Three Tax Services You May Not Be Thinking About (But Accountants Are!)
Posted on: 23 October 2015
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Tax time is nearing again, and although you may be dreading it, accountants are gearing up and reviewing for changes. While it is not your job but theirs to keep ahead of shifting and changing tax laws, you can rest assured that the accountants you hire to handle your taxes (such as those from Karla Dennis and Associates) for you will be able to maneuver through these tricky waters. Additionally, your accountants provide three tax services you may not be thinking about, but they are definitely offering.
Tax Changes
Every year the IRS and the government change something about the tax laws. This coming tax season, there are numerous tax law changes proposed and/or executed to cover the national deficit. Some of these might effect everyone, regardless of where you land on the fiscal ladder. For example, there is a proposed limitation on itemized deduction values, and if that passes, you may not get as much of a refund or as low of a required payment as you had expected. Your accountants can adjust your taxes to reflect these changes, even if you file really early.
Tax Filing Double-Checks
In the last couple of years, many tax preparation services have been instituting a "free double-check" service. The accountants in these service companies go over your self-prepared taxes or your taxes prepared by a competitor to see if anything was missed or misfiled. They can show you how much more you could get back or how much less you would pay in if something was incorrect. (The only downside is that you would have to pay a second filing fee and service fee to this accountant in order to get your taxes fixed, refiled and get the benefits of the free double-check.)
Instant Refunds
Those desperate to get their hands on their refunds right now may take advantage of "instant refund" products. Most of these products are loans for the exact amount of your refund, minus the processing fees and borrowing rates. The fees are typically split between your accountant's firm and the loan company that provides the cash up front, while the borrowing interest rate is typically paid to the bank that helps sponsor the "instant refund." If you want to go this route, you can either request a printed check, which can be printed on the spot or mailed to you in a few business days, or a debit card that instantly loads your refund once your taxes have been accepted by the IRS. The only downside is that you cannot get your state refund this way--only your federal funds.