The 2023 tax filing season is quickly approaching, and the Internal Revenue Service (IRS) has announced the official start date. According to the IRS, the 2023 filing season will begin on January 23, 2023. This means that taxpayers will be able to begin filing their federal income tax returns on that date. The start date is earlier than it was in previous years, which means that taxpayers should start preparing for the filing season earlier than usual. The IRS is encouraging taxpayers to start gathering the necessary documents and information to file their returns as soon as possible. This includes items such as W-2s and 1099s, as well as records of other income. The IRS also reminds taxpayers to be aware of potential tax scams. Taxpayers should be wary of any emails or phone calls that promise a refund or other services that are too good to be true. The IRS will never call or email taxpayers asking for personal information or payment. Taxpayers should also remember that the IRS will not require them to make any payments until after they have filed their tax returns. Taxpayers who receive a refund are not required to pay any fees or interest, and the IRS will not call them to ask for payment. The filing season is an important time for taxpayers, and the IRS encourages them to take the necessary steps to ensure that their returns are filed accurately and on time. With the right resources and knowledge, taxpayers can successfully navigate the filing process and maximize their refunds. Tips for a Successful Tax Season 1. Start Early Tax preparation can be a daunting task, so it’s important to start the process early. Make sure to gather your documents and records and begin filing as soon as possible. 2. Be Organized Keep all of your documents in a safe place and organized. This includes receipts, bank statements, investment information, and any other records related to your taxes. 3. Double-Check Before submitting your return, double-check to ensure all of the information is accurate. This will help avoid any potential issues or delays. 4. Use the Right Resources There are many free resources available to help with tax preparation. Use these resources to make sure you’re filing correctly and taking advantage of all the deductions and credits you’re eligible for. 5. File on Time Make sure to file before the deadline to avoid any potential penalties. If you can’t file on time, you can apply for an extension. 6. Pay Attention to Changes Tax laws are constantly changing, so it’s important to stay up to date on any new regulations. Pay close attention to any changes that may affect your taxes. 7. Know Your Rights It’s important to understand your rights as a taxpayer. Be aware of your rights to appeal, dispute, and request a hearing if you disagree with the IRS’ decision. Following these tips can help ensure a successful tax season. With the right resources and knowledge, taxpayers can maximize their refunds and avoid any potential issues. The Bottom Line The new start of the tax season brings with it several changes and adjustments that taxpayers need to be aware of. With the new tax law in effect, taxpayers need to make sure they understand the implications of filing their taxes. Additionally, taxpayers should familiarize themselves with the new filing deadlines and the various tax breaks that may be available to them. Furthermore, taxpayers should consider the benefits of filing electronically and make sure to take advantage of any free tax filing services available to them. Ultimately, being aware of the new start of the tax season can help taxpayers save time and money while ensuring they have the best possible filing experience. Dealing with taxes can be challenging for anyone, even as an expert tax preparer. If you’re looking for innovative solutions that can streamline your tax preparation process, our professional tax software for CPAs can help simplify matters for you. Our affordable technology can empower tax preparers and help you start a tax business with no EFIN, so get in touch with us today at 1.800.504.5170 to see how we can ensure your tax business is booming.

Everything That You Need to Know About Quarterly Taxes Quarterly taxes can be a tricky concept to understand, especially if you are a small business owner or self-employed worker. Knowing when and how to pay taxes is an important part of staying on top of your finances. To help you out, here’s everything that you need to know about quarterly taxes. What Are Quarterly Taxes? Quarterly taxes are taxes that are paid four times a year, usually on a quarterly basis. They are typically paid to the federal government, as well as to state and local governments. Quarterly taxes are a way for the government to collect taxes from businesses and individuals in an organized manner. The most common type of quarterly taxes is the estimated tax. This type of tax is calculated based on the individual or business’s estimated taxable income for the year. This income is then divided by four and the estimated taxes are paid each quarter. This is a way to pay taxes throughout the year instead of paying it all at once in the April of the following year. Who Pays Quarterly Taxes? Individuals who operate a business, are self-employed, or have other taxable income are typically the ones who are required to pay estimated taxes. For businesses, this includes income from sales, royalties, and investments, among other sources. It is important to keep records of income and expenses in order to accurately calculate the estimated taxes due. In addition to estimated taxes, quarterly taxes also include payroll taxes for businesses. This includes taxes such as Social Security and Medicare. Businesses must withhold these taxes from their employee’s wages and submit them to the government on a quarterly basis. In some cases, individuals may also be required to make quarterly payments if they owe a large amount of taxes in the following year. This is a way to spread out the payment of taxes throughout the year. It is important to check with the IRS to see if this option is available. How Do You Figure Out How Much You Owe in Quarterly Taxes? The process of figuring out how much you owe in quarterly taxes starts with understanding the basics of the tax system. The Internal Revenue Service (IRS) requires that self-employed individuals make estimated payments throughout the year. This means that you will need to calculate the total amount of income tax that you owe for the year, and then divide that amount by four to get your quarterly tax payments. The first step in figuring out how much you owe in quarterly taxes is to calculate your total taxable income for the year. This includes your business income, as well as any other income such as interest, dividends, capital gains, etc. Once you have this figure, you can then use the IRS tax tables to calculate the amount of taxes that you owe for the year. The next step is to divide your total tax liability by four to get the amount that you need to pay each quarter. This amount should be sent to the IRS by the due date of the quarter. For example, if you owe $2,000 in taxes for the year, you would need to make four payments of $500 each. Finally, it’s important to remember that the IRS may charge a penalty if you don’t make estimated payments on time. Penalties can be as high as 25% of the unpaid taxes, so it’s important to make sure you’re paying on time. Conclusion Overall, quarterly taxes are a way for the government to collect taxes from businesses and individuals in an organized manner. It is important to understand the type of taxes that are due and when they must be paid in order to avoid penalties. We here at Keystone Tax Solutions offer professional tax preparation software to help you streamline and optimize your tax processes. Our software is easy to use and can help you save time and money. Contact us today to learn more about what we can do for you.

As a tax business owner, you want to ensure that you’re getting the most out of your marketing efforts and customer base. Referrals are a great way to do this and can provide a steady stream of new clients. In such a case, if you are unsure of where to begin, below are just a few pointers that may help you along the way. 1. Determine Your Target Market The first step is to identify your target market. Who are the types of clients you want to work with? Once you know who your ideal clients are, you can start to build relationships with professionals who are likely to work with that same market. 2. Get in Touch with Professional Organizations One of the best ways to build relationships with other professionals is to get involved with professional organizations. There are many organizations that cater to the tax industry, so find one or two that fit your target market and get involved. Attend events, volunteer for committees, and get to know the other members. 3. Establish Connections with Other Professionals In addition to getting involved with professional organizations, you should also develop relationships with other professionals who work with your target market. Attend networking events, lunches, and coffees to get to know other professionals in your area. 4. Offer Value As you develop relationships with other professionals, be sure to offer value. Share your knowledge and expertise, and be a resource for others. When you offer value to others, they will be more likely to think of you when they need a referral. 5. Create a Profile of Your Ideal Customer Client profiles can be tailored to certain industries, job roles, or income levels. The success of your referral reward program is directly proportional to how well you have defined your ideal client. Additionally, when your company’s needs change, you can modify your client profile to reflect those modifications. Having a conversation about your ideal customer with your referral network might boost the effectiveness of your referral marketing efforts. 6. Guarantee Satisfaction for Your Customers If your tax preparation clients aren’t delighted, it will be very difficult to expand your business by word of mouth. Conversely, a satisfied customer base is a powerful advertising tool for expanding your business. Satisfying the needs of your current clientele, resolving any tax issues they may have, and ensuring that they continue to follow all applicable tax regulations will keep them as satisfied customers. Clients’ trust and the likelihood that they will suggest you will increase significantly if you take a proactive approach and cater to their specific requirements. Make sure your consumers are happy with your tax preparation services by staying in touch with them throughout the year. There are a number of strategies to keep in touch with your clientele. Sending out a monthly newsletter to your customers is a great way to keep your company in their minds and increase repeat business. Since many of us rely on reading favorable evaluations before making a choice to switch preparers, encouraging customers to submit online reviews about your tax preparation firm is also a great approach to reach more people. Conclusion A tax preparation service can attract more new customers by instituting a referral incentive scheme. Building a referral network and expanding your business is a process that requires patience. The effectiveness of a referral incentive program is on your ability to identify your ideal client, provide excellent service to your current clientele, and maintain regular communication with them.Your hard work in referral marketing will pay off in the long run by bringing in more customers and expanding your business over the years. If you are looking for the best professional tax software in the market today to help you with the numbers, look no further than what we have to offer here at Keystone Tax Solutions. We have our own patented professional tax software for all tax preparers who want to make their work easier in the long run. Call us today for more information about our software and services.

A financial management system manages an organization’s income, expenses, and assets. Organizations must have a financial management system to make informed decisions about where to allocate their resources. It provides the basic functionality for managing finances, including budgeting, accounting, and reporting. The FMS is also the foundation for tax software, which provides the tools and information needed to file taxes. But why is it an essential tool? Below are reasons why: Streamlines Invoicing and Bill Collection The FMS streamlines invoicing and bill collection, making it simpler and faster for businesses to get paid. Previously, companies had to generate invoices manually and send them to customers, which took time and often led to errors. With the FMS, organizations can create and send invoices electronically. It means that invoices are generated automatically and sent out immediately, which saves time and reduces the chance of mistakes. In addition, the FMS makes it easier to track payments. Companies can see at a glance who has paid and who has not, making it simpler to chase up late payments. Generates Accurate Supplemental Documents for Tax Returns A sound financial management system (FMS) is critical if you are in the tax preparation business. With it, you could generate accurate tax returns, which could lead to problems down the road. A good FMS will help you keep track of your income and expenses, so you can be sure that you are accurately reporting your income and expenses on your tax return. It will also help you keep track of your client’s inventory, so you can be sure you are staying within their deductions. Optimize Daily, Monthly, and Yearly Cash Flow The FMS can help optimize an organization’s daily, monthly, and yearly cash flow. By working with the organization’s accounting department, the FMS can help ensure that invoices are paid on time and that payments are received promptly. The FMS can also help monitor spending and budgeting to ensure the organization stays within its means. In addition, the FMS can help create forecasting models that can predict future cash needs and help the organization plan accordingly. By optimizing an organization’s cash flow, the FMS can help it save money, improve its financial health, and better position itself for success. Automate Finance Processes Regarding bookkeeping and accounting, even the slightest error can have significant consequences. Businesses rely on financial management systems (FMS) to automate their accounting processes. FMS automates financial transaction recording, reducing the likelihood of errors. In addition, FMS can generate reports and financial statements, which can help businesses detect and correct errors. Overall, using FMS can help companies to improve the accuracy of their accounting, which can save time and money. Ensures Compliance with Accounting Regulations Compliance with accounting regulations is essential for any business. Financial Management Solutions (FMS) helps companies to ensure compliance with these regulations. FMS provides a comprehensive suite of software solutions that helps businesses to manage their finances effectively. It includes solutions for accounting, tax, compliance, and risk management. FMS ensures that businesses are compliant with all relevant accounting regulations. It includes the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the Gramm-Leach-Bliley Act. Conclusion FMS is a critical tool for tax preparation businesses and other entities. It allows companies to manage their finances and prepare their taxes more efficiently and organizationally. Additionally, FMS will enable businesses to track their spending, income, and tax liability. This information is critical for entities to make informed decisions about their finances and tax liability. If you have recently started a tax preparation business, you should invest in a tax preparer software from Keystone Tax Solutions. Our technology can help you generate accurate client tax returns and maintain an audit trail. So, contact us now for a free demo.

Tax preparation firms are increasingly relying on the internet to grow their business. Having a quality website is essential for any tax prep firm that wants to stay competitive in today’s digital landscape. A well-designed website can help a tax prep firm reach more customers, build trust, and create a professional online presence. Here are seven reasons why a quality website is important for tax prep firms: Create a Strong First Impression A website is often the first contact potential customers have with your tax preparation business. That’s why it’s so important to make a strong first impression with a quality website. Your website should be professional, easy to navigate, and clearly communicate your services. A website should also showcase your credentials and any awards or accolades your firm has earned. This helps to build trust with potential customers and encourages them to contact you for their tax preparation needs. Improve Customer Service Having a quality website can help you provide better customer service. A website can be used to provide customers with important information such as tax filing deadlines, tax forms, and other relevant information. Additionally, a website can be used to provide detailed instructions on how to file taxes, answer frequently asked questions, and provide helpful links to other resources. This can help streamline the customer service process and reduce the number of calls or emails your firm receives. Make It Easy to Find You Having a quality website makes it easier for potential customers to find you, as they can search for your company directly in the search engines. A well-designed website can also include features such as local SEO and social media integration, so that customers can find you through different channels. This can help to expand your customer base and increase customer engagement. Build Trust and Credibility Having a quality website can help your tax prep firm build trust and credibility with potential clients. Your website should include reviews and testimonials from past clients, as well as any awards and certifications your firm has received. This will help potential clients feel more confident in your services and be more likely to choose you over other tax prep firms. Stay Competitive Having a quality website is essential for any tax preparation business that wants to stay competitive. A website can be used to showcase your services, differentiate yourself from the competition, and keep up with changing trends and technologies. Additionally, a website can help you reach new customers and stay on top of mind with existing customers. Provide Convenience Having a quality website can help to provide convenience for both you and your customers. A website can be used to streamline the customer service process by providing customers with the information they need in one central location. Additionally, a website can be used to accept payments and provide customers with the ability to schedule appointments or check in for their appointment online. Improve Efficiency Finally, having a quality website can help to improve the efficiency of your business. A website can be used to automate certain aspects of the customer service process, such as appointment scheduling and payments. Additionally, a website can be used to provide customers with the ability to access their tax documents online and download them whenever they need them. This can help to save time and reduce the number of calls your firm receives. Conclusion Tax prep firms need to make sure they have a quality website in order to stay competitive, keep their clients informed, and increase overall visibility and credibility. We’ve seen that a good website is essential in helping you make a great first impression, build trust with potential clients, and market your services effectively. Investing in a quality website is, therefore, an absolute must for any tax prep firm that wants to stay ahead of the competition. So, don’t take your website for granted – it could be the difference between success and failure. Are you a tax prep firm looking for the best professional tax software? Look no further than Keystone Tax Solutions. Our software is designed for tax professionals of all experience levels and covers a wide range of tax preparation needs, such as tax return preparation and filing, tax planning, and tax analysis. Let us help you get the most out of your software. Contact us today to get started!

Sales tax is a form of taxation placed on the sale of goods and services, and it is the responsibility of the seller to collect, report, and remit sales tax to the appropriate taxing authority. Failing to do so can result in hefty fines and penalties. As a small business owner, it is essential to understand the ins and outs of sales tax, and it can be difficult to navigate the complexities of the law. This is where this guide comes in. In the second half of this two-part blog, we will focus on collecting, calculating, and reporting sales tax for small business owners. Is Sales Tax Collection Mandatory? It’s absolutely essential to grasp your tax requirements when running a small business. Ignorance of the law won’t be an excuse if you don’t pay the proper amount of tax. You must do your due diligence and ensure your company complies with the taxation laws. This can become complicated when customers from other states sell goods or services online. It’s important to familiarize yourself with the regulations so you don’t get a hefty fine. Collecting Sales Taxes When you need to start collecting sales tax, the first step is to get a seller’s permit. Then, you must keep track of local tax rates and ensure you are charging the correct amount. Finally, you must file the taxes with the state or other applicable tax entity. Getting professional help or mentorship is helpful if this process seems too complicated. It can help you avoid fines or legal issues in the future. Sales Tax Permit To start selling taxable goods and services, businesses must apply for a sales tax permit from the state’s revenue department. This permit is free in most states, although some may require a fee. When applying for the permit, businesses must provide their Employer Identification Number and other information about the business. Having all the necessary business formation documents ready when applying for a permit is important. Sales Tax Rate To calculate the sales tax rate your business will charge, start by researching the rates set by your state’s revenue agency and any local municipalities. Make sure you look into potential tax differences for different goods and services you provide. It’s also important to stay current with any potential tax rate changes, as they can change regularly. You may be able to sign up for updates from your state’s revenue agency to help keep track of this. Calculating Sales Taxes Making sure your small business is compliant with sales tax regulations is important. To do that, you need to calculate the sales tax rate for each purchase. This means adding the price of the item and the amount determined by the tax rate. For example, if a product is priced at $20 and the sales tax rate is 8 percent, then the buyer will pay $21.60 with tax. You must also consider that different products and sales may have different sales tax rates. Recording and Reporting Sales Taxes Small businesses need to record the taxes collected and include this information in their invoices. This record is necessary for any legal and accurate tax reporting and payment. Each state has specific requirements for recording and reporting taxes collected. Each will have deadlines for reporting the taxes collected and how the reporting should be done. Paying Sales Taxes Businesses must pay taxes to the state or other taxing entities regularly. The payment frequency depends on the amount of sales the business makes. When it is time to pay these taxes, the business must file a return with the state, which will specify the amount of taxes due and provide details about the sales that the business did. In some cases, businesses may need to provide a breakdown of the types of items sold and the taxes paid for each item. Most states allow businesses to file their taxes electronically. Conclusion Understanding sales tax can be complex and overwhelming for small business owners. However, it is important to remember that being knowledgeable and compliant with sales tax laws can help protect your business from costly penalties and audits. By familiarizing yourself with the basics of sales tax, researching your state and local laws, and consulting a professional sales tax advisor, you can ensure that your business is compliant and remains competitive in the marketplace. Use this two-part blog as your guide to make the process easier. Keystone Tax Solutions is a company that provides professional tax software for tax preparers. With more than 15 years of experience offering 100 percent web-based tax software, we have been helping thousands of tax professionals start their own tax business and thousands more gain access to affordable technology-driven professional tax software. If you are looking for reliable software for tax preparers, contact us now.

Completing sales tax responsibilities is an often confusing and irritating part of owning a small business. As online sales have experienced tremendous growth in recent years, the complexity of these duties has only increased. Most states in the United States impose sales taxes on goods and services. These taxes are administered at both the state and local levels, and in some cases, the local tax rate may be higher than the state rate. Small business owners need to be aware of the sales tax laws in their state, as they vary widely and can pose a challenge to keep track of. What Is Sales Tax? Sales tax is an extra charge consumers must pay when purchasing goods or services within a certain jurisdiction. This charge is added to the price of the item or service and is collected by the local government. Sales tax is usually calculated depending on the location of the buyer and varies from state to state. A sales tax generally applies when an individual buys something tangible—an object that can be seen, felt, touched, weighed, or measured—from a retail store. However, the exact regulations of this tax may differ depending on the state. It may cover services too. The seller is accountable for obtaining the sales tax from the customer and forwarding it to the relevant governmental entity. This applies to all sales transactions, whether a cash transaction, credit purchase, installment payment, layaway sale, or a deal involving an exchange or trade-in, unless otherwise exempted. The buyer must pay the sales tax, though the seller is responsible for collecting it and submitting it to the appropriate government body. It is important to remember that the Internal Revenue Service (IRS) is not responsible for the administration of sales taxes. Instead, sales taxation is regulated by individual states, counties, and cities. This can lead to a complex and confusing system for businesses to navigate, with varying rates and regulations in each jurisdiction. Taxable Goods Taxation can be applied to many different types of goods, but some of the most common items that are typically subject to taxes include items that you buy, rent, or use that are subject to taxation. This includes furniture, cars, computers, home appliances, electronics, books, toys, raw materials (such as cloth or lumber), gardening items and plants, and rental properties. Unless an exemption is stated, it can be assumed that these items are subject to taxation. Taxable Services Sales taxes are taxes that are applied to goods and services when they are purchased. These taxes vary depending on the state or country, but some of the most common taxes include taxes on items like alcohol, cigarettes, gasoline, and other items. Taxable services encompass a wide range of activities, from personal property services like fixing and maintaining items for customers to real property services such as lawn care and snow removal to business services like advertising and consulting, and finally to personal services like beauty treatments and pet grooming. Sales Tax Exemptions Business owners need to be aware of their state’s sales tax rules and the various exemptions that apply. To take advantage of an exemption, buyers must provide a valid certificate that shows their permission to be exempt from sales tax. It is the buyer’s responsibility to provide this certificate and ensure that all the requirements for exemption are met. Businesses need to look at their state regulations to see if they are eligible for an exemption. Certain types of goods or items are always exempt, no matter who buys them or what they are used for. Conclusion Sales tax is a significant concern for small business owners that must be considered when calculating the cost of goods and services. Knowing the sales tax rate in a business’s jurisdiction is essential for accurately calculating sales tax. Additionally, the sales tax must be collected from customers, and the correct amount of sales tax must be paid to the appropriate state and federal government agencies. Understanding sales tax regulations can help small business owners keep their businesses running smoothly and legally. Read on to Part 2 of this blog to know more about collecting and reporting sales taxes. Keystone Tax Solutions provides professional tax software for tax preparers who prepare taxes for other people. We are a professional tax software industry leader with more than 15 years of experience offering 100 percent web-based tax software while helping thousands of tax professionals start their own tax business and thousands more gain access to affordable technology-driven professional tax software. If you need software for tax preparers, get in touch with us now!

Starting a tax preparation business can be a great way to become your own boss and earn a good income. But it’s a challenging journey, especially because preparing taxes can be very tiring and takes a lot of work. But the secret to it all? Using a professional tax software. Benefits of Using A Professional Tax Software As a tax professional, you know that time is money. The sooner you can get your clients’ taxes done, the better. But if you’re still using paper forms and a calculator, you need to make the most of your time. A professional tax software can help you speed up the tax preparation process, so you can get your clients’ taxes done faster and move on to the next client. Here are some of the other benefits of using a professional tax software for your tax preparation business: 1. Accuracy When you’re dealing with numbers, even a small mistake can have big consequences. A professional tax software can help you avoid mistakes by automatically calculating numbers and checking for errors. 2. Efficiency A professional tax software can help you work more efficiently by organizing your clients’ information and tax forms. This can save you a lot of time when you’re preparing taxes. 3. Professionalism When using a professional tax software, your clients will see that you’re using the latest technology. This can give them confidence in your business and make them more likely to recommend you to others. 4. Save Time and Money A professional tax software can save you time and money by streamlining the tax preparation process. This can free up your time to take on more clients and make more money. Factors to Consider When Choosing a Tax Software for Your Business Now that you know the benefits of using a professional tax software for your business, it’s time to choose the right one for your needs. Here are some factors to consider when making your decision. 1. Ease of Use The tax software you choose should be easy to use. It should be intuitive and have a user-friendly interface. If it’s too difficult to use, you may be spending too much time navigating the software instead of saving time. 2. Features It should be able to prepare and file taxes for your clients. Make sure it has features that make managing your clients’ information easy. 3. Price You should also consider your budget for the software. Compare prices and ensure that you find something affordable while meeting all your needs. 4. Customer Support The tax software you choose should have good customer support. If you have any problems with the software, you should be able to get help from the company. 5. Compatibility The tax software you choose should be compatible with your computer. You don’t want to choose a software that won’t work with your system. Conclusion There are many reasons to use a professional tax software for your tax preparation business. It can help you save time and money, and make your business more efficient and organized. It can also help you provide better customer service, helping you become successful in your line of work. If you are seeking the best professional tax software, you can use our software at Keystone Tax Solutions. Make it easier to prepare your client’s taxes. Get in touch with us to learn more.

First, you should know that there are two types of student loan forgiveness: partial and complete. With partial forgiveness, your client’s monthly payment is reduced, but they’ll still have to pay off some of the loans. With complete forgiveness, the entire loan is wiped away. There are a few ways your client can qualify for student loan forgiveness. The most common way is through public service. If your client works for a government or non-profit organization, they may be eligible for the Public Service Loan Forgiveness Program. Under this program, your client can have their loans forgiven after 10 years of making payments. President Joe Biden announced a proposal to forgive up to $20,000 of student loan debt on August 24, 2022, for everyone who has borrowed money from the federal government to cover educational costs. Around 20 million Americans’ student loan debt would be eliminated under the plan. The federal student loan repayment moratorium has also been delayed until December 31, 2022. Your clients might ask what they must do to qualify for this debt relief. This article discusses the requirements for loan forgiveness, the tax implications of debt cancellation, and where you can find the best tax pro software. Who Qualifies for Student Loan Forgiveness? A borrower may be qualified for up to $10,000 in student loan forgiveness if their annual income is under $125,000 (or $250,000 if they are married). Additionally, Pell Grant recipients may be eligible for an additional $10,000 loan forgiveness benefits. What Actions Have To Be Taken By My Client To Get Relief? Many will be left out of the automatic repayment of college debts. The U.S. Department of Education need not take further action if they can access your consumers’ most recent income information. After that, they will have to complete an application (this will become available in October 2022). Users can register on the DoE website if they want to be informed when the application is available. Should my clients be taxed when their federal student debts are forgiven? Between 2021 and 2025, the American Rescue Plan exempts student loan debt relief from federal income tax. The federal strategy will be used by the majority of states as well. A few governments may still impose taxes on student loan forgiveness, though. The concerned states are Arkansas, California, Indiana, Minnesota, Mississippi, North Carolina, and Wisconsin. These states still have time to modify or maintain the present tax laws governing student loan forgiveness. This section will be updated as new information becomes available. How Is Debt Forgiveness Taxed? The general rule that canceled debt is taxed as regular income is subject to some exceptions, such as student loan forgiveness. Other exclusions include using professional tax preparation software to report canceled debt, insolvency, bankruptcy, non-recourse loans, purchase price reductions, some farm debts, insolvency, company debt when the payment would have been deducted, and insolvency. The lender must complete Form 1099-C with the canceled amount and mail it to your customer if your client’s debt has been forgiven. You must submit Form 982 together with your client’s tax return if the canceled debt is not taxable income. The tax form you’ll use if you’re claiming it as income depends on the type of debt it relates to. As an example: Conclusion Many different student loan forgiveness and cancellation programs are available, and it can be difficult to keep track of all the changes and updates. It’s vital to stay up-to-date on the latest information to give your clients the best possible advice. The most important thing to remember is that these programs are constantly changing, so staying informed is important. Keep an eye on the latest news and updates so that you can keep your clients informed as well. Lastly, you may use professional tax preparation software to help you streamline your processes. With Keystone Tax Solutions, get the best tax pro software available to improve your service further! To simplify your processes, use our all-inclusive package. Try out the demo right away!

Increasing profitability is essential in business. To achieve success, companies need to generate revenue that exceeds their expenses. There are many ways to increase profitability, but it is essential to consider all aspects of the business before making any decisions. It is also important to consider the long-term when increasing profitability. Many businesses make the mistake of sacrificing long-term growth for short-term gains. While it is important to generate profits, it is also essential to invest in the future of the business. This includes research and development, marketing, and employee training. By investing in the future, businesses can ensure that they will be able to continue to generate profits in the years to come. In today’s article, let’s explore how you can increase the profitability of your tax and accounting firm. Here’s what you need to know: Create a Referral plan One of the best ways to increase your profitability is to create a referral plan. Creating a referral plan can encourage your clients to refer their friends and family to your firm. This can lead to more business for your firm and more revenue. There are a few different ways that you can create a referral plan. One way is to offer a discount to clients who refer someone to your firm. Another way is to provide a referral fee to clients who refer someone to your firm. You can encourage your clients to refer others to your firm by offering a discount or referral fee. This can lead to more business and more revenue for your firm. Cross-Sell Tax and Accounting Services to Existing Customers Many customers need to be made aware of all the services you offer. Make sure you include all of your services in your marketing materials and website. You can also mention your services when you are meeting with clients. The better your relationship with your customers, the more likely they will use your services. Get to know your customers and their needs. This will help you provide the best possible service and increase the likelihood of repeat business. Elevate Your Firm’s Brand and Perceived Value Make sure your website and marketing materials are top-notch. Your website is often the first impression potential clients will have of your firm, so it’s important to ensure it’s professional and up-to-date. In addition to a modern design, your website should be easy to navigate and contain clear and concise information about your firm and the services you offer. Your marketing materials should also be of the highest quality. This includes everything from your business cards and letterhead to your brochures and website copy. Make sure your materials are branded and consistent in tone and messaging. Expand Your Accounting Services There are a number of services you can offer to help your clients expand their businesses. These include business planning, financial forecasting, and marketing consulting. You can help your clients identify new opportunities and develop strategies to capitalize on them by offering these services. In addition to offering services to help your clients expand their businesses, you can also expand your accounting practice. One way to do this is to provide subspecialty services such as tax or estate planning. By offering these services, you can differentiate your practice from others in the market and attract new clients. The Bottom Line There are many ways to increase the profitability of your tax and accounting firm. One way is to focus on providing high-quality services to your clients. Another way is to focus on marketing and selling your services to potential clients. Finally, you can improve your internal operations to run your business more efficiently. As tax preparers, you are the experts in these situations, but you can’t deny that it can be much to handle. At Keystone Tax Solutions, we want to help you. We offer the best professional tax software to make your and your client’s life easier!

When it comes to choosing the perfect location for your tax office, there are many factors to consider. The first step is to assess your needs and determine what type of space will best suit your business. Once you have a general idea of your requirements, you can begin the process of evaluating potential sites. Take note of the following: Proximity to Potential Clients The most important factor is to choose a location that is convenient for your clients. If your target market is located in a particular area, it may be beneficial to locate your business nearby. This will make it easier for potential clients to find and use your services. In general, the closer a tax office is to potential clients, the better. This allows tax office staff to easily meet with clients and discuss their needs. It also makes it easier for clients to drop off paperwork and pick up refunds. Cost of Property Another important factor to consider is the cost of the space. The cost of the property can also be a significant factor, especially in larger cities. You will want to find a location that is affordable and will not break your budget. In some cases, it may be more cost-effective to lease space in a commercial office building rather than purchase or build a new office. Size of Space The size of the space you choose will also be an important factor in your decision. You will need to make sure that the space is large enough to accommodate your needs. If you plan on expanding your business in the future, you may want to choose a larger space. If you only need a small office for a few employees, you can choose a smaller space. Amount of Foot Traffic Another important consideration is the amount of foot traffic in the area. A busy location with a lot of foot traffic is more likely to generate new business than a location that is off the beaten path. Level of Competition When deciding on a location for your tax business, it is important to consider the level of competition in the area. If there are already a number of businesses offering the same or similar products or services, it may be more difficult to get your business off the ground. However, if there are few or no competitors in the area, you may have a better chance of success. Availability of Qualified Staff The availability of qualified staff can also be a consideration. In many cases, tax offices are staffed by accountants and other financial professionals. These individuals typically have specific skills and knowledge that are necessary to assist clients effectively. As such, it is important to ensure that there is a sufficient supply of qualified staff in the area or near the area. Local Regulations When choosing a location for your tax business, it is important to be aware of any local regulations that may apply. These regulations can vary from city to city, and may impact the way you are able to operate your business. For example, some cities may have restrictions on the types of businesses that are allowed to operate within their boundaries. As such, it is important to research the local regulations in any area you are considering before making a final decision. When evaluating potential sites, it is important to take the time to visit each location in person. This will allow you to get a feel for the space and the surrounding area. You should also speak with the landlord or property owner to get an idea of their expectations. Once you have narrowed down your options, you can begin the process of negotiating a lease or purchase agreement. Conclusion The process of selecting a site for your tax office can be time-consuming, but it is important to choose the right location for your business. By taking the time to evaluate your needs and compare potential sites, you can ensure that you find the perfect space for your business. Do you want to start a tax business with no EFIN? Look no further than Keystone Tax Solutions! We offer a package for beginners that includes tax preparation software and everything you will need to go get your tax business up and running. Plus, we provide ongoing support and unlimited software training so you can always feel confident in your business. Give us a call today to get started!

If you’re like most tax preparers, you’d know that tax season could be a stressful time. It’s when you need to handle mountains of paperwork and deadlines while dealing with angry customers who may not be satisfied with their tax bills. And for this reason, it’s always best to change your professional tax software before the stressful season to avoid unnecessary stress. It’s also beneficial for your company’s efficiency. While the old software may still be functional, it will eventually become inadequate for your business’s growing and changing needs. We put together four best reasons to change your professional tax software early. We’ll also give some tips for selecting the latest system for your company. 1. Increase Company Efficiency As a tax preparer, company efficiency is crucial to help you save money by completing more work in less time, thus reducing overall service costs. More time also allows you to double-check your work and correct all errors. Because of this, it’s always best to change your professional tax software to ensure smoother business operations. Outdated and inefficient tax software brings several issues. The staff may encounter a steep learning curve when using the newer, more appropriate software. It also means familiarizing themselves with the new interfaces, keyboard shortcuts, and how to address software deficiencies. Moreover, encoding new information can be time-consuming, especially when using unfamiliar new software. Costly errors can also pile up because the new software asks its older counterpart to keep up with many files or may overlook some manual changes. 2. Keep Up with Evolving Technology Like other successful companies, tax preparers must learn to keep up with the latest technologies. And for this reason, it’s best to change your professional tax software to stay ahead of competitors and provide better services. As technology evolves and your business grows, your tax situation will also become more complex. Your current professional tax software may be inadequate to meet the growing demands, so it’s best to evaluate your resources and decide if you want to upgrade to a new system. 3. Prevent Expensive Mistakes As a tax preparer, you’re responsible for filing your clients’ taxes accurately and on time. It can be daunting because there are different rules and regulations to follow. One small mistake can lead to expensive trouble. And it’s always best to change your company’s professional tax software before the most hectic time of the year. The last thing tax preparers want during the busy season is to learn the new software system. As they rush to gather all relevant data and finalize reports, errors can easily creep into the records. It’s also a high-risk event for duplicated entries and erroneous figures. Moreover, tax preparers may also lose essential documents during the transfer process because they’ll need more time to check and monitor the records properly. 4. Help Staff Adjust to the Upgrade Lastly, changing your professional tax software before the busy season is best because it will help your staff better adjust to the updated system. Your staff will need time and training to familiarize themselves with the new software. And you wouldn’t want to do that during tax season. Even the latest, easy-to-use tax software would also need time to adapt. This learning experience can also frustrate more proficient staff in the old system. Finding the Best Professional Tax Software If you decide to update your professional tax software, the best systems are high-quality and can offer sufficient support. Finding one that provides excellent customer service, especially during tax season, is also crucial. Switching to a Less Stressful System Tax season is one of the most dreaded times for tax preparers because there’s no room for the slightest mistakes. It’s always best to change the professional tax software early to reduce the stress on your staff and help provide better services to clients. Keystone Tax Solutions offers the best professional tax software to help tax preparers ensure smoother business operations. Get your free demo today!

As the world of digital art and collectibles continues to grow in popularity, so too do the questions surrounding their taxation. For tax professionals, it’s important to stay up-to-date on the latest developments in this area in order to best serve their clients. One of the most popular topics in the world of NFTs and taxes is the question of whether or not NFTs are subject to capital gains tax. The answer to this question is still very much up in the air, but here are some things you must know. What Are NFTS? NFTs, or non-fungible tokens, are digital assets that are unique and not interchangeable. Unlike Bitcoin or other cryptocurrencies, which are all essentially interchangeable, each NFT is unique and can represent anything from a digital artwork to a virtual world. NFTs are stored on a blockchain, which is a distributed ledger that allows for secure, tamper-proof record-keeping. Because they are stored on a blockchain, NFTs can be bought, sold, or traded like any other cryptocurrency. However, because each NFT is unique, it can also represent ownership of digital assets, such as artwork, music, or even virtual real estate. This makes NFTs particularly well-suited for use cases where ownership and provenance are important, such as in the art world. Are NFTs Taxed in the USA? The answer to this question is a bit complicated, as there is no clear-cut answer at the moment. The taxation of NFTs is still evolving, and the IRS has not yet issued any specific guidance on the matter. However, some general principles can be applied to NFTs, and it is generally accepted that they should be taxed as capital assets. As such, any gains or losses from the sale or exchange of NFTs would be subject to capital gains tax. The tax rate would depend on the individual’s tax bracket, and whether the NFT was held for more or less than a year. Short-term capital gains are taxed at the same rate as ordinary income, while long-term capital gains are taxed at a lower rate. It is also worth noting that, depending on the circumstances, NFTs may be subject to other taxes, such as sales tax or VAT. For example, if an NFT is sold as part of a transaction involving goods or services, then the sale may be subject to sales tax. Similarly, if an NFT is sold to a buyer in a different country, then VAT may be applicable. How Are NFTs Taxed for Creators? NFT creators may be subject to self-employment tax. This is something that should be spoken to an accountant or tax advisor about, as it can be complex. How Are NFTs Taxed for Collectors and Investors? In the United States, NFTs are considered to be property and are subject to capital gains tax. This means that if an NFT is sold for more than what was paid for it, capital gains tax will be owed on the difference. The tax rate for capital gains is 20%, so if an NFT is sold for $1,000 that was bought for $500, $100 will be owed in taxes. However, there are some exceptions to this rule. If an NFT was held for more than a year before selling it, long-term capital gains tax would be owed, which is currently 15%. And if an NFT is sold for less than what was paid, the loss can be deducted from your taxes. Final Thoughts Overall, it’s important to be aware of the tax implications of buying, selling, or creating NFTs. If you’re unsure about something, it’s always best to research and learn more. If you’re a tax professional, make things easier for you through Keystone Tax Solutions. With the best professional tax software we offer, you can make tax preparation easier for you and your clients. Get a free demo now to get started.

Accounting firms should understand the importance of having confidence in their tax and accounting advisors. After all, they play a critical role in ensuring the financial health of your business. However, while many professionals in the industry are skilled, some lack confidence, making it difficult for them to excel. Without confidence, tax and accounting advisors may fail to speak up, grab opportunities and improve themselves. Here are a few tips to help build confidence in your tax and accounting advisors: 1. Encourage Critical Thinking Many tax and accounting advisors are often afraid to think for themselves in fear of failure. While failure can indeed be scary and could result in loss, it is also one of the results of attempting critical thinking. If these professionals continue to hold themselves back in fear of failure, they may never learn anything. They learn and grow by encouraging these professionals to take on challenges and put their critical thinking skills to the test. One way to ensure that losses and damages are prevented or minimized is to pair them with someone more experienced to guide them throughout the challenge. 2. Continue to Educate Tax and accounting advisors should constantly educate themselves on new tax laws and accounting standards. This will ensure they’re up-to-date on the latest changes that could impact your business. You can ask your advisors about the continuing education courses they’ve taken or the professional organizations they belong to. If your advisors are not taking educational opportunities, it is important to encourage them to do so. One way is to offer resources for them to learn from and incentives for those who upskill themselves. 3. Allow Them to Deal with Clients One of the best ways to learn is through the experience itself. Don’t just allow your tax and accounting advisors to stay on the sidelines while the experienced get the big fish. Rather, allow them to be hands-on with clients and other projects to give them the proper experience. This way, they can learn more from real-life situations and would be able to practice for other projects and clients in the future. 4. Encourage Conversation and Sharing Some tax and accounting professionals may be afraid to speak up. Whenever there are discussions and meetings, especially with clients, encourage them to share their opinion and insights. This way, they become more confident with being vocal and at the same time, you get to gauge what they have learned and where they are in their knowledge. 5. Assure Them That Their Business Advice Matters In many cases, the advice of tax and accounting professionals is often ignored. They recommend certain things, but nothing happens because their clients are not confident with their advice. You need to assure them that their advice matters and clients will be willing to listen to them and consider their advice. Additionally, it is important to set boundaries with the client and encourage them to listen to your professionals. This way, the tax and accounting professionals would feel more confident if people listened to them. Conclusion These are some things you need to do to ensure that your tax and accounting professionals will be more confident in their work. This is important so that they can work as efficiently as possible and so that they can also be able to do their work right. It is also important to gain clients’ trust so that they can listen to the advice of tax and accounting professionals. If you are seeking a professional tax software, you can use Keystone Tax Solutions. Filing and preparing taxes can be daunting, but with Keystone Tax Solutions, it’s all made easier. Check out Keystone Tax Solutions and learn more today.

Businesses have a lot to consider when it comes to taxes. They want to make sure they comply with tax laws and get the most deductions possible. This is where a tax preparer comes in. By hiring the right tax preparer, businesses ensure that they are meeting their tax obligations and taking advantage of all the deductions they are entitled to. However, businesses are aware that not all tax preparers are created equal. That’s why they tend to look for certain qualities to ensure they’re hiring the right tax preparer for their business. If you want to succeed as a tax preparer, it’s important to develop these qualities. 1. Industry Experience When finding a tax preparer, businesses tend to look for someone with industry experience. This way, they can be sure that the preparer understands the ins and outs of the tax code and can help them maximize their deductions. There are a couple of things businesses keep in mind when looking for a tax preparer with industry experience. First, they make sure the preparer has a thorough understanding of the tax code. Second, they typically ask the preparer for references from past clients. Finally, they make sure the preparer is updated on the latest changes to the tax code. If you’re a tax preparer that’s just starting out in your career, it’s important to gain the necessary experience that will help cement your credibility in your industry. This way, you can guarantee a long and successful career for yourself. 2. Organizational Skills When it comes to taxes, businesses have to be extra careful. After all, they are the ones who are responsible for making sure that their taxes are paid on time and in full. This is why it’s so important for businesses to find a tax preparer with strong organizational skills. Organizational skills are essential for tax preparers because they must keep track of all the different tax documents for each client. They also need to be able to keep track of tax deadlines and make sure that everything is filed on time. Businesses can assess a tax preparer’s organizational skills in a few different ways. One way is to ask them for references. Another way is to ask them how they keep track of their client’s tax documents. If you’re looking to advance in your tax preparation career, it’s essential to develop your organizational skills and stay on top of everything. 3. Effective Communication For business owners, finding a tax preparer who can effectively communicate is essential. Businesses want to find a tax preparer who is attentive and takes the time to listen to all their questions and concerns. A good tax preparer should be able to explain things in a way that is easy to understand without talking down to their client. Tax preparers should also be responsive to their client’s needs and available to answer their tax-related questions in a timely manner. They should be able to provide their clients with the resources they need to make informed decisions about their taxes. Final Thoughts Businesses look for tax preparers who are knowledgeable and experienced in tax law and who are able to provide accurate and timely tax services. Tax preparers should also be able to keep up with the latest changes in tax law and be able to communicate effectively with their clients. File your taxes correctly and on time with the help of Keystone Tax Solutions. We provide software solutions for tax preparers designed to grow your business. Our buying power and industry relationships allow us to offer huge discounts for award-winning tax software. Get a free demo now!

The Inflation Reduction Act of 2022 is a proposed piece of legislation by President Biden that includes updates to the current tax code, including corporate tax change, energy-efficient tax benefits, and healthcare tax benefits.  Will the Inflation Reduction Act Raise Your Clients’ Taxes In general, the Inflation Reduction Act of 2022 will not raise your clients’ taxes except for those who own corporations. So if your client is a corporation, then their taxes will increase. What Are the Corporate Tax Changes for Your Clients If you have clients with corporations, the Inflation Reduction Act includes a charge of 15 percent tax on corporations with over $1 billion in earnings. An additional 1 percent of the fair market value will be charged on their repurchased stock. What Are the Energy Tax Changes for Your Clients  The Inflation Reduction Act of 2022 includes various provisions in home energy rebate programs, such as Alternative Fuel Vehicle Credit, Clean Vehicle Credit, and other home improvement energy credits. Expanded and Extended Clean Vehicle Credit The Inflation Reduction Act of 2022 includes an expanded and extended Clean Vehicle Credit. This credit is available for purchasing certain low and zero-emission vehicles, including electric and fuel-cell vehicles. Currently, the credit is worth up to $7,500 for purchasing new electric vehicles, but beginning January 1, 2023, people who will purchase used electric vehicles will get 30 percent of the sale price or up to $4,000 in tax credit. This credit is not subject to the alternative minimum tax. Increased Home Energy Credits As part of the Inflation Reduction Act of 2022, the home energy credit is being increased. This credit is available for qualifying energy-saving improvements to your home, such as insulation, energy-efficient windows and doors, and certain types of heating and cooling systems. The credit is worth 10 percent of the cost of the improvements available for both existing homes and new construction. This increased credit is for those items placed before January 1, 2022. In addition, this act increased the credit to 30 percent for those items that will be purchased in service before January 1, 2033. Increased Solar Energy Credits The Inflation Reduction Act of 2022 also includes an expanded solar energy tax credit. The credit is now worth 30 percent of the cost of installing solar panels, up from the previous 26 percent. This credit is available for both residential and commercial installations. The credit will expire at the end of 2032. What Are the Healthcare Tax Changes for Your Clients The Inflation Reduction Act of 2022 will help keep healthcare affordable for people who earn over 400 percent of the Federal Poverty Level by continuing their Premium Tax Credit. This credit allows them to get a discount when they purchase health insurance. Also, this new act will limit how much Medicare beneficiaries have to pay for prescription drugs to $2,000 per year. How Will the Inflation Reduction Act Affects Tax Preparers Here are some ways that the new act will affect taxpayers. Program Enforcements The Inflation Reduction Act of 2022 will have a significant impact on tax preparers, most notably through increased funding for enforcement activities. The IRS budget for enforcement activities will increase by 63 percent, from $13.7 billion to $21.7 billion. This increase in funding will allow the IRS to hire more personnel and conduct more audits, which will, in turn, lead to increased compliance among taxpayers. Core Technology Improvements The increased funding for enforcement activities will also have a ripple effect on other areas of the IRS. For example, the increased audits will likely lead to more taxpayers paying their taxes on time, which will free up resources that can be used to improve customer service or make other improvements to the tax system, including the IRS software and other essential technology. Corporate and Higher Income Enforcement The increased funding will also affect corporate and higher-income taxpayers. The IRS is increasing its focus on these groups (with an income of more than $400,000), and this will likely lead to more audits and tax revenue. Conclusion Overall, the Inflation Reduction Act of 2022 is a positive development for tax preparers. The increased funding will make it easier to ensure that taxpayers are compliant, and the increased compliance will lead to improved operations throughout the IRS. As a tax preparer, it is important to be efficient and organized in order to provide the best possible service to your clients. At Keystone Tax Solutions, we offer the best professional tax software designed to help tax preparers save time to complete their work more quickly and accurately. It is the perfect solution for those who are looking for a way to increase their efficiency and accuracy. Contact us today to get started!

People make the mistake of thinking they should only consider their taxes during tax season. However, this is not the case. Taxes should be considered throughout the year to ensure that individuals are prepared come tax season. In the tax preparation business, you must educate your clients on the importance of tax preparation, even at the start of the fiscal year. By doing so, you can help them avoid any last-minute scrambling and ensure they take advantage of all the deductions and credits they are entitled to. In addition, you should also stress the importance of keeping accurate records throughout the year. It will make it easier to prepare their taxes when the time comes and help them if the IRS ever audits them.  Update Your Website It is a common frustration for those in the tax preparation business that their clients only consider taxes during tax season. It can provide the best possible service and support challenges, as clients may be less likely to engage with their tax preparer outside of tax season. As a tax preparer, you must remind your clients that keeping current with their taxes is crucial. Updating your website can ensure that your clients know about any changes or updates that may affect them. In addition, keeping your website up to date can help your clients stay organized and on top of their taxes. You can help your clients make the most of their tax returns by providing resources and information on your website. By reminding your clients of the importance of staying up to date with their taxes, you can help them save time, money, and stress. Refresh and Diversify Your Content There is no question that tax laws are complicated. Even the savviest taxpayers can find themselves scratching their heads when filing their taxes. That is where tax preparation businesses come in. When it comes to tax preparation, one of the most important things you can do is keep your content fresh. It shows your clients that you are knowledgeable and up-to-date on the latest tax laws and changes. It demonstrates that you are willing to invest the time and resources necessary to stay ahead of the curve. There are a few key ways to keep your content fresh. First, regularly update your website and blog with new information. It can be anything from recent blog posts to updated tax tables. Second, keep your social media presence active by sharing relevant articles and information. It will show your clients that you are always looking for new ways to help them save money and stay compliant. Finally, keep in touch with your clients and let them know about any new developments or changes that might affect their taxes. By keeping them in the loop, they will appreciate your dedication to their tax preparation needs. By taking these steps, you can be sure that your tax preparation business will stay ahead of the competition. Your clients will appreciate your knowledge and dedication, and you will be able to build a loyal following that will continue to use your services for years to come. Conclusion The tips enumerated above will help your goal of educating your clients about keeping their taxes updated. By following these tips, you can ensure that your clients are well-informed about their tax obligations and can stay up-to-date on their taxes. It will ultimately help you to grow your tax preparation business and build long-lasting relationships with your clients. Your tax preparation business can be in better shape with the help of Keystone Tax Solutions. We provide state-of-the-art tax preparation software that will assist you with your processes. So, contact us now for more details!

When it comes to your finances, it’s important to be protected in case of any unexpected events. That’s where audit protection comes in. Audit protection is a service that helps you recover financially if you’re ever audited by the IRS. It can also help you pay any penalties or taxes that may be assessed as a result of the audit. Now, we understand if you need more information on this before you can make any major decisions. To help you out, here’s everything that you need to know about audit protection. What Is Audit Protection? Audit protection is a security measure that is put in place to protect an organization’s data from being accessed, changed, or deleted by unauthorized individuals. Audit protection helps to ensure that the data in an organization’s systems are accurate and can be trusted. It also helps to ensure that the data is not compromised or lost in the event of a security breach. There are a number of different methods that can be used to provide audit protection for an organization’s data. One of the most common methods is to use a security monitoring and logging tool. This tool tracks all activity on the organization’s systems, including the changes that are made to the data. This information can then be used to help identify any unauthorized changes that have been made to the data. Another common method of providing audit protection is to use a data encryption tool. This tool encrypts the data so that it cannot be accessed or changed without the correct password or key. This helps to ensure that the data is not compromised in the event of a security breach. Audit protection is an important security measure that should be used by all organizations to protect their data. By using a security monitoring and logging tool and a data encryption tool, an organization can help to ensure that their data is safe and secure. What Are the Benefits of Audit Protection? There are a number of benefits to having audit protection in place. First, it can help to ensure that the company is in compliance with all applicable laws and regulations. Additionally, it can provide a layer of legal protection in the event that the company is audited. This can help to minimize the risk of financial penalties or other legal consequences. Finally, audit protection can also help to protect the company’s reputation. In the event that an audit leads to negative publicity, having audit protection in place can help to minimize the damage. Do You Need Audit Protection? There are a number of reasons why a business may need audit protection. One of the most common reasons is that a business may be at risk of being audited by the IRS. The IRS conducts audits in order to ensure that businesses are in compliance with the tax laws. If a business is found to be in violation of the tax laws, the IRS may impose penalties, which can be costly. Another reason why a business may need audit protection is because of the potential for fraud. Fraud can occur when a business is not keeping accurate financial records. If it is determined that a business has been engaged in fraud, the business may be subject to penalties and criminal prosecution. If you are a business owner, it is important to consider whether or not you need audit protection. The best way to determine if you need audit protection is to speak with an accountant. An accountant can review your financial records and advise you on whether or not you need audit protection. Conclusion Audit protection is important because it assures investors and other stakeholders that financial statements are accurate. Without audit protection, it would be difficult to trust financial statements, which could lead to a loss of confidence in the financial markets. We here at Keystone Tax Solutions offer professional tax preparation software to help you streamline and optimize your tax processes. Our software is easy to use and can help you save time and money. Contact us today to learn more about what we can do for you.

You’re in the tax business. You know the drill: every year, around tax season, your phone starts ringing off the hook with people looking for help with their taxes. It can be a little overwhelming, but don’t worry! We’re here to help you with some best practices for answering calls from potential clients during tax season. In part 1 of this blog post, we talked about the first steps you can take to improve the way your team answers calls. In this second part of the series, we’ll delve deeper into some of the best practices you can use when answering calls from potential clients. Here are some tips to keep in mind when answering calls from potential clients during tax season: Tip #1: Always Mention Your Company’s Name and Ask How You Can Help Them When you answer a call from a customer or client, always begin by mentioning your company’s name. This helps to establish trust and credibility from the start. From there, ask how you can help them. This shows that you’re interested in assisting them and that you’re willing to go the extra mile to do so. Of course, that includes asking for their name too. Using the caller’s name shows that you’re paying attention to them and that you care about them as a person. It’s a small detail that can make a big difference in how the caller perceives you and your company. Tip #2: Listen to Their Problems and Be Empathetic We all know how frustrating it is when we’re trying to solve a problem and the person we’re talking to isn’t really listening. They might be half-listening at best, and it can make us feel like they don’t really care about our problem. When you’re on the phone with a customer, it’s important to really listen to their problem and be empathetic. Show them that you understand their frustration and that you’re here to help. This can go a long way in building trust and rapport with your customers. Here are some tips for really listening to your customers: By really listening to your customers and trying to understand their perspectives, you can build trust and rapport and resolve their issues more effectively. Tip #3: Establish the Person Who Answered the Call as the First Point of Contact for Addressing the Client’s Problem When you answer a call, it’s important to establish yourself as the first point of contact for addressing the client’s problem. This means that you should take the time to introduce yourself, explain your role, and let the client know how you can help them. This will help to build trust and rapport, and will make it more likely that the client will turn to you for help in the future. Tip #4: Don’t Leave Them Hanging, Even If You Can’t Resolve the Issue Even if you can’t solve the caller’s problem, it’s important to let them know that you’re still there for them. Thank them for their call, let them know that you understand their problem, and assure them that you’ll do everything you can to help. If you have to transfer them to another department or put them on hold, let them know what you’re doing and why. This will help to keep the caller calm and reassured, and will make it more likely that they’ll stay on the line. Conclusion Many tax businesses rely heavily on the phone to communicate with clients and potential clients. As such, it’s crucial to have proper phone etiquette to project a professional image. After all, your clients trust you with their personal financial information, so it’s important to give them the best possible experience when they call your office. Are you looking for innovative solutions that can streamline your tax preparation process? At Keystone Tax Solutions, we offer professional tax software for CPAs. Call us at 1.800.504.5170 to see how we can ensure the growth of your tax business.

No matter what type of business you run, you will need to have a process for answering calls. This is especially true for tax businesses, where clients may have questions or concerns that need to be addressed promptly. After all, the importance of answering calls promptly and professionally for tax businesses cannot be overstated. First impressions matter, and if a potential client calls your business only to be met with a busy signal or an automated operator, you could lose their business before you even have a chance to speak with them. In addition, many people still prefer to speak with a live person when they have questions or concerns, rather than trying to figure out how to use a website or navigate an automated system. Having a team of live operators who are friendly and knowledgeable about your business and services is essential for providing the best possible customer service. As a tax professional, you know that every call from a potential client is important. But are you doing everything you can to make the most of each call? Key Practices to Consider for Answering Calls Tip #1: Establish and Follow the Two-Ring Rule When it comes to answering calls in a tax business, it is important to establish and follow the two-ring rule. This rule states that all calls should be answered within two rings. This will ensure that your clients are not left waiting and that they will appreciate the promptness of your service. Tip #2: Set Up a Phone System Using One Number for Incoming Calls When it comes to setting up a phone system for your tax business, one of the most important things to consider is how you will handle incoming calls. After all, your clients will be calling you to ask questions and schedule appointments, so you need to make sure that you have a system in place that will allow you to efficiently handle these calls. One of the best ways to do this is to set up a phone system using one number for all incoming calls. This way, you can easily route calls to the appropriate person or department, and you won’t have to worry about missing any calls. Another tip to keep in mind is to make sure that your voicemail system is set up correctly. This way, if you do miss a call, your caller will be able to leave a message that you can listen to at your earliest convenience. Finally, it’s always a good idea to have a backup plan in place in case of technical difficulties. This could include having a second phone line that you can use for incoming calls, or even having a call forwarding system set up so that calls can be routed to another number if your primary line is down. By following these tips, you can be sure that you’ll be able to efficiently handle all of the incoming calls to your tax business. Tip #3: Don’t Forget to Greet with a Smile We all know that first impressions matter. When it comes to answering calls for your tax business, you want to make sure that you sound friendly and professional from the get-go. That means starting off with a warm greeting and a smile. Here are a few tips to help you sound your best when answering calls: Answering calls is an important part of providing excellent customer service, so make sure you’re giving it the attention it deserves. Conclusion As a tax business, it’s important to make sure that you’re answering calls in a way that is professional and helpful. This can be a challenge, especially during busy times, but it’s important to take the time to ensure that your callers are getting the best possible experience. If you’re looking for innovative solutions that can streamline your tax preparation process, get in touch with Keystone Tax Solutions. Our professional tax software for CPAs can help simplify matters for you. Our affordable technology can empower tax preparers and help you start a tax business with no EFIN, so get in touch with us today at 1.800.504.5170 to see how we can ensure your tax business is booming.

Taxes for truck drivers can be complicated because there are many different rules and regulations that they have to follow. For example, truck drivers have to follow weight limits for their vehicles and take breaks after driving for a certain amount of time. Because of these different rules, truck drivers may need to hire a Tax Preparer’s to help them with their taxes. Here’s what you should know about truck drivers’ taxes and deductions. Truck Drivers as Employees Self-employed truck drivers will have a more complex tax return than those employed. Self-employed individuals may be able to deduct work-related expenses that their employer does not reimburse on Schedule A. Still, if they take the standard deduction, they will not be able to deduct these expenses. Since self-employed truck drivers usually own their own vehicles, they may have to pay the Heavy Highway Vehicle Use Tax. These drivers’ returns are usually more complex than the returns of any other W2 employee. Taxes Paid By Truck Drivers Many truck drivers are self-employed and own or lease their own trucks, which means they’re responsible for paying self-employment taxes and taxes specific to the trucking industry, like the ones listed below. Self-Employment Taxes Self-employed truck drivers must pay 15.3 percent of their taxable income in self-employment taxes. To avoid penalties, they should make estimated tax payments each quarter. Heavy Highway Vehicle Use Tax The highway use tax is a tax that is applied to vehicles that weigh 55,000 pounds or more. The vehicle’s weight calculates the tax, and the maximum tax applied is $550 per vehicle. Vans, pick-up trucks, and panel trucks usually do not have to pay the tax because they do not reach the minimum weight. Other variables included in the tax are logging or agricultural vehicles and those with minimum road use. The filing season for Form 2290 (a tax form for truck drivers) is July 1 through June 30. Truck drivers might need help with their taxes during your typical off-season. The deadline for Form 2290 is based on the month that the truck was first used on public highways during the reporting period. The IRS’s chart, When Form 2290 Taxes are Due, can help you determine when or if your client needs to file and pay the monthly tax. If you are a trucking company owner, you must ensure your drivers have an EIN (Employer Identification Number) to file Form 2290. The IRS takes about four weeks to process EIN applications. Tax Home Truck drivers must have a permanent work location to deduct certain expenses, considered their tax home. Their residence can be used as their tax home if they do not have the main work location. Travel expenses such as hotels are only deductible if the driver is away from their tax home. If you don’t have a regular place of business or residence, it may be difficult to establish a tax home. Some people might try to use a relative’s address as their tax home, but this could cause problems with the IRS. If you can’t prove a true tax home, you might be better off taking the standard deduction. Conclusion The trucking industry provides an essential service to the American economy, and its workers are vital to keeping the wheels of commerce turning. However, the industry is also fraught with challenges, including a high turnover rate and a shortage of qualified drivers. As a tax preparer’s, it is important to be aware of these challenges and how they may impact your clients. With the right preparation and understanding, you can help your clients navigate the trucking industry’s challenges and ensure that their businesses are successful. Keystone Tax Solutions provides 100 percent web-based, technology-driven, affordable professional tax software for tax preparer’s. Our All-In-One Software Package is designed for small and large tax offices with multiple branches and many employees, most popular for tax offices with 50-500 clients. This package also includes all 1040, Sch C, and state. Stop overpaying in hidden fees and overpriced software! Get our tax pro software now and enjoy a free demo today!

As the new tax season rolls by, you must start your tax preparation services how much you must charge your incoming clients. However, pricing your services can be tricky, especially if you have yet to gain experience.  When you conduct market research, you’ll see that the cost of preparing any tax return can vary among professionals, where several tax preparers charge hourly. Others operate from a conventional schedule of charges. On the other hand, some professionals may only charge depending on the traffic. We put together seven crucial steps to help you price tax preparation. 1. Understand the IRS Laws The Internal Revenue Service, or the IRS, is a U.S. government agency operating under the Department of the Treasury. This agency is responsible for collecting taxes and enforcing tax laws. The first step to help you price your tax preparation services is understanding and complying with IRS laws to avoid legal trouble. It’s also best to stay updated with the latest changes to ensure proper tax returns. On the other hand, basing your services on your client’s tax refund amount is an illegal and poor way to operate a business. 2. Understand the National Average Like other law-abiding professionals, you must also know the national average pricing to understand your average price range. You can get a baseline of your pricing whenever tax professional associations, such as the National Association of Tax Professionals, conduct yearly surveys. 3. Analyze Your Competition Successful tax preparers must understand their competition to stay ahead like other businesses. It also helps you see what your competitors are doing right and wrong so you can adjust your strategies accordingly. Likewise, carefully analyzing your competitors enables you to create competitive price ranges. You can analyze your competitors’ strategies by requesting quotes or asking your loved ones to do this. 4. Decide How Much You’ll Charge After understanding the relevant laws and analyzing your competition, you must now decide how much you’ll charge your clients. You’d want your clients to compensate you for your time and expertise while keeping reasonable prices. Factors such as the national average pricing, price elasticity, and how much your competition charges can help you decide how much to charge. You must also consider your knowledge, experience, and overhead costs. 5. Consider Your Knowledge and Experience Besides the external factors, your knowledge and experience will also determine how much you’ll charge for your tax preparation services. If you’re a newbie and want to gain market share, we recommend charging lower prices to attract clients. However, it’s also essential not to undercut yourself too much because potential clients may look at significantly lower fees. You can charge more for your services if you’ve been preparing taxes for years and have established adequate knowledge and credentials. 6. Consider Your Overhead Costs Overhead costs are your business’s ongoing expenses not directly associated with developing a product or service. These expenses are crucial for budgeting and determining how much you’ll charge your products or services to generate profit. Before determining your fees, you must consider office space, employees, and tax software. 7. Have an Elastic Price It may be worth considering your price elasticity before charging higher or lower fees. For instance, if your employees work from home but eventually you want them to work in a physical office, your payments must be enough to cover your future expenses. Setting a Fair Price Pricing your tax preparation services can be tricky for most tax preparers, especially for newbies. By complying with relevant laws and carefully considering the surrounding factors, you can set reasonable prices that match your experience and knowledge. Keystone Tax Solutions offers professional tax preparation software to help businesses efficiently manage their files. Get your free demo today!

The tax season is upon us, and we are all scrambling to get our affairs in order. For many of us, this will be the first time to file your taxes remotely. And with the ever-changing landscape of tax regulations, it can be hard to keep up. So, what is the best way to prepare for the next tax season? There is no one-size-fits-all solution when it comes to filing your taxes. The best type of tax filing for your situation will depend on a number of factors, including your income level, the complexity of your tax return, and your personal preferences. This article will discuss the three main ways to file your taxes so you can choose the best method that’s right for you. 1. Remote Tax Filing With remote tax filing, you can complete and submit your tax return without ever stepping foot in an IRS office. This is the most convenient option for many taxpayers, as you can do it from the comfort of your own home. You’ll need to use tax preparation software or an online tax filing service to file your taxes remotely. These services will guide you through the tax filing process and ensure that your return is filed correctly. The biggest con of remote tax filing is that it can be more complicated. If you’re unfamiliar with the tax code, you might have difficulty understanding which forms you need to fill out and how to file your taxes correctly. 2. In-Person Tax Filing In-person tax filing is the traditional way to file your taxes. With this method, you’ll need to visit an IRS office to submit your tax return. While this option isn’t as convenient as remote tax filing, it can be beneficial if you have a complex tax situation or need help with your return. When you file your taxes in person, you’ll be able to speak with an IRS representative who can answer any questions you have. The biggest con of in-person tax filing is that it’s more expensive. You’ll have to pay for a tax preparer’s time, and you might have to pay for additional services like tax planning. 3. Hybrid Tax Filing Hybrid tax filing is a combination of remote and in-person tax filing. This method will complete your tax return using tax preparation software or an online tax filing service. But, instead of submitting your return electronically, you’ll print it out and mail it to the IRS. This option can be beneficial if you’re not comfortable filing your taxes electronically or if you need to submit supporting documentation with your return. The potential cons of hybrid tax filing include: Conclusion There are three main ways to file your taxes – remotely, in person or hybrid. Each option has its pros and cons, so it’s important to choose the method that’s right for you. Filing online is the most convenient option, but it may not be the best choice if you’re uncomfortable with technology. Filing in person is the most traditional option and is best if you have questions for an IRS representative, but it can be time-consuming. Hybrid filing is another option if you prefer mailing your return. No matter your chosen method, make sure you allow yourself enough time to get your taxes done right. And if you have any questions, don’t hesitate to reach out to a tax professional. Are you searching for the best professional tax software? Look no further than Keystone Tax Solutions! We offer excellent service at a reasonable price. Our tax software is designed to make your life easier and help you save money. Contact us today to schedule a free demo session. We’ll show you how our software can help you save time and money on your taxes.

To make informed decisions about your clients’ investments, it is essential to understand how capital gains and losses work. This article will explain the basics of capital gains and losses and the different strategies for capital gains. What Are Capital Gains and Losses? A capital gain or loss is the difference between an investment’s purchase and sale prices. Investors have a capital gain if they sell an asset for more than they paid but have a capital loss if they sell an investment for less than they paid. How Are Capital Gains and Losses Taxed? Most individuals are taxed at a maximum rate of 15 percent on their net capital gains. You may be able to deduct some or all of the net capital gain if the taxable income is less than or equal to $40,400 for single filers, $80,800 for married filers filing jointly, or qualifying widows. The capital gain rate is 15 percent if the taxable income is: What Is the Distinction Between Short-Term and Long-Term Capital Gains Tax? To accurately calculate the net capital gain or loss, you must classify gains and losses as either long-term or short-term. The capital gain or loss will be long-term if investors hold the asset for more than one year before selling it. The capital gain or loss will be considered short-term if they keep the investment for less than one year. To determine how long they held an asset, count from the day you acquired it until they sold it. What Are Some Strategies for Investing for Capital Gains? There are several ways to approach investments to achieve capital gains. Many invest in stocks, bonds, and other securities to accomplish this goal. Some basic strategies that can be used to achieve capital gains include: 1. Diversification Diversification is a risk management technique that involves investing in a variety of different securities. By diversifying a portfolio, an investor can minimize the impact of an adverse event on the overall portfolio. 2. Invest for the Long Term This means holding onto securities for extended periods, which can help smooth out any short-term volatility. Investors may avoid the temptation to sell when markets are down by investing for the long term. 3. Review Your Portfolio Regularly It is essential to periodically check in on investments and ensure they are still aligned with the goals and risk tolerance. This means investors should take some time – at least once a year, ideally more often – to sit down and review their investment portfolio. Conclusion Investors should keep track of their capital gains and losses to minimize their tax liability. However, it’s also important to remember that investments should be made to earn a return, not just to avoid taxes. Are you searching for the best professional tax software? Look no further than Keystone Tax Solutions! We are here to provide our clients with award-winning professional tax software at the most competitive prices in the industry. Contact us now for more details.

A professional tax preparer helps taxpayers file their taxes correctly and on time. They also keep up with changes in the tax code and help taxpayers take advantage of any deductions or credits they may be entitled to. If you are interested in being one, here are the things that you need to do: Find the Education and Certification Needed To become a professional tax preparer, you must obtain the necessary education and certification. The first step is to get a bachelor’s degree in accounting or a related field from an accredited college or university. Once you have obtained your degree, you will need to take the Certified Public Accountant (CPA) exam and pass it with a 75 percent or higher score. After passing the CPA exam, you must obtain a state license by passing the Uniform CPA Examination (UAE). Research the Requirements To become a registered tax preparer with the IRS, you must: Once you have met all the requirements and have been issued a PTIN, you can prepare federal tax returns for clients. Determine What Type of Experience You Need There is no one-size-fits-all answer to this question, as the type of experience you need to become a professional tax preparer will vary depending on your qualifications and the job’s specific requirements. However, in general, you will need to have some experience working with taxes to be considered for a position as a professional tax preparer.  This could include experience working in a tax office, preparing taxes for individuals or businesses, or even working as a volunteer tax preparer for a local organization. No matter your specific experience, be sure to highlight it on your resume and during interviews to demonstrate your knowledge and skills in tax preparation. Pass the Registered Tax Return Preparer Test by the IRS To become a Registered Tax Return Preparer (RTRP), you must pass an IRS-administered competency test. The test covers fundamental tax law and ethics and demonstrates your ability to complete IRS forms and schedules. To register for the RTRP test, you must create an account on the IRS website. After logging in, you will be asked to provide your Social Security Number and contact information and select a testing location. Once registered, you can schedule an appointment to take the test. Apply for a Preparer Tax Identification Number (PTIN) If you are paid to prepare federal tax returns, you must have a Preparer Tax Identification Number (PTIN) from the IRS. This unique identifier is assigned to you and used on all tax returns you prepare. You can apply for a PTIN online, by mail, or by fax. To apply online, you must create an account on the IRS website. Once you have created an account, you can log in and complete the online application. Conclusion The bottom line is that you must get the proper training and education if you want to be a professional tax preparer. There are many ways to do this, but the most important thing is to ensure that you get an education from an accredited institution. And to give you more confidence in your work, you can find the best professional tax preparation software to help you. Keystone Tax Solutions provide award-winning professional tax software at the most competitive prices. Contact us now for more details.

Congress enacted the American Rescue Plan Act of 2021 in March, and it has helped many college students and those with student loans. This bill allocated $40 billion to be given to colleges and universities, and it has also created new tax breaks for student loans that have been forgiven. The funds from this bill have impacted college students and those with student loans in a positive way. As someone in the tax preparation business, it is necessary to understand how the American Rescue Plan can affect the income of regular taxpayers, especially those with student loans. In addition, the American Rescue Plan Act creates new tax breaks for student loan borrowers. Student loans forgiven under specific programs are now exempt from income taxes. Borrowers are not liable to pay taxes on the forgiven portion of their loans. The American Rescue Plan Act is a positive development for college students and those with student loans. The funding and tax breaks provided in the bill will help many people pay for their education and reduce their overall debt burden. What Is HEERF American Rescue Plan and How It Impacts Students The Higher Education Emergency Relief Fund (HEERF) was created under the CARES Act to fund colleges and universities. A large portion of this funding must be given directly to students through grants. Schools that have already received HEERF funding from the CARES Act must use at least as much funding for emergency student grants as they did the year before. Schools receiving HEERF funding for the first time must use at least 50 percent of the funding for grants. If the school is a for-profit institution, it must use 100% of the funding for grants. When awarding grants, schools must prioritize students with exceptional financial needs. The CARES Act provides grants to students to help with expenses related to the coronavirus. These expenses include school-related costs, food, housing, and child care. The gifts do not need to be repaid and are tax-free. Knowing these basic facts will be helpful in tax preparation. How Can the HEERF Funds Be spent? The Higher Education Emergency Relief Fund (HEERF) was created in response to the COVID-19 pandemic. The fund provides financial assistance to colleges and universities to continue operating and serving their students during this crisis. HEERF funds can cover various expenses related to the pandemic, including payroll, staff training, technology, and other necessary costs. This financial assistance is vital for helping schools keep their doors open and continue providing quality education to their students. With the HEERF funds, colleges and universities can operate as often as possible during this difficult time. It is a critical investment in our future and will help ensure that students can continue getting the training to succeed in the workforce. Conclusion The American Rescue Plan will have a significant impact on college taxes. For one, the Plan will make college tuition and fees tax-deductible. It will help make college more affordable for many Americans. Additionally, the Plan will create a new tax credit for eligible students and their families. This credit will cover up to $4,000 of tuition and fees per year. Finally, the Plan will make it easier for people to refinance their student loans. As someone in the tax preparation business, being aware of these provisions can help you deal with clients with student debt better. If you need tools for your tax preparation business, you should contact Keystone Tax Solutions. We provide top-notch tax preparation solutions. Please schedule an appointment now so that we can talk about your firm.

As a manager, you now have to deal with an unstable economy. In addition, you also have to deal with staffing issues. These two factors can have a significant impact on running your business. In this article, we’ll share three things you should know about expanding your tax preparation firm. The unstable economy can make it difficult to predict the future of businesses. They might need to make last-minute changes to your plans to stay afloat. In addition, the economy can also make it challenging to find and retain good employees. For this reason, people will always need tax help regardless of the economic situation. 1. Utilize Diverse Marketing Strategies If you want to start a tax preparation firm or already have one, you can be sure there will always be a market for your services. But how can you grow your tax business and bring in more revenue, even in tough economic times? The key is to have a diversified mix of marketing strategies and revenue streams. By promoting your business in multiple ways and offering various services, you can insulate yourself from economic downturns and keep your business thriving no matter what the future holds. 2. Focus on a Niche When it comes to the tax preparation business, it pays to specialize. When you focus on one area, you can present yourself as an expert to potential clients who need help with their taxes. Specializing can help you attract more clients rather than fewer. There are a few reasons why specializing can be advantageous. First, you can become an expert when you specialize in one area. It can make you more attractive to potential clients, as they will know you know what you are doing. Second, specializing can help you build a reputation in that particular area. It can make getting referrals from satisfied clients and word-of-mouth recommendations easier. If you want to focus on a particular area of tax preparation, there are many benefits to doing so. Specializing can help you attract more clients, build your reputation, and become an expert in your field. Keep in mind, however, that you should understand the tax code in that area before you begin specializing. 3. Reach Out Using Social Media Social media is a great way to connect with potential customers who might need your tax preparation business. You can join relevant groups on Facebook or subreddits and introduce yourself and your firm in a non-intrusive way. These groups often have specific threads where users can post about services and products they need, which is a perfect opportunity to let them know how you can help. As a professional, you likely have much knowledge and advice to share with potential customers. Writing posts is a great way to reach out to them and show them what you know. You can discuss topics related to your business, such as tips for choosing the right professional, or you can write about more general issues that will be of interest to your target audience. Either way, blog posts are a great way to connect with potential customers and show them that you’re an expert in your field. Conclusion Despite the current uncertain economic climate, there are still opportunities for tax preparation businesses to grow. By being savvy about marketing and operations, companies can take advantage of the potential growth in the market. Most importantly, you should invest in top-notch taxation software from Keystone Tax Solutions. We take great pride in providing software solutions for tax professionals. Do not waste another minute. Call us now so that we can talk business.

The general public believes that accountants are simply bookkeepers who also prepare tax returns. This narrow perspective may persuade some people to file their taxes using diy tax preparation software rather than doing it themselves. Perhaps you are assuming that diy tax preparation only involve punching in some numbers. The truth is that tax preparations involve a myriad of things, many of which non-professionals overlook. To combat the trend of individuals preparing their own tax returns, accounting professionals must establish themselves as trustworthy advisors. Read on to learn how the pros do it today. Professional Accountants Offer Efficient Consultations The importance of compliance services is not diminished by a greater emphasis on becoming a strategic partner. Manually entering the same data over and over again is no longer necessary due to advancements in tax automation technology. Technology has the potential to automate previously labor-intensive tasks, improve accuracy, and streamline the diy tax preparation workflow. It is financially feasible for smaller organizations. If you have the right tax technology, you can increase productivity and broaden the scope of your client advisory services. Professional Accountants Define Client Relationships Differently To gain a client’s trust as a trustworthy business partner, you must assist them in pulling the appropriate financial levers to achieve their professional goals. Inquire about their intended goals, such as objectives for the coming year, what they can offer clients, and how they will pursue such achievements. Asking the right questions will help you differentiate yourself and your company from the trend of individuals preparing their own tax returns by positioning you and your company as trustworthy advisors dedicated to your clients’ success. Professional Accountants Know the Latest Developments Both tax laws and tax trends are constantly changing. With expert knowledge and the right research tool, you can easily navigate the complex and ever-changing tax landscape and find reliable answers quickly. This allows you to make confident decisions and provide valuable client insights, both of which can distinguish your company from the competition. You can enhance your company’s reputation by consistently advising clients on taxation issues. Take into account the repeated advice of customers. Is it worthwhile to share this information? Consider how your clients’ businesses and lives have benefited from the advice you’ve given them. Consider how the relationship would suffer if you withheld damaging information about the client’s company. Take advantage of your advantages. Conclusion As you and the rest of your team gain a better understanding of the expertise that your customers require, your company will be in a better position to identify additional support opportunities. As a result, both client relationships and work scope are altered. Because there are no billable hours to worry about, stress levels are lower. You will be in a better position to choose which potential customers to work with once you have an idea of how much your consulting services are worth. This change allows you to maintain a relationship throughout the year and shows that you are not a transactional cost. If you can demonstrate your expertise, you will be perceived as a strategic partner rather than a number cruncher, and your company will avoid the trend of filing their taxes on their own. You will have the satisfaction of knowing that you are helping your clients’ businesses and finances succeed. Keystone Tax Solutions offers the best professional tax software. With an experienced team and a loyal clientele, our team can help you through access to professional tax software, services, and unrivaled rates. Get a FREE demo today!

Taxpayers have had to deal with Additional Medicare Tax since 2013. Despite this, some people still don’t completely understand how this works. This is why we thought it would be useful to put together a brief article about this subject. If this is something that you’re interested in learning more about, read on as we break down everything you need to know about Additional Medicare Tax. What Is the Additional Medicare Tax? The Additional Medicare Taxs is a surtax on income that is levied on individuals earning more than a certain amount of money per year. The tax is 0.9 percent of the individual’s income over the threshold amount. The Additional Medicare Taxs was introduced as part of the Affordable Care Act in 2010. It is intended to help offset the cost of providing healthcare to those who do not have coverage through their employer or through a government program like Medicare or Medicaid. What Income Is Subject to the Additional Medicare Tax? The Additional Medicare Taxs applies to all types of wages and self-employment income, including tips, commissions, bonuses, and net earnings from self-employment. It does not apply to income from investments or to distributions from retirement plans, such as 401(k) plans or IRAs. If you are subject to the Additional Medicare Taxs, it will be withheld from your wages by your employer. If you are self-employed, you will be responsible for paying the tax yourself. What Are the Income Thresholds for the Additional Medicare Tax? The Additional Medicare Taxs is a 0.9 percent tax on income above a certain threshold. The threshold is $200,000 for individuals and $250,000 for married couples filing jointly. This means that any income above these amounts will be taxed at a rate of 0.9 percent. The Additional Medicare Taxes applies to all forms of income, including wages, salaries, tips, commissions, self-employment income, and investment income. It does not apply to income below the threshold amounts. The Additional Medicare Taxs is only paid by taxpayers with income above the threshold amount. If you earn less than the threshold, you will not owe any additional tax. There are several ways to calculate your tax liability. You can use a tax calculator, or you can use the IRS’s Interactive Tax Assistant tool. If you have questions about the Additional Medicare Tax, you can contact the IRS. Their phone number is 1-800-829-1040. You can also visit the IRS website or contact your tax preparer for help. Conclusion We hope this article proves to be useful when it comes to helping you figure out how Additional Medicare Taxs works. Understanding Additional Medicare Taxs is important for taxpayers who earn more than a certain amount of money. The additional Medicare taxs is a 0.9 percent tax on income over a certain amount. The tax applies to both employees and employers, and it is used to help fund Medicare. If you need a quick refresher on Additional Medicare Taxs, feel free to refer back to this article. We understand how difficult it can be to deal with taxes. Luckily, you don’t have to do everything yourself. If you’re looking for professional tax preparation software to streamline and optimize your processes, our products at Keystone Tax Solutions are just what you need. Get in touch with us to begin your free demo today!

You can make money year-round by helping people with their taxes as a tax preparer. You can do a few things to ensure you get the most out of your tax preparation business. One of the main concerns for many new tax preparers earn and those who have considered entering the field is how to make money year-round from a career that often relies on seasonal work. Discover and explore your options as a tax preparer if you want to boost your earnings and provide more services, and where find the best professional tax software to support you. Do Tax Preparers Earn Follow a Certain Routine? Yes and no. Even if you continue to anticipate that some taxpayers will miss the deadline for filing their taxes and will require your help filing returns, asking for an extension, or modifying filings, this will generally not carry you over to the next year. Therefore, if you’re looking for ways to earn some extra money after the busy season starts to wind down, you need to learn more than just taxes. These tactics might help you diversify your revenue sources as a tax preparer. Accounts Payable Bookkeeping services are a fantastic solution if you’re looking for a year-round requirement for your additional business service. Bookkeeping can be a straightforward addition if you already handle taxes for a business. You could also locate customers for your bookkeeping services who might come back to you for tax preparation. The certification required to work as a bookkeeper may be obtained by taking a course like the one offered by the National Association of Certified Public Bookkeepers. In addition, the industry standard in bookkeeping and tax pro software will be needed. Payroll Services If you’re attempting to give another outstanding service to company clients, payroll services could be a great way to build your business connection. Financial Services Your clients may have already started to ask you non-tax-related financial questions. Your client relationships will improve, and your income will increase if you include financial planning in your services list. Unless you provide fee-based financial services, you will need securities licenses and a link with a broker-dealer like HD VEST, which works with tax preparers earn. Additional information is available on the American Institute of CPAs website. Representing the Taxpaying Public Enrolled Agents (EAs) have unfettered representation rights before the IRS and are authorized to advocate for their clients in any circumstance. Without the EA certification, tax preparers’ rights to representation are somewhat constrained. Only clients whose returns were prepared and signed by non-EA tax preparers are eligible for counsel. There are more ways to diversify your tax preparation job, even if these are the most typical ways tax preparers earn choose to boost their revenue. Outsource Tax Preparation Many accounting firms are attempting to outsource the tax preparation of their clients. This might be a great way to boost sales for your business. Real Estate Brokerage Real estate can be used as a source of additional funding. Real estate brokers are required by state regulations to have a higher level of education than real estate agents and to pass a broker licensure exam. Brokers have two options for working: on their own or through agents. Insurance Selling insurance on behalf of large insurance firms, comparable to being a real estate broker, is another option if you want to further your tax preparation career. Insurance “Navigator” for the ACA People can now work as brokers or agents for the Health Insurance Exchange because the Affordable Care Act is fully operating. There are helpful resources accessible if you want to sell health insurance as a broker or agent on the open market. Conclusion The best tax preparation is a great option if you’re looking for a way to make money year-round. There are some ways to get started, and the potential earnings are significant. With a little research and preparation, you can be on your way to becoming a tax preparer. Look no further than what we have to offer at Keystone Tax Solutions if you’re searching for the greatest tax preparation software available today to assist you with the numbers. For those tax preparers who wish to make their work more convenient in the long term, we offer our proprietary professional tax software. Contact us now to learn more about our tax pro software and services.