What is tax preparation?
Filing your tax return can be a challenge, both for individuals and for businesses. Tax rules are constantly changing and can often be complicated to understand.
You might not think you need a tax preparer for your regular annual tax return or simple form 1040, but if you have invested, bought a home, sold a property, inherited an estate, worked abroad, or are unsure whether you have taken advantage of all your deductions such as child tax credits, travel expenses, interest income, and expenses, it is wise to consult an IRS certified Enrolled agent.
Lakeline Tax experts can help with tax preparation on the tax implications of the purchase and sale of property, land, or businesses. If your business has sales tax, staff employees, and benefits, tax preparers can help to clarify things and get everything in line with laws and regulations, so you report according to the rules and take advantage of all legal deductions.
Lakeline Tax preparers assist clients in completing and filing their tax forms. Our Tax professionals who have a thorough understanding of tax law can examine all of their client's personal information, including Social Security numbers, financial statements, and personal and business expenses, to determine which expenses may qualify for tax deductions or credits. Lakeline Tax preparers can also provide advice on the best steps to take to reduce a client's tax liability in the next year based on the results of calculating a return.
Who Needs a Tax Preparer?
You may need tax advice whether you are an individual filing a personal income tax return or a business owner with a more complicated business tax task. Individuals and businesses hire a tax preparer to calculate and file their income tax returns. Tax preparers come in a variety of types, some of whom have credentials from third parties and others without. You can get the best results without stressing over tax preparation by finding a tax preparer and checking their credentials.
The best thing you can do is hire a tax professional. Getting a pro on your side is a good idea if you're confused by taxes or have a lot of questions. You may not be prepared to handle all the IRS jargon, confusing tax rules, and yearly changes to the tax law.
When you find yourself overwhelmed with preparing and filing your own tax returns, you may want to consider calling an IRS certified Enrolled Agent.
Willful failure to file a tax return is a misdemeanor pursuant to IRC 7203. In cases where an overt act of evasion occurred, willful failure to file may be elevated to a felony under IRC 7201. Most tax offenses are classified as civil offenses, not criminal. That means that, even if you end up in hot water, you’ll usually be punished with fines and hefty interest payments — not prison. Click here to learn more:
The minimum income to file tax return for single taxpayers under 65 years old and the gross income was at least $12,550 for 2021, and for 2022 is $12950.
Please refer to the IRS website for the latest information: https://www.irs.gov/publications/p501
The IRS may send notices or letters if you have a balance due or you are due a larger or smaller refund, or IRs have a question about your tax return, or to verify your identity, or for any additional information they may need to process your tax return. Please refer to this link for more information : https://www.irs.gov/individuals/understanding-your-irs-notice-or-letter