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Benefits of Using a Tax Professional

14th February 2011
By Rogelio Little in Taxes
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Of course, don't just choose professional tax relief help out of desperation; you should find time to sit down with your potential tax agent. A tax professional should be able to present your options clearly and give you a good picture of what needs to be done.

Enrolled agents have the least amount of direct ethical supervision. Of course, they are subject to the rules imposed by the IRS, but there is no third-party ethical board (other than the IRS itself, of course). Enrolled agents are tax practitioners who have either worked at the IRS for a certain period of time or passed an exam that tests tax-related subjects.

As you can see, you get a lot of help and experience when you hire an enrolled tax agent as a tax professional. If you have a tax related issue and are thinking about hiring a professional, you need to keep an enrolled agent in mind. You will probably find this to be one of your better options - if not the best.

If you are not in need of a tax rebate anticipation loan and are unafraid to do your taxes yourself, there is no question that you will save money by using Turbo Tax or some other tax preparation software. Either way, always be sure to do all you can to assure yourself of the lowest tax liability legitimately possible.

Knowing what to look for, where to look, and what questions to ask are the keys to making an informed, confident decision when selecting a tax pro to do your taxes.

The subject of tax debt relief, understandably, is an intimidating one for most people. Tax laws are complex, and the prevailing perception is that the IRS can basically do anything they want. Most people don't realize that tax settlement programs even exist, and that options are available to help pay delinquent taxes. We all know, however, that the IRS has several weapons in their debt collection arsenal, among which are: assessing penalties and thereby increasing the amount owed, issuing tax levies, or attaching a lien to your property. The need to take action when facing tax problems is critical, as failing to act increases the likelihood that a tax agency will levy a penalty or pursue legal avenues.

The third option is to request a payment extension. The IRS may agree to extend the time period in which a person must pay their tax obligations. 45 days is the maximum extension period, however it is possible to receive multiple extensions. This option works best for people who have manageable past due amounts owed - and can be a "do-it-yourself" request.

For persons who have more then a seasonal desire to work in taxes, you can opt to become a Tax Accountant and work with individuals and small businesses. Tax Accountants not only prepare taxes, they help you with tax planning based upon a client's monthly income, expenses and goals.

For example, do you understand how net realizable value relates to the valuation of stocks and how lower valuation provides you more tax benefits than higher valuation? When concepts like this are not clearly understood the sad consequence is that many UK-based small businesses end up paying more in business tax than they should.
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