Tag: <span>tax professional</span>

Right about now you’re probably wading through tax records and filling out your tax return. But it’s a daunting task – one that can be frustrating and eat up more hours than you have to devote to it.

But you don’t have to go it alone. Loeffler Financial Group continues to keep up with the tax code. Our expertise can help ensure that you get all the deductions and credits you are eligible to receive.

Here are the top 10 reasons why you may want to hire a professional tax professional:

  1. It can save you money. If your tax preparer finds even one deduction or tax credit you may have missed, it can easily exceed the fee it costs to have a professional prepare your return.
  2. It saves you time. The Internal Revenue Service reports that it takes nearly 20 hours to complete the average tax return with deductions. Your time is worth money. How much is it worth to you to get that time back?
  3. Tax professionals can answer your questions and resolve issues. It’s very likely you will have questions about your taxes. Calling the IRS means you could be on hold for hours. Tax professionals can answer most of these instantly.
  4. The tax code is very complicated. Professional tax preparers keep up with it and all those changes each and every year so you don’t have to.
  5. You gain peace of mind. Just knowing that a professional is handling your taxes reduces stress.
  6. Making mistakes can be very costly. In terms of missed deductions or triggering an IRS letter or audit; a tax professional can help eliminate errors and ensure your returns are prepared correctly.
  7. You benefit with money-saving tax planning. Tax professionals can advise you now and all year round on the best strategies to make smart tax-saving decisions.
  8. Your previous returns can be also reviewed. A tax professional can look at your past returns to see if any deductions were missed and, if so, amend them for you.
  9. You can reduce your risk of an audit. And, if you are audited or the IRS starts asking questions you can’t easily answer, a professional tax preparer knows how to deal with the IRS.
  10. It takes the hassle out of doing it yourself.

If you plan to hire a tax professional to prepare your taxes, you do need to gather and organize your records, including W-2 forms, 1099 forms, mortgage and bank statements, charitable contributions, and so forth. Being organized saves your tax preparer time and keeps the fees down. Loeffler Financial Group is here to help every step of the way. Call 717-393-7366 to schedule your tax appointment today.

 

Do’s and don’ts for taxpayers who get a letter or notice from the IRS

The IRS mails letters or notices to taxpayers for a variety of reasons including if:

  • They have a balance due.
  • They are due a larger or smaller refund.
  • The agency has a question about their tax return.
  • They need to verify identity.
  • The agency needs additional information.
  • The agency changed their tax return. 

Here are some do’s and don’ts for taxpayers who receive one:

  • Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. The notice or letter will explain the reason for the contact and gives instructions on what to do.
  • Don’t panic. The IRS and its authorized private collection agencies generally contact taxpayers by mail. Most of the time, all the taxpayer needs to do is read the letter carefully and take the appropriate action. 
  • Do read the notice. If the IRS changed the tax return, the taxpayer should compare the information provided in the notice or letter with the information in their original return. In general, there is no need to contact the IRS if the taxpayer agrees with the notice.
  • Do respond timely. If the notice or letter requires a response by a specific date, taxpayers should reply in a timely manner to:
    • minimize additional interest and penalty charges.
    • preserve their appeal rights if they don’t agree.
  • Do pay amount due. Taxpayers should pay as much as they can, even if they can’t pay the full amount. People can pay online or apply for an Online Payment Agreement or Offer in Compromise. The agency offers several payment options.
  • Do keep a copy of the notice or letter. It’s important to keep a copy of all notices or letters with other tax records. Taxpayers may need these documents later.
  • Do remember there is usually no need to call the IRS. If a taxpayer must contact the IRS by phone, they should use the number in the upper right-hand corner of the notice. The taxpayer should have a copy of their tax return and letter when calling. Typically, taxpayers only need to contact the agency if they don’t agree with the information, if the IRS request additional information, or if the taxpayer has a balance due. Taxpayers can also write to the agency at the address on the notice or letter. If taxpayers write, they should allow at least 30 days for a response.
  • Do avoid scams. The IRS will never contact a taxpayer using social media or text message. The first contact from the IRS usually comes in the mail. Taxpayers who are unsure if they owe money to the IRS can view their tax account information on IRS.gov.

At Loeffler Financial Group, we always recommend to bring us the letter or notice, or email/fax the IRS letter or notice to us.  We will review to help guide you, and also to ensure that it is a real, legit notice from the IRS. Our firm is open 12 months out of the year and handle IRS notices and letters for clients. Give us a call today if you have received a letter and are unsure how to best handle it.