There are a lot of tax problems that are often brought on by the individuals just wanting to get answers to their tax questions. Are you stuck asking, ‘Who can I call for tax questions?’ This can be because of a complicated tax code that they don’t understand or it could be a big-time problem that they just want someone to talk to. In this article, I will list some of the most popular questions and how people should handle them.
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1. Understanding the Nature of Your Business
– When asking for personal tax help you need to make sure that the taxpayer understands what you are talking about in regards to your type of business. They need to understand the term “CIS refunds” as well as “net operating loss” before you even begin your discussion. That way you won’t have to say it all over again in a second or two later on. The best way to explain what is going on is to let them see an example of your business or read a simple description. Many people want to know about how to save money in their business or the tax deductions that they can use.
- Read next: Checklist for Small Business Tax Deductions
2. Documents and Tax Credits
– If you have done your research and prepared your documents, you need to give them enough information to narrow down their tax year. When explaining to the tax advisor check that they have verified if you are eligible for some tax credits for a certain past tax year, or not. By narrowing down the tax year, you will be able to more easily discuss with them about tax credits you might qualify for in the future.
3. Income Statements
– It is not uncommon for the taxpayer to need to know their total income from all sources during the tax year. The easiest way to show them the amount of income that they have coming in every month is to prepare an income statement and balance sheet. Many self-employed business owners need to get this from their accountant.
4. Contacting the Tax Preparer
– When you need to contact the tax preparer, you need to follow up and ask them how they will be contacting you. Should you call them, email them or use any other method? When choosing an accountant, you need to look at how many people they have helped in your situation. You also need to consider what method of communication will be easiest for you to do. Sometimes, the tax person may prefer to communicate through snail mail, but there is always an alternative way to communicate that can also be more comfortable.
You need to know how long it will take you to get to know a person before you make your choice.
5. Choosing Your Records
– When it comes to your business records, you need to be able to find the information that you need quickly. You can’t be in the office filling out paperwork while someone is looking over the business records, so you need to get them processed as soon as possible.
– Tax preparation services can provide you with the information that you need quickly. Most people are really just trying to get their taxes taken care of and not wait for anything else.
6. Tax Codes
– Another problem that some taxpayers have is having too many questions about their tax code. All in all, people want to know how much of a tax break they are getting and why they should be eligible for it. This is the question that you want to ask. Nowadays tax codes are all accounted for with software so you need to ask about how it affects your tax rate.
When you find yourself in the situation needing tax help, the best thing that you can do is to speak to a tax expert and get the basic questions answered quickly. They will most likely give you general information, but this will help you to make the right decisions and start preparing your paperwork. It doesn’t matter how long the conversation takes or how many times you have to ask for a yes or no answer, it is important that you are open and honest with the tax person.
These are some of the most commonly asked tax questions that we encounter. If you find yourself in one of these situations, the best thing that you can do is to stick with the self-study guides and work your way through the different questions that you might have.
Or if you still want to know, ‘Who can I call for tax questions?’ contact us to get a free tax consultation with the right professional tax preparer.