Getting Ready for Tax Season

tax preparation

What is a tax preparation franchise?

Yes, it is December with Christmas near New Years Eve celebrations to abound, what’s next? You got it, for a business owner and individuals, tax preparation. Most individuals are simple filing, but businesses require a bit more work. Business owners often go to tax accountants or a tax preparation franchise. If you’re a new business owner, maybe you have questions about this process and wonder if your small business is worth paying for tax preparation franchise services.

The first two words are self-explanatory, tax preparation. Franchise on its own is self-explanatory as well, so as we put the three words together as a phrase, tax preparation franchise is being trained and experienced in tax preparation and owning or working for a franchise of a larger entity. Not to appear as promoting a specific business, but a tax preparation franchise would companies like H&R Block, Jackson Hewitt, Liberty Tax Services, and several others.

As an individual or a small business, approaching one of these companies will seem like you’re dealing directly with that company, and for the most part you are.  Each person in the building that you visit is working for the owner of that particular tax preparation franchise unit.  Where you can feel confident is that each of the tax preparation franchises are trained to follow the law in tax preparing, and they have the financial back on the main company.

Should I hire an accountant for my small business?

A tax preparation franchise is not company that will keep all your company record’s compiled, month, quarterly, or annual reports ran, or make sure you pay your local and payroll taxes.  So, yes, even if you find a tax preparation franchise to work with to file your annual IRS taxes, you may still need an accountant.

An accountant will assist with collecting, analyzing, and creating the reports needed regarding your company’s financial information. An experienced, trained accountant knows how to interpret financial data in way that will help you make the right business decisions regarding your company and the money it brings in (or doesn’t). A tax preparation franchise will take all the information that your accounting has collected and analyzed to complete and file your federal taxes.

Is it worth paying someone to do your taxes?

Filing federal taxes can get complicated, even for the smallest and simplest business. Hiring the services of a tax preparation franchise will give you a peace of mind know that a professional has combed over your company files and determined what can be deducted and at what rate.

Regardless how small your business is, there are different expenses that are deductible and some that are not. These are things that an employee of a tax preparation franchise will either know straight off or how to find out.  They are experienced in navigating tax returns so that the customer gets the maximum tax break without any errors.

How can I get maximum tax refund?

These are the types of questions that hiring a tax preparation franchise can answer for you!  Every person that owns or works for a tax preparation franchise is well informed and versed in tax preparation services and refunds. They often find things that you may not realized are tax deductible while other things you were ready to deduct aren’t.

How much does it cost to get small business taxes done?

There isn’t a cut and dry answer to that question. Why? Because every business has different issues with several factors that can affect how your federal taxes are completed.

Regardless the cost, you know your business has to file taxes, so hiring a tax preparation franchise is an expense that can be worthwhile to keep you out of hot water with the IRS. Over 40% of all small businesses in the United States struggle with filing their taxes because the federal tax code is complicated.

Basic accounting service fees can run as low as $175 and be as much as $800 to $900 or more. If you hire an accountant, you should confirm if they do the tax filing too or just the tax preparation. If they prepare and file, this can save you money.

calculating taxes

How do I find tax preparation services?

You can ask business associates who they use or do an internet search for tax preparation franchises and services. Starting around November, you’ll see tax preparation franchises opening up in small buildings and even inside large retail stores. Many start advertising on television and mailing out flyers.  Until the end of April, it is hard not to find a tax preparation franchise!

If you are still questioning do you need a tax preparation franchise, take some time to interview a few tax preparation franchises and see what they have to offer. Get their rates and what is included in those rates. Ask questions like:

  • Are they insured?
  • What is their experience level for your business style and industry?
  • Do you have a Preparer Tax Identification Number? Can I see a copy of it?
  • Do you know the requirements of where I am required to file taxes, federal, state, and local?
  • What are your fees and what is considered extras beyond those fees? 
  • Can I file my taxes electronically with you? 
  • Who signs my tax return, and will I get a copy of that return?
  • What support to you offer for audits?

For tax assistance in Fort Worth, TX, call 817-905-1040 today.