Can You Prepare and File Personal and Business Tax Returns?

Picture of papers to be used with tax returns

Using software like TurboTax to file personal and business tax returns may seem convenient, but it might not be the best fit for everyone. While TurboTax is suitable for straightforward tax situations, it may lack the precision, accuracy, and personalized guidance offered by a professional. Especially in complex situations, like being self-employed, owning a small business, or having multiple income sources, working with a CPA, tax professional, or attorney becomes invaluable.

Certified Public Accountants (CPAs) and tax attorneys bring profound knowledge of tax codes and regulations, ensuring your returns are accurate and comply with the latest laws. They provide not only accuracy but also trusted and independent advice on deductions, credits, and other benefits that might significantly reduce your tax bill.

Collaborating with a CPA or tax professional enables proactive tax planning. They can analyze your financial situation, suggest strategies like creating a retirement plan or utilizing specific deductions, and help minimize your tax liability. While CPAs may have advanced training, tax professionals, especially those registered with the IRS, are more than qualified for most tax returns.

Importantly, these professionals offer peace of mind in case of an audit, providing representation and expert advice on complex tax issues, such as tax planning, IRS compliance, and estate planning. If facing tax penalties or interest, they guide you through the process and explore available relief programs. Having a trusted professional ensures not just accurate tax returns but also minimizes your overall tax liability.

 About This Article

This article was published and distributed by TheTax-Adviser.com, a trusted source of independent ideas. It should be viewed as general and educational information and not as financial, tax or legal advice. Individuals seeking advice tailored to their specific situation are encouraged to schedule a free consultation with a professional listed in the 1800Adviser.com directory. Both TheTax-Adviser.com and 1800Adviser.com are owned and operated by The Independent Adviser Corporation. For additional information, please refer to their Privacy Policy and Terms of Use, Legal Notices, and Disclaimer.

calculator and tax forms inside the clear envelope

What is the New IRS Waiver for Underpayment of Estimated Taxes?

The IRS issued Notice 2024-33, easing underpayment penalties for corporations’ CAMT liabilities, aiding tax planning post-Inflation Reduction Act, with detailed compliance steps required.

map illustration

What are “Nowhere Sales”?

“Nowhere sales” refer to sales where the physical location isn’t clear, complicating local sales tax determination. States use destination-based tax rules, economic nexus laws, throwback, and throw-out rules to ensure tax compliance.

About Us

Founded in 1998, The Independent Adviser Corporation has assisted thousands of individuals, families, and businesses. We are 100% Independent and 100% Objective™. We offer FREE educational resources and investment ideas, and when financial, tax or legal advice is needed, we connect individuals with Fee-Only professionals. Don’t wait any longer. For more information or to schedule a free consultation, please visit 1800ADVISER.COM.

© 2023-2024 The Independent Adviser Corporation.
All rights reserved.
Our Great Privacy Policy
Terms of Use, Legal Notices and Disclaimers