the data. Before going into the details of benefits of Drake tax software hosting here are the list of some Drake features that are very useful for the tax preparers.

Diverse number of forms: Drake tax software includes the most comprehensive list of tax forms and state specific forms to help tax preparers. Further the tax software offers comprehensive tax research features for tax planning for the clients.

Easy Export and import of data: Of all the tax software, Drake tax application is the most comprehensive in terms of import and export of data from diverse application be it they accounting or CRM application and in the process saving data entry time and costs. Not only excel import bust also scanned document data can be imported to the Drake tax application.

Drake Add-ons: Drake provides a large number of Add-ons to make the tax practice both faster and to offer diverse range of services for their clients. The add-ons include drake tax planner, Drake document management systems, client write ups and payroll applications.

Drake Tax preparation in the cloud environment

The efficiency of tax return filing process and use of the other features of the Drake Tax program can be considerably enhanced if the Tax application is accessed through third party terminal servers or cloud servers. This means hosting the database on third party terminal servers and accessing the application as a local desktop interface instead of that on Local LAN. The benefits of Drake tax Application hosting are:

Cost Reduction: Application lifetime costs may involve software licenses, servers installations, occasional upgrades and technical support costs. With Drake accessed on a terminal server there is no need to install local network, neither there is any requirement of dedicated technical support professional as IT help desk is provided by the service provider.

No IT obsoleteness: Since the local IT infrastructure needs are considerably reduced, Drake Tax software hosting also means that obsoleteness of the IT infrastructure is a thing of the past. With the application installed and run on the latest terminal server, users have the advantage of access to most advanced technology without any upfront costs involved.

Reacting to the market forces swiftly: Since the cloud hosting services are available on demand and the infrastructure bought at a short notice the tax preparers are able to cater well to the increased demand during the tax preparation season without any additional IT costs involved. Further they have to buy the services only when they need and hence further save IT costs for unutilized IT Infrastructure.

Collaboration and sharing with Drake Tax software hosting

A major handicap for the mobile tax professional is the inability to access the tax application beyond the LAN or the office premises. With Drake tax software hosting not only they can share and collaborate with other users in real time but also share, review and oversee what changes are made to the files by different users.

Collaboration feature allow the tax professional to:

Have better clients interaction and available to troubleshoot clients issues or share files with them from anywhere remotely not necessitating one to one physical interaction and thus saving both time and transportation costs.
Use outsourced cheap labour for tax season and still being able to keep a tab on the quality of work done or the progress of the tax preparation process through real time collaboration.

Drake Tax application hosting and financial data security

Remote data backup is more secure than the local back up as:

Data is stored in multiple locations automatically on a daily basis in case of remote backup which may not be possible in case of locally backed data due to unavailability of technical professionals.
Monitoring of the local network for security threats may involve dedicated IT professionals and thus involving recurring costs which can be easily possible and in more comprehensive ways in a hosted environment.

Multiple Applications hosting in an integrated manner with Drake Tax software

Drake tax software not only comes with most comprehensive list of Add-ons bust is also easily integrated with many other applications in comprehensive manner for easy import and export of data to enable financial consultants to offer diverse solution to their clients and thereby increasing business profitability. Drake tax software can be integrated with accounting software such as QuickBooks and Peachtree as well as CRM software such as ACT! By sage.

Professional Tax Preparation Software – Make Your Tax Preparation Task Fast and Easy!

admin — Fri, 13 May 2011 17:39:07 +0000

Preparing taxes is not an easy task because you need to be well versed about the latest tax issues and news. Moreover, to cope with different forms and claiming the right deductions are not something that you can do in isolation. All these take deep understanding and perfect execution of your knowledge when it comes to doing taxes on your own. And due to such complexities of the task, most people choose to hire a certified professional tax return preparer.

It is always difficult to find an efficient tax preparer when you are hurry to complete you task well before the deadline. It is also costly to hire someone to do it on your behalf because all are busy doing taxes during the time you are attempting to do. In such cases, you can opt for the alternate option, which can make your task simpler and even affordable. Yes, the best thing for you is to do the entire task of income tax preparation and filing on the internet. Now, there are many online tax software developed especially for the benefits of common taxpayers who can make the task quicker and easier than ever.

If you do not want any certified professional preparer for doing your task, the help of tax software can do all what you are looking for from professionals. And it is quite apparent that the accuracy, quickness and reliability you get from software can never be expected from manual methods. When you explore the Web, you will come to see tax preparation companies and unique sources like ProfessionalTaxSoftware.Biz that can help you do your taxes in every aspect. When it comes to choosing online tax software, give your preference to one which can offer you support for all types of income tax returns including business as well as individual returns so that you may not get disappointed for your needs.

Professional tax prep software can be of immense benefit to you compared to professional tax preparer in terms of costs and accuracy. If you choose the best program and enter the right information into the online forms, then there will be almost no chances of making errors. Most software can be user-friendly which require you just follow some easy steps to complete the entire process. Within no time, your entire task of preparing taxes will be completed by you if you enter the proper details in the given online forms. It will also make it simple for you and do all sorts of calculations for you which you may find difficult.

Operating your own tax preparation business

admin — Thu, 12 May 2011 16:54:37 +0000

Because of the dire recent financial climate various persons have been laid off work owing to no fault of their own…simply a group of shocking conditions…they are at the moment scratching their heads philosophizing where now? In the back of their mind they have been cogitating – “should I establish my own tax preparation business?” Nevertheless where do you go for guidance like that?

Accordingly how do you run a new venture? You have continually been the one who is told what to do. Right away the shoe is truly on the other foot – you bestow the commands now. But what guidelines do you give to your staff? What signals do you transmit? How do you know if what you are saying or doing is the proper thing for your new tax preparation business? It was straightforward in the past…the boss spoke…and you executed what he/she said then you got rewarded at the end of the day. This is a little harder, if you get things wide of the mark now, not only will you not get rewarded (or get paid less), your decisions could impact harmfully upon your workers.

The fact about running your own tax preparation business is not that you will be chasing the almighty dollar but that you might obtain the life you have for ever and a day wanted. Of course, the cash is crucial; but to build up the business that creates the life you actually yearn for is a significant reward. Private independent status pushes hard cash close to being the chief component to becoming their own boss. Most successful tax preparation businesses are run by those that don’t worry about how successful they are as long as they don’t have to labor for others.

However having lots of money in the bank is a relief.

Having something to confirm is also a great motivator. Having a sibling,parent,spouse or other significant personality that is doing well in business creates a great motivation for others to try. Not out of a awareness of rivalry but because it is understandable to perceive the love people get from operating their own business, and their own lives.

We live in a big world; their are thousands of tax preparation businesses – but they are not all the same; as a new businessman/woman it’s your responsibility to run your business the finest way you see fit by means of your experiences you have acquired in life so far.

Illustrious tax preparation businesses are designed that way by people just like you. Entrepreneurs thrive because they plan to be successful, they take the resources to work out how they want their business to be; they prepare it that way and take extreme pleasure as their business and their life starts to fit their dreams.

Start your tax preparation business now!

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