The American tax system is quite complicated, so it’s not too surprising that many Americans have adverse feelings towards tax filing. There are some people, though, who find their passions with taxes. They genuinely enjoy the days leading up to tax season and are eager to share their wisdom and expertise with others, especially with tax preparation. Do you see yourself in a similar situation? Well, you likely already know that you can make a living as a tax preparer. If you would rather begin a tax preparation business instead of pursuing freelancing, here are some steps you must take to begin your journey.   1. Obtain the Required Education and Training If you wish to open a tax preparation business, you will need to acquire the proper education and training. The IRS maintains a list of approved education providers to prepare and represent tax returns. If you don’t find your school on this list, it is likely that your particular school is not properly accredited. The IRS has also set up a Tax Preparer Program to prepare you to be a tax professional by helping you register with the IRS, receive your PTIN, and stay up to date on the new tax laws.   2. Prepare and Submit the Requirements You need to register your tax preparation business with the state, local government, and IRS before proceeding with anything else. Now, you should note that each state has different requirements, which is why you have to double-check the list for submission. Some of the documents you may need to prepare include the following: Preparer Tax Identification Number (PTIN) LLC, incorporation, or corporation application Sole or general proprietorship registration Electronic Filing Identification Number (EFIN) Tax compliance form   3. Ready the Designated Workstation or Office Once you have submitted the requirements, you can focus on other aspects of starting a business, like setting up your workstation. If you’re operating from home, having a designated workstation helps separate work from home life. That said, you likely know about the basics, such as a spacious desk, comfy chair, and a powerful laptop or computer that can handle your productivity tasks. Aside from that, you may also want to invest in trusty tax software for preparers for boosted efficiency. There are many tax software programs right now, so it’s best to do your research beforehand. One example of a software you can rely on is the Keystone tax software, which comes with unlimited e-files, a customizable mobile application, tax estimator, and audit protection.   4. Establish Your Tax Preparation Business in the Market Now that you have the proper education, training, workstation, and tools you require to obtain clients and start making money. You may want to create a strategic marketing plan to reach out to your target audience. For instance, if you want to target those living in your local area, you can create flyers, business cards, and brochures to hand out. If you will focus on those living outside of your local area, you can create a website. Once you have built a site, you can market your business by getting on social media to attract more clients. You may also want to consider joining a professional organization to network with other tax professionals.   Conclusion If you have a passion for taxes, establishing a tax preparation business may be right for you. By taking the steps above, you can get your business up and running in no time at all. Are you looking for the best tax preparation training to get you started on your journey? Keystone Tax Solutions can assist you in this endeavor. Our tax training will equip you with knowledge regarding tax laws and train you for tax preparation. Contact us today to learn more about our training services.

Tax is the lifeblood of the nation. As a good citizen of this fair country, you are expected to pay your fair share. Thankfully, we have reliable taxation software which allows us to efficiently submit our income tax returns. Now, we may understand these taxation concepts, but sometimes, life gets in the way. Even if we have the taxation software to make filing easier, we may still have to file for a tax exemption. The government allows a six-month extension. All you need to do is file Form 4868 to the IRS. If you have no idea how to, continue reading this article.   What You Need to Know about Form 4868 Form 4868 is filled out if you need to file for an automatic extension of your income tax return filing deadline.   Take note that it is also due on the same deadline as your income tax return. In recent years, it falls on April 15 or the next weekday if the said date falls on a weekend. If you are a resident of Louisiana or Mississippi and some parts of Connecticut, New York, New Jersey, and Pennsylvania, you do not have to worry because you are automatically given an extension because of Hurricane Ida. Please also note that residents of Illinois and Kentucky are granted the same clemency because of the tornado that ravaged these states in December 2021. But kindly consult with your IRS disaster relief announcements to determine your eligibility. You should not be afraid to avail of this, even if it is your first time to take advantage of this. It will cost you nothing and is relatively easy. You can even do it online. Whether you will file it in person or online, you would need some pertinent information, such as your identification information (name, address, Social Security number, and your spouse’s Social Security number), and of course, your income tax information. You should already have an estimate of your total tax liability (for the year in question), total payments that you made, the balance due, and the amount you are paying. The form would also ask you if you are a US citizen or resident who is out of the country or if you have filed a Form 1040-NR. It is an income tax return form for nonresident aliens who have businesses in the US during the tax year or otherwise earned income from US sources.   Filing Online The form is pretty much straightforward. You might even say that doing it online is easier compared to working on your tax returns in your taxation software, especially if you have a tendency to be disorganized. Even some of this taxation software can help you file it.   Conclusion Some people are afraid to file for a tax extension because they fear that it entails complicated processes. Contrary to such belief, it is very straightforward. Many tax preparers suggest doing this instead of paying a hefty penalty. If the main reason why you cannot submit your returns on time is that you do not know what to do, you should immediately reach out to a tax preparer. Most of them utilize Keystone Tax Solutions taxation software because it is already designed to be GAAP-compliant. If you’re a tax business interested in our partnership packages, contact us for a free demo.

Many taxpayers file tax returns on April 15, but people do not have to wait for this date to submit theirs. In fact, there are various benefits to accomplishing tax returns early. First off, one will have enough time to prepare and gather the necessary documents in claiming all deductions. After all, last-minute hassle over receipts is something to avoid. As a tax preparer, you can assist your client in staying away from possible tax issues, eventually satisfying them with your service. In this article, you will learn about the other top reasons why filing tax returns early is beneficial for you and your client.   Amended Return Prevention Filing early in the tax season will help you make more accurate tax returns on behalf of your client. Keep in mind that faulty returns are likely to be amended returns and result in nasty audits.   Faster Refunds Filing early will no doubt give you faster refunds. It will also help you avoid rushing and making mistakes that can eventually lead to a stressful audit and an unsatisfied client. Efficient tax planning will give you ample time to estimate capital gains, examine tax losses, and other processes relevant to your tax preparation. Procrastinating and putting off this task will prevent you from achieving peace of mind until you have checked this responsibility off your list. Filing sooner can almost always guarantee a quick refund since the IRS is not as busy early in the season, unlike in the middle of April. Finally, filing tax returns early can get your client’s money in their hands as soon as possible. It will help them pay their bills and expenses right away and avoid taking out expensive loans.   Identity Theft Prevention Naturally, filing early will lessen the chances of someone else stealing your client’s identity and claiming refunds in their name. Solving issues like this can take months or even years. Simply put, filing ahead of the deadline makes an individual less vulnerable to identity theft and other costs to fix the problem.   New Standard Deduction In filing tax returns, you need to choose between itemizing deductions and considering the new and relatively higher standard deduction set forth in 2018. Early preparation of tax returns will help you immediately decide on the most suitable method for your client.   No Penalties Preparing and filing tax returns early provides you the time you need to understand any changes to the tax law. It can also aid with addressing lifestyle and schedule changes that may conflict with your client’s filing status. As already mentioned above, working on tax returns at the last minute can make you more prone to mistakes that inevitably lead to audits and penalties that your client won’t like.   Ensuring a Successful Early Filing Always be honest. If no return needs to be amended, do not resort to correcting it to make things work to your advantage. Early filing can make you miss late-arriving forms. Remember to prepare all necessary documents and statements before clicking “Send” or dropping your tax returns in the mail. Even banks and financial institutions can make mistakes, so you must catch these mistakes before filing tax returns. Check pertinent documents, such as 1099s, interest statements, W-2s, and others.   Conclusion Follow our tips above, and you will definitely reap the benefits of filing tax returns early. If you are looking for the best professional tax software in the US, check out Keystone Tax Solutions. We offer reliable, professional tax software for tax preparers. Purchase now.

10 Reasons Why Startups Should Consider Accounting Software Do you wish to minimize your beginning expenses while increasing your profits? The less you spend on early company expenditures, the more profit you may make in your beginning firm. Cost-cutting measures can help your company in a variety of ways. You may boost your startup working capital by decreasing additional costs. You can potentially use this cash to support other business operations. The best accounting software for startups streamlines your back-office processes and simplifies accounting for your company, allowing you to concentrate on expanding your business. Here are some particular reasons why accounting software may be highly beneficial to companies. Continue reading!   1. Manage multiple projects effortlessly Add tasks to projects and assign them to specific people to perform. Choose suitable charging methods and budgets based on the demands of the projects. Generate project-specific reports to provide a clear view of the time and money spent on your clients’ projects.   2. Invoice customers without a sweat No need for a third-party invoice management system. With integrated invoicing, you can create customizable invoice templates for your clients. It’s a simple process – just enter the invoice details, and it will automatically be submitted to the biller.   3. Keep a clear record of expenses and revenues Track your business expenses and revenues during the month. Invoice expenses to different projects and clients depending on their nature. Get an overall picture of your business finances from the Advanced Budget/Forecast Report.   4. Maximize your cash flow Manage your cash flow within QuickBooks, and maximize your cash flow. Track daily balance sheet figures and get real-time time reports. Get alerts when your banks are about to reach their limits.   5. Get organized with time tracking Tracking time spent on different tasks is crucial to streamlining business operations. Our time tracking tools help you keep a tab on time spent and money earned by your employees.   6. Stay on top of your staff’s performance Accounting software can provide you with a consolidated report of the performance of your staff. Get monthly reports that display the performance of your staff based on the time spent on various tasks.   7. Live on the cloud Most accounting software is SaaS-based, meaning you can access it from anywhere. Be it on the field or from your phone; you can manage your business on the go. You can also get real-time data on your startup’s financial status.   8. Save time with automatic calculation Calculating sales tax, total price, and sales commissions is a breeze with the automatic calculation feature. Accounting software automatically calculates the sales tax based on your tax rate. It also takes care of your sales commissions by automatically calculating them and updating them in your total price, so you don’t have to do the math every time.   9. Get real-time data on your business’s finances Most accounting software offers a dashboard feature that gives you a clear picture of your business’s finances in real-time. It gives you a real-time dashboard of your business’s financial performance.   10. Minimize your tax burden Accounting software ensures you keep track of the tax you owe and what you get refunded. It also allows you to export your tax information to the relevant tax authorities if required. Conclusion If you are looking for accounting software for startups, you must consider your business requirements before picking the right software. As a startup, you will focus on growth and keep your back office operations streamlined. So, avoid jumping in at the deep end. Instead, do your research and find software that offers the best solutions for your business. 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.

5 Best Practices in Attracting Tax Clients For Accountants  For accountants, seeking new tax clients is one of the most challenging parts of their job. Sometimes, clients come to them without lifting a finger. But most of the time, they would have to actively look for them due to the oversaturation of tax preparers in the market. Therefore, what do accountants need to do to beat their competitors? Here are some ideas.   1. Ensure Good Communication Skills It is not enough for accountants to have technical knowledge of the profession or an extensive network of contacts. They must also have excellent communication skills to have a higher chance of attracting new clients. The ability to listen and speak are some of the most crucial soft skills required in the accounting industry. These soft skills will be helpful in a wide range of interactions, such as talking with clients, business partners, and employers. Therefore, accountants would have to ensure that they have the right communication skills.   2. Study the Competition The competition is always stiff in the accounting industry. However, accountants can differentiate themselves from their competitors by knowing what they are doing. In a way, they can learn from the strengths and weaknesses of their competitors and learn how to use these strengths to their advantage. The first step in this process is to know who your competitors are. You may want to check out their websites to see what they’re doing to get new clients. Also, study how you will secure your clients’ trust and find out how you can be better than your competitor.   3. Build the Firm’s Reputation A good reputation is one of the most critical factors used to determine whether a business will succeed or not. For example, most successful startups are respected in the business community. Building a solid reputation is very important for accountants if they want more clients. They can achieve it by being in the industry for a long time and providing excellent services.   4. Use a Professional Tax Software You can increase your chances of gaining new clients by using business tax software. A client who has used tax software will become more loyal to it because of the convenience. If you have a loyal client, you have a higher chance to secure the client’s trust. When tax season comes around, your accounting firm must have software to help you with your accounting. Tax software can reduce the amount of time you spend on your accounting tasks, allowing you to focus on more profitable aspects of your business.   5. Gain the Clients’ Trust When a client trusts you, there will be a higher chance that they will continue to use your services. Trust is one of the most critical factors in securing new clients. Many people will continue to patronize a particular business due to their trust in it.   Conclusion There are many things to consider when trying to get new clients. One of the most crucial things to keep in mind is that accountants are in a competitive industry. Therefore, they should look for ways to differentiate themselves from their competitors. Other than that, it is also essential to ensure good communication skills and to learn about your competitors. There are many benefits for accountants to get new tax clients. A recent tax client will likely use your services again in the future, leading to the growth of your business. Keystone Tax Solutions offers the best professional tax software to help accountants get ahead of the game. We hope to make the job easier and more accurate through our software for tax preparers to ensure client satisfaction. Check out our all-in-one package today and win clients over your competitors today.

As tax preparers, you are responsible for calculating, preparing and filing income taxes on behalf of our clients. To support this responsibility, you should also be aware of the different changes made by our government regarding other tax laws.   The Income Threshold Increase If your investment income exceeded the annual limit, you could not claim the EITC, historically speaking. In 2021, the limit was increased significantly. From $3,650 in 20210 to $10,000 in 2021. This will make investment incomes’ limit to be raised annually. You can check on your software for tax preparers to assist you.   Married but Separated and Filing Separately Another change broadens eligibility for married people divorced from their spouse and file separate tax returns. They must have lived with a qualifying child for at least six months of the year, but they are not required to claim the child on their tax return. Previously, a taxpayer had to have a qualifying child and have lived apart from their spouse for at least six months if they were married filing separately. However, changes have been made, they can qualify even if they have not lived separately for up to six months if they are under a separation instrument  They may still be eligible if separated and do not share their current residence with their spouse.   Changes in Using Prior Year Income If their 2019 income was more significant than their 2021 income, taxpayers in 2021 could still claim the EITC based on their 2019 income. However, they cannot use their 2020 earnings for filing.   Changes in the Child Tax Credit The 2021 Child Tax Credit has received a lot of attention in the media because of the new advance payments, but it has also changed significantly in other ways. The Child Tax Credit is now refundable to $1,400 per child, with a phase-out at $400,000 in income for married couples and $200,000 for single filers. The refundable amount is calculated as 15 percent of earned income over $3,000.   Changes in the Recovery Rebate Credit In 2020, the Recovery Rebate Credit was introduced, allowing taxpayers who had not previously received stimulus payments to claim them as a refundable tax credit. In connection with the third round of stimulus payments, which began in April, some of your clients may be eligible for a recovery rebate credit in 2021. Depending on the taxpayer’s filing status, the Recovery Rebate Credit can be worth up to 35 percent of their earned income in 2019, with a maximum credit of $1,400 for a single tax return and $3,000 for joint returns.   Changes in the Earned Income Requirements In 2021, the earned income requirements will be removed entirely. To be eligible for the CTC, taxpayers no longer need to have earned income or any income at all. After that, they will receive the maximum $3,000 credit every year, regardless of income. In essence, it will no longer be a work credit. Instead, lawmakers hope that the refundable credit will replace the EITC, making the income tax code fairer and more progressive.   Increased Maximum Benefits and Income Individuals will receive up to $1,502 in benefits in 2021, up from $538 in 2020. Individuals’ maximum income will be $21,430 in 2021, up from $15,820 in 2020.   Conclusion Keeping up with changes to the tax code for 2021 has not been an easy task. Significant changes are made to several areas of tax law, most notably refundable tax credits. Maintain an eye out for changes to the various regulations and incorporate them into your clients’ returns. You can look up the best professional tax software to optimize your business. Keystone Tax Solutions is the industry’s leading professional tax preparation software for you and your clients. Contact us and learn more.

Preparing Tax Return you Begin It’s never too early to start planning for your 2021 US Preparing Tax Return, which is due on April 18, 2022. To submit your Preparing Tax Return, you’ll need specific information and documents, regardless of whether you do it yourself or hire a professional. We’ve come up with a handy tax preparation checklist to make the process less of a hassle for you!   Collect All of Your Paperwork Before you begin, collect all of the forms and documents you’ll need to complete your return. It’s a great idea to gather paperwork throughout the year and then place them in a designated folder. You can always refer to this folder if you need information from a previous year, too. Here are some of what you’ll want to save: W-2 from each employer 1099 forms SSA-1099 for Social Security benefits 1095-A for Health Insurance Marketplace reimbursements 1098 for mortgage interest received 1098-T for tuition paid   Round up Your Receipts It doesn’t matter whether you itemize your deductions or take the standard deduction; you’ll want to know which generates a larger tax deduction. While filing as a single taxpayer, the standard deduction is $12,550; when filing as a married couple filing jointly, the standard deduction is $25,100. Individuals filing single returns will be able to claim $12,950, while married couples filing jointly will be able to claim $25,900 in 2022. If you want to itemize your deductions, you’ll also need to gather any additional funds you may have set aside for charitable contributions. Ensure that you keep track of any receipts for medical expenses that were not covered by insurance or reimbursed by another health plan. Property taxes and costs incurred with an investment are likewise subject to limitations. You may find more information about charity deductions in IRS Publication 1771, available online. You will be required to submit your books and records, such as QuickBooks or any other accounting system, receipts for spending, and applicable bank and credit card statements, as well as any other necessary documents. Preparing Tax charges less for their services because the more structured your records are, the less time it will take them to file your taxes.   Compile Your Details You need to provide your Social Security number and your spouse’s Social Security number if filing jointly. If you were self-employed in the previous year, you’d have to provide your Federal Employer Identification Number. Tax return information is serious business. The IRS will likely analyze any discrepancies in your tax return, especially if you made an error. This is because it’s essential to ensure your tax return is accurate and complete and minimizes the likelihood of the IRS having to correct your return. This is especially important if you’re self-employed. When preparing your tax return, it’s in your best interest to organize your books and records, so your tax return is as accurate as possible.   Retrieve a Copy of the Previous Year’s Preparing Tax Return Before you begin preparing your tax return, make sure to retrieve a copy of your previous year’s tax return from the IRS. You’ll need it to calculate the cost basis of any capital gains or losses you may have incurred throughout the year. Additionally, you may be able to use this to ensure that your identifying information, such as your Social Security number, is current.   Selecting a Tax Preparation Professional Unless you are confident that you can accurately prepare your tax return, it’s in your best interest to hire a professional to do so. Hiring a tax preparation professional means you’ll need to allow enough time before April 18, 2022. It’s a good idea to start preparing your tax return at least three months in advance if you’re planning to submit a paper return. If you’re planning to file electronically, you may be able to submit your tax return as soon as you receive your W-2 and 1099 forms.   Conclusion Preparing your taxes may be a stressful endeavor, but it doesn’t have to be. By following a simple checklist, you can easily organize your tax return. You can even save time and money by hiring a tax preparation professional to file your taxes for you. Tax preparation professionals typically offer a variety of services to suit your needs. If you are looking for the best professional tax software, Keystone Tax Solutions has you covered. Reach out to us today to learn more about our software, or try a free demo now!

Refundable Tax Credits have always been complex for tax-payers, but the complications arise when it involves complying with the ever-changing laws surrounding them. In America, the country welcomed a myriad of tax law changes in 2021, which we will provide a simple overview below so you can stay up-to-date with your taxes.   Refundable Tax Credits Law Changes in 2021: What You Should Know   Income Limits and a Two-Part Phase Out for the CTC The tax year 2021 will see the return of the phase-out for the Child Tax Credit to $150,000 for married couples filing jointly, $112,500 for the head of the household, and $75,000 for the rest. The credit is now at five percent, which will be available for every $1,000 income up until the threshold reaches $2,000. Keep in mind that the credit will be the same until the income increases their income to the next threshold, which is above $3,000.   Advance Payments for CTC Advance payments will be available for the Child Tax Credit during the tax year 2021 by the IRS. Keep in mind that these advanced payments will need to be reconciled on Schedule 8812, so you may have an excess CTC amount.   Different Take on The Child and Dependent Care Credit 2021 The Child and Dependent Care Credit will be different in 2021. For one, there is a significant increase, though the Credit will be refundable for taxpayers who have lived in the United States for more than six months, while those who stayed in the country for less the recommended timeframe will have a non-refundable credit.   The Consolidated Appropriations Act, 2021 The new law on tax provisions allows American taxpayers to prepare for their taxes for another more year, along with the benefit of reaping extensions on their tax relief provisions, deductions, credits, and more. This was passed as a way to ease the burdens and impact of the pandemic, allowing citizens to get the following: Taxpayers can get $600 advance payments of their tax credit, with an additional $600 for individual, qualifying child; Businesses can also deduct 100 percent on meal expenses for employees; Teachers can now include personal protective equipment as part of their deductibles; For those who claim a $600 deduction for joint filers, you can get an extension of $300 if it’s for cash charitable deductions; If expenses for the Paycheck Protection Program (PPP) loan are paid with forgiven PPP loans, they are considered deductible.   The Bottom Line: The Importance of Keeping Up-to-date withRefundable Tax Credits Laws Tax laws are trying to stay up-to-date with the ever-changing world and society, allowing both individuals and businesses to remain competitive with the constantly changing landscape. The taxation changes we have seen in the last few years are aimed at helping businesses and individuals keep up with the advancements and innovations through tax relief, as well as investment and credit rebates. As a business owner, you might be asking yourself how you can benefit from the tax law changes. One of the things you can do is to find ways to maximize the benefits you get from tax law changes. The best way to do this is to consult the tax experts and professionals who know how to structure your business or company so that your business can enjoy the benefits of the tax laws.   How Can We Help? 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.

The Top Tax Challenges Faced by CPA’s in the Industry Today Being a certified public accountant (CPA) is not an easy task. Besides the fact that you will have to crunch the numbers from time to time, you also have to contend with many external factors that may affect your computation. That being said, there are also tax challenges that CPAs have to contend with when they are doing their job in the industry. If you happen to be a CPA yourself and you want to prepare against these tax challenges, it would only be appropriate for you to be familiar with them from the beginning. The following are just a few examples.   1. Manage the Tax Risk. Every CPA has to manage the tax risk that their client might have to deal with in the future. This is done to avoid invalidating information on the part of their clients.   2. The IRS Audits. The IRS audits CPAs due to the sensitive information they might have to handle. This means that they have to be more careful when they do the tax computations of their clients, as they might be facing penalties if ever they misuse their clients’ information.   3. Competitors. CPAs also have to contend with the challenges of their competitors. As with any other field, the CPA industry is also tainted with one-upmanship. In this way, CPA firms are always competing for the same clients that they are trying to serve.   4. Technology. The technological challenges have to be considered when CPAs are doing their job in the industry. This is because the innovations that they have to use for their work might not be available in a particular state or country. And if this happens, then it might result in the loss of jobs or miscalculations.   5. Timely Preparation of Returns. CPAs also have to face the challenges of the timely preparation of returns. They have to file the returns within a specific period. Otherwise, they may face major penalties that will extend towards their clients.   6. Software Integration. CPAs have to familiarize themselves with the relatively new concept of software integration. This is because CPAs have to use different applications to do their job efficiently. It is possible that one software application might not be compatible with another, and they may end up with wrong tax summaries.   7. Staffing. Basically, there are times when CPAs have to deal with their own employees. There is a call for balance when it comes to their personnel. This is why they have to fire some of them from their job if they fail to perform well. On the other hand, they also have to hire more people if there is a great demand for their services.   Conclusion All in all, these are just a few examples of the common tax challenges that CPAs have to face while they are doing their job in the industry. These challenges are more technical than you can imagine. It is only appropriate for you to learn how to cope with them to be more effective in your line of work. There is no need to be intimidated by them, though. In fact, these tax challenges might also give you an idea of what you have to do to succeed in the CPA industry. The key is to stay ahead of everyone and enjoy being an experienced accountant in the long run. 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.

Clients Guide Tax Withholdings Being a tax preparer means serving your Clients Guide Tax to ensure that their financial situation is kept in check, as no one ever likes surprises when it comes to the monetary side of their life. Tax liabilities, for instance, can be quite the deduction for any person or organization and their profit. It’s important to avoid these as much as possible. One steady practice of keeping finances in order is the proper maintenance of one’s Clients Guide Tax withholdings amid different adjustments in their life. Here’s a simple guide on how to handle tax withholdings:   1) Identify the Reason for Adjusting How the Clients Guide Tax withholdings will be adjusted can solely depend on the reason behind the change in the first place and what the shift’s effect will be. There are different processes concerning various adjustments, and knowing the cause will make things easier to organize. For example: Changing Jobs. When losing a job or getting a new one, it usually entails a new source of income. Account for that when preparing taxes by using the IRS Tax Withholding Estimator and filling out the Form W-4 in their stead based on the terms of their job. Getting a Child. Having a new child either through birth or adoption can bring forth a number of tax benefits via the Child Tax Credit. With this further adjustment, shift the withholdings to include a new dependent under your profile. Having a New Relationship Status. A marriage or divorce can change your relationship status and have quite an effect on your tax withholdings. Accommodate those changes, especially before the end of the fiscal year, to avoid issues.   2) Get the Best Software Tools such as the IRS Tax Withholding Estimator can be quite helpful, but there are several calculations that will simply be too difficult for you or your clients. Efficiency is paramount during these times, both in terms of costs and time. To achieve that, be sure to eye suitable technology that will assist you in your tasks. Seek out tax preparation software that would assist you with whatever data that you have and adjustments that must be made. You can cater more effectively to a wider pool of clients with such advanced programs. Getting a client’s taxes in order will provide better customer satisfaction and help with retaining their patronage for your services as well.   3) Start the Adjustments Early As soon as you receive word about the life change that will affect one’s tax withholdings, act as quickly as possible. Get the information from your client so that you can assist them when those shifts are in motion. Following up through emails and arranging in-person discussions can ingrain the tax adjustments quicker in one’s financial records sooner.   4) Work on Client Guide Tax Education Clients may not be aware of how important it is to change one’s tax withholdings in the first place. Be sure to share the benefits and consequences of such attention to detail through client education and proper communication. Be a little thorough when providing information regarding these common life changes and what should be done because of them.   Conclusion When making such important decisions, your clients may not be aware of these practice shifts surrounding their taxes. Although these are common and evident throughout different stages of one’s life, it’s important to accommodate and account for them regardless of fulfilled finances. Looking for the best professional tax software? Keystone Tax Solutions offers professional tax software for tax preparers. Try it out today!

Filing for Becoming Tax Preparer is one activity that most people prefer not to do because it requires a lot of time and effort. Fortunately, there are professionals known as tax preparers who can lend a hand in this matter. If you’re the type of person who enjoys crunching numbers, you may have a prosperous career as a tax preparer.   What Are Professional Tax Preparers? The Internal Revenue Service (IRS) defines a tax preparer as individuals or firms who prepare and file a tax return or claim for refund or credit. They do this by going over tax returns, advising taxpayers on tax issues, and even assisting in getting tax returns ready. The profession typically requires additional education and licensing to become a tax preparer. However, some states allow individuals with a high school degree and knowledge of tax law to work as preparers.   How Much Do Tax Preparers Make? According to the latest data from the Bureau of Labor Statistics (BLS), the average salary of a tax preparer is around $46,860. Similar to other positions, the pay can increase or decrease depending on the individual’s experience. For example, tax preparers with only a year of experience typically make $11.04 per hour. It increases to at least $12.18 per hour if one has two to four years of experience. It’s also worth noting that salary varies depending on state and employer.   What Does It Take to Become a Tax Preparer? If you’re interested in becoming a tax preparer, you must first have the proper credentials recognized by the IRS. You either become a Certified Public Accountant (CPA) or an enrolled agent. A CPA is a licensed accountant with a four-year bachelor’s degree and at least 150 hours of related accounting coursework at a college or university. On the other hand, an enrolled agent is a candidate with at least a four-year bachelor’s degree and a minimum of three years of experience performing specific prescribed tasks, including tax return preparation.   What Equipment Do Tax Preparers Need? If you have the right background to start a career as a tax preparer, you then need to have the necessary equipment to perform efficiently. Tax preparers require access to the internet and computer software to complete their job. In addition, you should also consider acquiring a professional tax preparation software. These applications offer features to help you reduce errors and enhance the efficiency of your work. Most software for tax preparers also allows you to record data and process it faster, helping you complete your work in a more timely manner.   Where Do Tax Preparers’ Work Include? The best thing about being a tax preparer is that you can work in a variety of industries, including but not limited to customer service, accounting and finance, healthcare and social assistance, and education. However, it’s most common for tax preparers to work for accountants or CPAs. If you’re uninterested in working for others, you can also establish a tax preparation business. Doing so allows you to be your own boss and work alone. Later on, you can collaborate with other tax preparers to accommodate more clients.   Why Work as a Tax Preparer? As a tax preparer, you get opportunities to work remotely with most of the equipment you need for the job you likely already own. Additionally, you can also choose to establish your own tax preparation business. Therefore, you have more freedom in determining when to work and the type of responsibilities you take on from clients. Even if you work for someone else, you can still choose the solutions you want to offer. For instance, some tax preparers manage payroll and bookkeeping and provide bank products like settlement solutions. Aside from the services, you can also choose to specialize in tax preparation for people in a particular industry or demographic.   Final Thoughts Tax preparers are invaluable to the tax filing process. They assist taxpayers in filing their tax returns and advising them on tax issues. The job pays quite well, and you can also enjoy flexible scheduling and more freedom in choosing the type of work you perform. If you’re looking to get started as a tax preparer and want to use the best professional tax software, consider choosing Keystone Tax Solutions. We offer affordable tax preparation software designed to help you grow your tax business. Try our free demo today!

Are you trying to Maximize Tax Deductions? If so, one of the most important first steps you need to take is understanding the deductions themselves. Only by thoroughly understanding the deductions and credits can you know where to look for these Maximize Tax Deductions and be eligible for them to cut down on your tax. That said, if you’re here looking for ways to make the most out of tax deductions, here’s what you should be doing:   1. Donate to Charities Chances are, you’ve already made a donation to charity. It could be a large donation to your school’s alumni association or to your favorite organization. However, if you haven’t already made a donation, this is the time to do so. This is because the contributions you make to charity can be deducted from your Maximize Tax Deduction. In fact, you get to deduct up to 50% of your adjusted gross income, so long as the charity  you’re making the donation to is a non-profit and the donation you’re making is up to 15% or more of your adjusted gross income. Therefore, if you’re a high earner looking to save money on taxes, it could be in your best interest to donate to a charity that is meaningful to you. Just make sure that you get a receipt for your donations, which will make it easier for you to claim your Maximize Tax Deduction.   2. Contribute to Retirement Accounts There are many tax-advantaged accounts that you could be contributing to—from traditional 401(k)s to Roth IRAs. However, one of the most important accounts you could be contributing to is your employer’s retirement plan. This is because an employer’s retirement plan is a tax-advantaged plan available to employees, which means you can enjoy the benefits of lower taxes and possibly even a tax break for contributing to your employee’s retirement plan. The exact tax break you’ll get will depend on how much you contribute, but the main benefit of contributing to a retirement account is that you can get a tax break on your contributions.   3. Take Advantage of the Child Tax Credit If you have children, you could be eligible for a Child Tax Credit, a credit that is worth up to $1,000 per qualifying child. This helps to reduce the income tax you will have to pay, and it also makes it easier for you to get a refund. To qualify for the Child Tax Credit, you need to make sure that your children meet certain criteria. For one, you need to make sure the child is your dependent. In this case, you’re your child’s dependent if you provide more than half of your child’s financial support. You also need to make sure your child’s age is in line with the tax credit, so your child must be under the age of 17.   Conclusion There are plenty of other ways to maximize your tax deduction, and more so than what we’ve shared today. Regardless, these tips allow you to enhance your tax-deduction benefits, meaning that you can save more on taxes if you follow them. That said, if you want to know more about how you can save on taxes, feel free to reach out to professional advisory services for help. They can go through your finances and see exactly how you can deduct your taxes to enjoy maximum savings. Keystone Tax Solutions offers professional tax software for tax preparers. If you are looking for the best professional tax software to enhance your tax preparation efforts in the US, check out our software today!

There’s nothing business dread more than having to deal Behind Tax Audit. One of the most important tax-related statements you cannot miss out on is your IRS audit. An IRS audit is an examination or review of your or your organization’s accounts and financial information. This ensures that all the information you reported correctly follows what Happened Behind Tax Audit laws and guidelines to verify that the taxes you submit are correct. Fortunately, even financial professionals can get some help with this thanks to Keystone Tax Solutions, one of the best professional tax software to help individuals compute their taxes and prepare for waht Happened Behind Tax Audit season. If you’re asked to present a Behind Tax Audit, but you’re unsure of what it is and what to do, keep reading. In this article, we’ll share everything you need to know about tax audits and what really happens. Let’s take a look!   Why was I Selected for what Happened Behind Tax Audit? Don’t worry; if you’re selected for an audit, you should know that it doesn’t always suggest a problem. Below could be the following reasons: You may have been randomly selected. This is often based on statistical formulas when your Behind Tax Audit is against the “norms” of similar returns; You may have been chosen based on related examinations that involve issues or transactions from other taxpayers, like your business partners or investors; After knowing the reason, an experienced auditor will review your return. During this time, the auditor may accept it or find things questionable. If it’s the latter, they will identify the items noted and forward the return for assignment to a group of examiners.   How Will I Know If I’m Being Audited? Usually, the IRS will notify you by mail. You should note that your account is selected for what Happened Behind Tax Audit; the IRS won’t initiate an audit via telephone.   How Does the IRS Conduct an Audit? The IRS manages audits through mail and in-person interviews to review all your records. This interview may be done in the IRS office or in the taxpayer’s home, business, or accountant’s office. However, please note that the IRS will first contact you via mail and provide you with instructions. If an audit is conducted via mail, the IRS’s letter will request additional information about certain items in your tax return, such as your income, expenses, and itemized deductions. However, you can request a face-to-face audit if you have many books to mail. Seeing as you’ll need to work with your past records for an audit, it’s important to use the best professional tax software to ensure all tax information and items are complete. This will help make the audits faster and accurate.   How Long Does an Audit Take? The length of an audit will vary depending on the type of audit, the complexities of the issue, the availability of the requested information and parties, and your agreement to have your information audited.   The Bottom Line: Streamline Your Audits With the Best Professional Tax Software There’s no doubt that agreeing to an audit can be daunting and overwhelming, but the best way to take some weight off your shoulders is by using the best professional tax software to streamline computations and more. Thankfully, software like Keystone Tax Solutions is readily available for accountants and individuals, so working and preparing for your tax will be much easier.   How Can We Help You? Nothing’s more complicated and nerve-wracking than having to prepare for a tax audit. Because of this, you need to work with the right tools, like the best professional tax software, to help you with the job. Keystone Tax Solutions is an affordable tax software designed to help elevate your tax process. Our 100% cloud-based technology allows you to manage your documents, create unlimited federal and state returns, provide exceptional customer support, and more. Learn more about how we can help you today!

Tax Software Accountant for Individual Taxes With every critical job comes whether or not to do it yourself or hire a professional. Even though tax preparation Tax Software Accountant has improved over the last few years, Certified Public Accountants (CPAs) and other personal tax preparers are still in demand. Still, many people are torn between these two choices. This article examines the pros and cons of getting tax software or a professional accountant to do your individual taxes. The Benefits of a Tax Software Accountant   1. Cost-Effective The main benefit of using tax software is saving you money. Some tax software comes with free updates for life. This means worrying about filing your taxes every tax season is not necessary.   2. Time and Convenience Tax software allows you to complete your taxes by yourself without going to a tax preparer. This is incredibly convenient if you are not fond of getting an appointment with your tax preparer. You also do not have to worry about any human errors due to higher levels of accuracy.   3. User-Friendly These programs are user-friendly and very easy to use. You will spend less time preparing taxes because the software does most of the work for you. Most of the preparation and math are done for you when filing returns. Additionally, the software will do a lot of the number crunching. Your choice depends on how much time you want to spend preparing your taxes and your preference for preparing your taxes on paper or a computer.   4. Can File Multiple Tax Returns Tax preparation software is also helpful for those who need to file multiple tax returns. Suppose you are a freelancer or independent contractor. In that case, you may need to fill out an additional Form 1040 Schedule C. With tax software, it is easy to file multiple tax returns without completing other forms.   5. On-Demand Access Tax software is accessible at any time, on the internet, and can be used anywhere. Because you no longer have to go to your tax preparer, this is a good solution if you are too busy. In addition, with the software, you can go back and input your tax documents as they come in, making the preparation process simpler.   The Benefits of an Accountant (CPA) 1. Better Accuracy In general, a tax preparer is more accurate than software. This is especially the case if you are filing multiple tax returns. CPAs are more knowledgeable than tax software, as they have years of experience when it comes to filing taxes. Also, CPAs will be able to answer your questions and concerns as you prepare your taxes.   2. Personalized Service Hiring a tax preparer gives you the advantage of discussing any questions or concerns you may have with the tax professional. This allows you to get the best service and ask any questions or concerns. In addition, you can discuss your taxes with a person while tax software is unable to do so.   3. Special Circumstances If your circumstances are different from others, CPAs have a better chance of helping you with your taxes. For example, if you are self-employed, you can take advantage of the services offered by a professional tax preparer.   Conclusion For most people, tax software will be the better choice. However, if you are self-employed or have unique circumstances, a CPA may be a better option. In the end, your decision will depend on your personal preference. Keystone Tax Solutions provides 100 percent web-based, technology-driven, affordable professional tax software for tax preparers. 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!

What You Need to Know about the Audit Protection Process An audit defence strategy works by shielding you from the dangers and stress of dealing with the IRS or a state tax agency on your own. Audit Protection process also ensures that auditors are held accountable for their findings. If you owe any taxes at the end of your audit, a team of tax experts will do their best to get you the lowest amount feasible based on your facts and documents. Being audited may sound overwhelming, but you don’t have to worry about it when you have a team of tax experts on your side to help you with the following:   Planning In the midst of a tax audit, you want as much assistance and counsel as possible. We’ll examine for any possible mistakes or omissions, and we’ll explain why the audit was necessary. When it comes to proving your income, deductions, or dependents, we know exactly what the examiners are looking for. Even after the fact, proving your spending might be a challenge. In order to avoid a lengthy audit, avoid submitting sloppy and unorganized records. A solid foundation for your documentation is the best technique in virtually every situation. One chance to create a good impression is all that is given.   Organizing Getting ready for an audit starts with a thorough reading of your notice and specific instructions on what documents to gather. For an audit defence case to succeed, you will need to sign a Power of Attorney designation or permission form(s) to make the representation official. Because email is not secure, it is not used for private correspondence. We work with you to get the papers back to us in a timely way because the tax office usually has a deadline for submitting them.   Delivering Results When it comes to the quality of the job we do on behalf of our members, it’s clear that we genuinely care about them. For incredible value, we provide top-notch service at a reasonable price. The best-and-worst-case scenarios we can provide are as accurate as any crystal ball we may possess, but we can’t predict the future. We will do everything in our power to ensure that you receive the best possible outcome in your audit protection process case.   Conclusion Due to filing and reporting mistakes, or accidental omissions, audit changes on a self-prepared tax return are unavoidable. It’s a good thing that there are several situations in which additional taxes imposed by an audit can be fought back. Your tax expert can assist you in minimizing non-compliance fines in the event that an error cannot be remedied. With an audit protection process service, you may reduce some of the stress associated with receiving a notification from the IRS. There are no issues as long as you have it and adhere to the IRS’ requirements. At Keystone Tax Solutions, we offer a professional tax preparation software that can help protect you from audits. We know how stressful it may be to handle taxes, which is why we’ll take care of the paperwork for you. Contact us now!

If you understand and enjoy navigating the world of tax preparation and realize that you have the passion for helping others fix their tax concerns, then perhaps, starting a tax preparation business is the right one for you. Not all are gifted with this interest in the industry. So, if you want to take advantage of this fascination and decide to start a business after all, here are the steps you need to take to bring the idea to life.   How to Start Your Tax Preparation Business   Step 1: Prepare Your Requirements for Tax Preparation Business Registration The first thing you need to do is prepare your state, local, and IRS requirements. Documents you need to submit for startup include: Your business name Information for your legal entity Other information, such as your contact details and social security number If you have never opened a business before, you need to register your entity. That means you have to decide whether you want to do business as a corporation or a Limited Liability Company (LLC). You need to establish your business address, open a business bank account, and make sure that you have enough money to maintain your business before you start.   Step 2: Obtain Your Preparer Tax Identification Number (PTIN) Next, you need to get a preparer tax identification number (PTIN) to begin your tax preparation business. You must have this identification before registering with the IRS and be allowed to prepare taxes and enjoy the tax preparation business. The IRS allows all licensed attorneys, certified public accountants, enrolled agents, and tax practitioners to obtain this PTIN. You also need to gain a PTIN if you offer tax preparation services as an individual. Also, if you’re planning to hire employees to work on your behalf, you need to make sure they have their own PTINs too. You can get a PTIN at the IRS website.   Step 3: Get an Electronic Filing Identification Number (EFIN) If you are doing your business online and have already established your website, you need an electronic filing identification number (EFIN). It is an identification number that the IRS gives to individuals involved in e-filing. You can get an EFIN in several ways; you can fill out an online application and pay a $50 fee or call the IRS with your credit card details. Make sure you have an EFIN when you register for a PTIN. The EFIN is also needed to file state and local tax returns electronically.   Step 4: Establish Your Business The final step is to open your tax preparation business. You need to ensure that you are ready to greet your clients and respond to their tax preparation needs. That will require you to have a location to operate from and an office that meets all the registration requirements. Your business location must be in an accessible site where clients can easily find it. Or you can also opt to work from home and start your business online. More importantly, you need to advertise your business and make sure your clients know your services. That will help you build your reputation, which will, in turn, attract more clients.   Conclusion Starting up a tax preparation business is not as hard as it seems. The most important thing is to ensure that you meet the requirements and enjoy the benefits of being a tax preparation business owner. As long as you work hard and are willing to learn, you can succeed in your new venture. If you still need more help in starting your tax preparation business, like finding the best professional tax software to speed up your work, you can check out Keystone Tax Solutions. Our tax software is easy to use and can help you prepare taxes in just minutes. Try it today!

In the first part of this series, we introduced the number of ways to begin easing your clients into using IRS resources come the tax season. Now, let’s go deeper into the process. Here’s part two of how to prepare your client for using IRS resources! Follow a Strict IRS Checklist The Internal Revenue Service’s Tax Preparation Checklist, according to IRS.gov Publication 5349, claims that year-round tax preparation is for everyone. It presents a straightforward and visually appealing collection of tax planning tips for people for different tax brackets to easily understand. Publication 5349 emphasizes the need to keep proper tax records. Through effective record-keeping strategies. For this reason, Publication 5349 enumerates a list of relevant documents, such as year-end W-2s from employers, 1099s from banks, other income statements and records, and virtual currency transaction data for you to take note of Reviewing publication 5349 can help you create your own list of papers to request from consumers. Customers should start organizing their documents as soon as possible before calling you for tax preparation and planning services. Thankfully, a tax preparation checklist can be found in IRS Publication 5349 as a quick reference guide for preparing a tax return. Remind clients to bring these items with them when they come in for their tax preparation appointment. Provide a Compliance Kit Using IRS Publication 5349, you can create your own tax preparation checklist. You may choose to develop many checklists to meet the needs of various clients. There are checklists for individual taxes, corporate clients, and charities or nonprofit organizations, among others. Your checklist does not have to be as long as the one in Publication 5349. That is only a high-level overview of the most prevalent requirements. Individual taxpayers should keep the following goods on hand: The prior year’s tax return All family members’ SSNs and birth dates Identity with a photograph (driver’s licenses, passports, and military identification) Schedule K-1 of Partnership Income on Form 1065 Bank and financial records W-2 forms were provided by their employers. 1099-K 1098 IRS Forms for Child Care (Mortgage Interest Statement) Additional details on property taxes Expensive receipts (medical, childcare, etc.) Receipts (if applicable) For business taxpayers, remember to include the following: Return for the fiscal year preceding Employee Identification Number (EIN) Partnerships in P&L (if applicable) Data on ownership shifts (if applicable) Bank and financial records Receipts (if applicable) Acceptances of capital assets When producing a tax compliance package for your clients, include reference materials to new tax year developments. This year, you’ll have to explain the American Rescue Plan Act and the Consolidated Appropriations Act. Discuss Major Life Occurrences Each customer is unique, and you should treat them as such. This requires being aware of major life events that have occurred or are currently taking place. Life events might have an impact on tax returns, according to the “Managing Your Taxes After a Life Event” page. Thus, comprehending your client’s experience and applying it to their tax returns is simply good service. Although delicate in nature, you can also talk to your clients regarding this matter. The following are examples of taxable life events: Marriage Divorce/separation Becoming a parent Changing careers Employment loss Bankruptcy\s Natural Disaster Serious health concerns First-time homebuyers who are relocating A family member has died. Conclusion In today’s modern age of digital technology, tax experts can now employ a professional tax preparation software to make things easier. This means that you can educate and work with any client seamlessly when it comes to taxes, policies, and using IRS resources. So, there’s no need to worry! You can be ready and seasoned just in time to prepare your client for the next tax season. Backed with almost 20 years of experience, Keystone Tax Solutions is a leading firm that helps tax professionals start their own businesses and thousands more obtain access to cheap technology-driven software for tax preparers in the US. With us, you can develop a profitable tax practice. Get a FREE demo today!

As a tax expert, you are in charge of preparing your clients for the annual tax season by using IRS resources. This usually involves holding productive meetings wherein you can explain everything about a tax return so that your client can understand the situation clearly. After all, if you and your client are on the same page then you can deliver better service! Managing this crucial part of the preparation process can prevent mistakes, misunderstandings, and other issues. Moreover, this is also the time wherein you can craft a strategy with your client. With clear understanding and mutual trust, you can also further educate your clients about tax policies. Read on to discover how to prepare your client for using IRS resources.   Set Expectations In Using IRS resources At the earliest time possible, set your client’s expectations. This way, they are aware of what they will and will not receive when it comes to working with you. Avoid future inconveniences by clearly stating what your services do and do not cover. To be able to engage effectively with your clients, it’s vital that you stick to a consistent communication and scheduling system.  Additionally, you can determine your customers’ preferences and make an attempt to tailor your workflow around their needs. You must also, of course, supply your contact information through various channels. You can also instruct your clients on how to reach out to you. For example, emails can be used for file sharing and formal conversations. Meanwhile, calls or text messages can be used for immediate responses and urgent cases. Aside from this, you can set up a customer portal or a website to upload any essential electronic documents.   Provide Instructional Tools When it comes to explaining tax forms to your clients, make it fun, engaging, simple and brief. Thus, you can use educational tools such as handouts and videos to properly outline the critical information they should be aware of. Moreover, these tools can be provided digitally or be given as printed materials. Some customers would prefer to watch instructive films rather than receive leaflets. Consider making a short video that explains how to comply with income or corporation tax rules. If not, you can find a YouTube video that could serve as the teaching tool. Either way, this undoubtedly improves your consumer engagement using IRS resources.   Gain Access to Shareable IRS Resources Fortunately, the IRS.gov website provides a variety of free tax law and regulation information that is accessible to everybody with internet connection. As a tax expert dealing with clients, this is the most dependable source you can find today. For example, Publication 5349 (download here) contains a free digital handout that you can distribute to your clients. It explains how to prepare to file taxes for the following year. The following topics are covered in IRS Publication 5349: ITIN Refunds Received Acceptance of e-filing possibilities Changing the mechanism of withholding taxes Obtaining an estimate of one’s tax liability Credits and deductions Unemployment benefits Keeping your data safe To add, information about the 2020 Economic Impact Payments (EIP) and how to apply for a Recovery Rebate Credit has recently been uploaded on the official website for your reference.   Conclusion Taxes are not as simple as they seem. This is why people hire experts or employ professional tax preparation software to guide them through the dreaded annual tax season. So if you encounter a clueless client, keep these steps in mind as you guide them through the process. With the proper tools, communication and patience, and discipline, you will be able to best prepare your client on how to use IRS resources! Are you looking for the best professional tax software? Keystone Tax Solutions has over 15 years of experience helping tax professionals in the US start their own businesses, and thousands more obtain access to cheap technology-driven professional tax software. We offer quality and excellence with unrivaled rates and services to help you develop a profitable tax practice. Get a FREE demo today!

Many business owners have started to understand that managing finances manually would not help them achieve the expected results. As a result, they have begun to look into reasons accounting software that would help them manage their finances more efficiently. But before deciding to implement professional tax preparation software or general reasons accounting software, you should first understand how it works and how it can benefit your business. Furthermore, you should also determine if it meets all your requirements, including those of your employees.   What Is Accounting Management? Basically, accounting management is an automated method used in recording, storing and processing information related to finances. This includes any business transaction done in and for the company.   Why Should You Use Accounting Management Software? If you have been managing your finances manually for a long time, you will see the benefits of using accounting management software. In fact, you will see how it can benefit your business in the following ways:   1. Time Efficiency When using a general accounting system or professional tax preparation software, you can save time and energy. This is because the automated system will do most of the work for you. All you have to do is to enter the data, and the software will do the rest.   2. Accuracy The automated systems provide accurate data. In fact, you can rely on the data that it provides as it is based on the format that the government agencies use. Therefore, chances of errors are reduced.   3. Better Decision Making When you can have an insight into your company’s performance, you will be able to make better decisions. This is because you will be able to understand how your company is doing.   4. Less Stress There is less stress because you will not be stressed out when trying to manage your finances. This data can then be used by the business owner and other people involved in the management of a particular business. This helps them to make well-informed decisions when it comes to managing their finances.   5. More Accurate Financial Forecasts With the use of 7 reasons accounting software, business owners and decision-makers will make much more accurate financial forecasts. This is because they will be able to manage the information accurately to make the forecasts more accurate.   6. More Time The use of automated software can help you to have more time to do other things. This is because you will be able to manage your finances on your own without any help. 7. Lesser Errors When you are trying to manage your finances manually, there is a high chance of errors. This is because you might enter the wrong data or forget to make a specific entry. But, with the use of accounting management software, there is less chance of errors. Conclusion After you have decided to use accounting software, the next step is to choose the one that will suit your needs. There are lots of software available in the market, and it can be difficult for you to select one. However, you should remember that it should be able to manage your company’s finances properly. You also need to decide whether you’ll get dedicated software for different functions or just one that offers general features. For instance, you might want professional tax preparation software for that specific function and little else. The person who handles that task will only have to use that particular software, and they won’t be confused by other features that they don’t need. If you are looking for the best professional tax software for your tax preparers, Keystone Tax Solutions is for you. Reach out to us today to know more about our software or try a free demo now!

If you’re part of a business or a household, the odds of Benefits Audit Protection by the IRS are little to none. Although the actual audit process can be intimidating, it’s also necessary for the IRS to conduct. The agency relies on taxpayer information when conducting audits protection benefits, and it’s also a way to ensure the tax code is enforced and that those who don’t pay their fair share do so. Unfortunately, taxpayers don’t always come to the IRS prepared for an audit. We saw that in a report from The National Taxpayer Advocate of the Internal Revenue Service, which revealed that taxpayers may need to be better prepared for an audit than they are now. The good news is that this is possible thanks to one thing: Benefits Audit Protection. In this article, we’ll go into detail about Benefits Audit Protection. Read on below to learn more.   To Know Benefits Audit Protection  Benefits Audit Protection services help taxpayers respond to IRS requests for information, including requests for documentation, interviews, and legal representation. The audit process is complex and confusing, and even taxpayers who have done everything right can trigger an audit. That’s when they need  Benefits Audit Protection services most. However, just because taxpayers may have Benefits Audit Protection doesn’t mean they completely understand what is at stake during an audit. That’s why it’s essential to know how audit protection services work, including their limitations. Taxpayers can turn to their representatives for help navigating the audit process, but it’s essential to know that audit protection services aren’t always free. Taxpayers can work with licensed tax professionals to receive audit protection services. These professionals can be lawyers or CPAs who can provide valuable support in the event of an audit. The IRS also has its own version of audit protection services—and they’re free.   Who Can Give Benefits Audit Protection Services? Taxpayers might think that Benefits Audit Protection services are only available from paid representatives, like licensed attorneys and CPAs. The IRS offers a free service called Representation Services that provides taxpayers with a representative to help with appeals and audits. But it does have limitations, the most notable of which is that it’s only available to low-income taxpayers. Taxpayers who make $52,000 or less may qualify for Representation Services. Taxpayers who do not qualify may seek audit protection services from third parties. There are two types of tax professionals who can provide Benefits Audit Protection services, either lawyers or Certified Public Accountants (CPAs).   The Benefits Audit Protection Benefits Audit Protection is a service that many people employ simply because it offers the following benefits:   Saves You Money Any IRS issue takes a lot of time to resolve. You’ll save a lot of money if you have a professional managing everything for you.   Saves Time No matter how minuscule an IRS notice may be, it will take hours upon hours to finish everything because there are many things to do, such as collecting the required documents and constantly communicating with the IRS.   Gives You Peace of Mind As mentioned earlier, an audit notice from the IRS is intimidating, which can undeniably cause a great deal of anxiety. If you have a professional working alongside you, you can rest easy knowing that they will help you resolve your tax issues.   Other Things to Remember You can buy audit defense for a single year or multiple years. If you purchase audit representation for one year, you must buy another year to continue receiving protection. If you don’t file your taxes with a tax-preparer or if your tax-preparer recommends you buy audit defense or representation, you must still sign the tax return and be responsible for the accuracy of the return. If the IRS challenges it, you’ll be in the same boat as if you’d hired a tax-preparer and had a professional review the return. If you’re audited, you’ll pay a fee that starts at $200 and goes up depending on the amount you owe. If the IRS disagrees with your numbers and sends you a bill, you may end up with a balance due that’s higher than your tax refund.   Conclusion Getting a notice from the IRS can be stressful, but you can lessen some of the hassles by getting an audit protection service. As long as you have it and you comply with the instructions laid out by the IRS, you won’t have any problems. Keystone Tax Solutions has the best professional tax preparation software that can help with your audit protection. We understand how hard it can be when you get a notice from the IRS, which is why we will do the work for you. Contact us today to learn more!

As the saying goes, “It takes a village to raise a child.” You could say the same thing about Tax Business Employees. As a Tax Business Employees preparer, there is no doubt that you are constantly up to your elbows in work. There’s never a shortage of clients and work to be done. While that is manageable in the beginning, it’s not sustainable. You probably know by now that it takes more than just tax expertise to run a successful Tax Business Employees. Apart from using professional tax software, you need help from people. Ready for a few tips to help you hire the right people? Hiring an employee is a vital part of your business. Here’s where you need to start:   Identify Your Needs First, ask yourself what kind of help you need to run an efficient Tax Business Employees. In your mind, what’s the ideal Tax Business Employees for running this business? How many employees do you require? You need to determine that first. You may only need temporary help only on certain days of the month or year. Do you need someone to handle customer service? This can be a full-time, part-time, or project-only opportunity. For example, you may need a bookkeeper to ensure that your Tax Business Employees does not run out of cash. On the other hand, you may need a Tax Business Employees preparer to help your existing client list. Make a list of all the traits you want in your employee. The more specific you can be, the better.   Define the Role Define the role and look for the right kind of characteristics in an applicant. You need someone who can take your practice to the next level—and grow with it, especially if you plan to hire additional staff in the future. As you think about candidates, make sure you’ve got a solid plan for your Tax Business Employees and how you’ll manage the new employee. The more specific you can be with your job description, the better. Make sure you’re clear about what you’re looking for in your new hire and make sure it’s easy for the applicants to understand the position.   Think about Salary Be prepared to pay a fair wage that’s competitive in your area. You can look at your competitors’ salaries to get an idea of what it should be. You’ll want to take into consideration that you’ll probably increase an employee’s pay with experience. Consider the Tax Business Employees practice’s expenses, too. Make sure you allocate enough to cover overhead costs, such as office supplies, equipment, and other costs.   Find Candidates Once you’ve settled on your requirements for the job and salary, your next step is to find candidates. This will be the most time-consuming part of the hiring process. If you don’t have an extensive database of candidates, you can post your position on job boards and social media to get the word out. You can also talk to your existing contacts and ask if they know anyone who fits the bill. While you want to find someone who fits the role you’ve outlined, don’t forget that you’re hiring a person, too—someone with the skills and personality to work well with your business and clients.   Conclusion Running a tax practice for a long time is not easy, especially with the massive pressure of the IRS and the State taxing authorities. There’s a lot to take care of and a lot of room for a mistake. The best way to win the war for a tax business is to have a good team of tax experts. A professional tax team can make a huge difference, especially if your tax practice is more of a one-person show. A good tax team will help you manage cases, grow your tax practice, and, more importantly, will help you manage yourself. With a good tax team, you’ll be that much closer to achieving your business goals. As tax preparers, you are the experts in these situations, but you can’t deny that it can be a bit much to handle. At Keystone Tax Solutions, we want to help you. We offer the best professional tax software to make your life and your client’s life easier!

It usually becomes a burden when Preparation Tax Software season comes because you need to set aside time from your busy schedule to prepare your taxes. To help lessen the burden, many people go to tax preparation firms and have other people do the work for them. For people who are in the tax business, they use software to do the job. The most significant stress in tax preparation is the paperwork, not the actual computation of the tax. You can save yourself a lot of time by making your tax preparation software more efficient. However, it’s a broad concept, and chances are no one might know what to look for in tax preparation software. So, what exactly makes tax great? We’ll shed some light on the matter in this article. Read on below to learn more.   #1 – Pricing You must purchase the software you’ll use for the whole year, even if you purchase it during Tax season. Some companies offer “free” versions of their Tax, but you’ll have to pay after a certain period of time or limit your filings to a number below what you need. This may end up more expensive in the long run. It’s recommended that you do some research before you buy. Review several of the tax preparation software companies’ websites to see if they’ll work for you or not.   #2 – Form Inclusions Tax Preparation involves filling up many forms, so you have to make sure your Tax includes all the forms you’ll need to file your clients’ tax returns. Most tax preparation companies offer tiered options, including more basic levels that may not include everything you need. If you work with business clients, do your research to ensure that whichever option you select contains the features and functionality your business needs.   #3 – Data Conversion Data conversion is something that only applies when you’re planning to switch to a new Tax. However, it’s still worth considering because you’ll want to make your work easier by maintaining client data. If you’re unsure about how a tax preparation software does data conversions, you can ask the software company’s customer support questions such as: How long does data conversion to another software usually take How do you do data backups? What are some issues that I might encounter while using the software?   #4 – User-Friendliness Like any other software, user-friendliness is also vital to tax preparation software. There’s no doubt that it’s an effective tool, but it’s essential to be aware of specific features that may or may not exist. For example, some tax preparation software is more geared toward providing tax filing services than others. It’s possible to use some tax preparation software to file your taxes directly, though you’ll save money by choosing software that includes various features you’ll need to serve clients better.   #5 – Customer Support The root of all customer support issues is how the software performs whenever you’re using it. However, you must know what to expect when using customer support to know what to do if something goes wrong. When you’re choosing an online tax software for your business, find out what the company’s customer support operates like. The good news is that most tax providers offer phone support or email support, so this shouldn’t be a problem.   Conclusion Choosing a tax preparation software is no easy task, especially if you’re using it for your business. You must consider the things mentioned above so that you’ll have little to no problems as you work for your clients. If you’re looking for the best professional tax software, look no further than Keystone Tax Solutions! Our software has various features, all of which you can use to work more efficiently. If that’s not enough, you only have to pay once for access, so it’s more than a great deal. Contact us today to learn more!

The recent impact of the COVID-19 outbreak put the world in a disarray and the economic downturn caused industries everywhere to temporarily turn the lights off as national lockdowns took place. Remote set-ups showed the workforce’s resilience to push forward, and while social distancing is easing, working from home became the new normal for many employees. While many professionals miss the old nine-to-five mold at the office, the success of working from home proved that employees can have a flexible working environment and thrive in their careers. For remote employees love turning parts of their home into a workspace, it brings greater convenience, more control over one’s time, and a higher level of productivity, but it also brings one of the biggest headaches: State Tax Changes.   Remote Working: How Does That State Tax Changes? State Tax Changes laws depending on a number of factors, but the key drivers include the taxpayer’s residence, place of work, and the employer’s office. Many states tax changes have taxpayers file and pay their taxes based on their current setup, and in this case, it can be your home’s location. However, there is also the Convenience of the Employer Rule, which favors the employer by basing the tax income on the head office location instead of the individual employee’s workplace. Seven states currently follow the Convenience of the Employer Rule from Arkansas, Connecticut, Delaware, Massachusetts, Nebraska, New York, and Pennsylvania. In that regard, there are still exemptions to consider as state laws often vary in different places.   Possible Changes: Paying Double State Taxes Changes on the Same Income Some states require taxpayers to pay double taxes—one in their place of residence and the other in their employer’s office location. This is particularly true for clients who live in states that follow the Convenience of the Employer Rule, though many government states are striving to balance the financial burden placed on remote taxpayers by offering a tax credit. The tax credit offers money the same amount the taxpayer paid to the state where they are earning. Whatever the case may be, it’s not a surprise that tax preparers will need to cater to take into account the different taxes for multiple states tax changes, but integrating tools like tax software can help streamline the process for everyone involved—the tax preparer and the taxpayer.   The Bottom Line: Remote Work and Its Impact on State Taxes Changes for Taxpayers As a tax preparer, you may have more clients who are now working from home as the pandemic fast-tracked the drastic increase and acceptance of remote work. The new setting may bring questions about state taxes change, so it’s a good idea to refresh your knowledge with possible rules and regulations that may change based on your taxpaying client’s place of work and the location of their employer’s base.   Are You Looking for the Best Professional Tax Software to Improve Your Services? 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.

Most Americans dread tax Preparer Eitc, but it would be a lucrative career! When you prepare taxes for others, you’ll grow and learn every day, feel fulfilled by helping others, and enjoy the profits due to the high demand during tax Preparer Eitic season. Unfortunately, given the number of tax preparers in the market, it can be challenging to find clients who acquire your services and trust your expertise. If you want to grow your client base and earn more, why not invest in word-of-mouth marketing? Words hold tremendous power, primarily when trusted people speak them. Once a past client shares their positive experience with you, they may hook in potential clients, helping you grow your business. However, to ensure that your clients share their testimonies with their circle, you must first provide them with a smooth and seamless experience.   How to Provide the Best Service As the role’s name suggests, tax preparers are supposed to prepare the taxes of their clients. But, to generate positive word-of-mouth regarding your services, you may want to do more for your clients. If you want to be a successful tax preparer, you must go above and beyond in serving your clients by not only saving them from the hassle of the tax process but also helping them pay less in taxes than they initially should have. Saving your clients a lot in taxes and increasing their refund is good for the client and yourself! By utilizing the Earned Income Tax Credit (EITC) and understanding the recent changes around it, you’ll be able to serve your clients better.   What Is the Tax Preparer EITC? The Earned Income Tax Credit (EITC)is designed to help low to moderate-income taxpayers. Through the EITC, clients can enjoy a significant tax Preparer Eitc break that can offset taxes owed or increase their refund amount. For your client to qualify for the EITC, they must meet the following criteria: Have earned income during the year Have a valid social security number by the tax filing due date Have made $10,000 at most in investment income for the tax year Cannot file Form 2555 or Form 2555-EZ (foreign income) Be a U.S. citizen or resident alien the entire year   How to Calculate for Tax Preparer EITC You calculate your client’s EITC by using their Adjusted Gross Income (AGI), filing status, and the number of dependents. For accurate and easy calculation of your client’s EITC, we recommend using a tax pro software that will automatically account for the EITC and notify you if any of your clients qualify for it. Under the Tax Relief Act of 2020, your client can use their 2019 income to calculate their EITC for their 2021 Tax Preparer Eitc return if their 2019 income was higher than their 2020 income. If your client didn’t earn any income in 2020, they’d benefit from this.   Conclusion To be a successful tax preparer, you must provide the best services and put your client’s interests above all. Make sure to invest in excellent tax pro software, stay updated with the changes in tax regulations so that your clients will remain happy, and even share their positive experiences with others, leading to more clients! Do you want to make tax preparation easier? Then, our tax pro software at Keystone Tax Solutions may just be what you need! Our ALL IN ONE Software Package is designed for small and large tax offices with multiple offices and many employees—you can enjoy unlimited returns, add unlimited users, and three prior year return access. Get a free demo now!

 Accounting tax Software need all the help they can get. At this point, when a company is still young, it may not yet have enough resources and budget to hire a small business accountant. This is where using reliable Accounting Tax Software may come in handy. This Accounting Tax Software will fill in for an accountant. It will provide accurate software solutions that are accepted by the Internal Revenue Service. The reality is that a Accounting Task Software needs to have an accounting system in place, no matter how small or large their income is. The thing is, doing taxes may not be an easy task, especially if one has never attempted to accomplish accounting tasks in the past. If you are a small business owner who is struggling to get their financial documents in order, or if you are a tax accountant who wants to automate your tasks further, this article is for you!    Accounting Tax Software for Small Businesses It is crucial to get off on the right foot when it comes to the finances of a business. Even companies that are only just starting will already have expenses that need to be taken into account for it to run smoothly. Aside from the fact that even small businesses may sometimes get audited, there are a few more key advantages that come with adapting a convenient software for your taxes.   1 – Maximize Your Deductions For small businesses to stay afloat, it is essential to find all the hidden  Accounting Tax Software deductions to help lower the tax rate they pay. This is a legal way to help put more money in the pockets of the owner.   2 – Makes Filing Easy Instead of scrambling and trying too hard to figure out how to file your taxes, using tax software will eliminate the stress of getting your financial documents in order and filing your taxes. After you input all the particulars into the system, you will be able to sign the document with an electronic signature.   3 – Minimizes Chances of Error As a first-timer in tax filing, there is a huge margin for error when it comes to successfully getting all your tax documents right. Simply inputting the information needed will minimize the chances of any filing errors from happening.   Why Small Businesses Get Audited There are a number of varying reasons why small businesses may get audited. Mismatches on your tax returns because of mistakes in filing may be one of the main reasons to warrant an audit. Business losses, excessive expenses, missing income, or high deductions may also be reasons for the IRS to have your company audited. No matter the reason, it is not good for your business to be audited. This unwanted attention may be avoided by using tax software.   Conclusion In a nutshell, there are a lot of expenses and particulars that a small business may be able to write off. This may include labor, office equipment, and any other expenses that contribute to the smooth running of the operations of the business. It may seem simple on paper, but it may sometimes get confusing. This is why using tax software may greatly help a small business find its bearings and gain a foothold in its chosen industry. Whether you are a small business owner, or a tax accountant, finding professional tax preparation software is the key. Download Keystone Tax Solutions, the best professional tax software for businesses! This software for tax preparers has tax pro software that can help automate the filing of taxes and make life easier!

Filing income tax returns can be pretty intimidating, and many people dread this period each year. Do you really have to fill out tax returns even if there’s no need to? Here’s something to motivate you—you can get a hefty bonus check from the government if you’re diligent about accomplishing this task. The first thing to note is that there is a certain income bracket where some citizens aren’t required to file a tax return because their income is not taxed anyway. However, if you’re not included in the bracket, it is important to note that you may qualify for tax credits, and you may get a refund. This means you can get a good amount of cash by filing your tax return. Here are some reasons that might convince you to get your receipts out and begin the process of filing:   1. Earned Income Tax Credit Earned Income Tax Credit (EITC) is offered for people within a certain income bracket. If you meet the qualifications for this credit, you must file your tax return to take advantage of it. This credit is classified as refundable, which means that if the amount of the credit is more than the income tax you owe, you will get a refund check from the IRS. You can check the available tool on the IRS website to determine your qualification. It largely relies on income, as well as your civil status and dependents. For instance, if the pay you earned in 2021 and your Adjusted Gross Income is $15,980 as a single individual, you are qualified. However, if you have three or more children, your income can be as high as $57,414, and you will be qualified for EITC.   2. Child Tax Credit If you are a parent with a child that’s 16 years old or younger, you may qualify for the child tax credit. The maximum you can get is $2,000 per child with a refundable credit worth $1,400. If you want to check if you qualify, again, you can go to the IRS website and use their online tool.   3. Recovery Rebate Credit Even if you did not get your first or second round of stimulus checks in 2020, you may still get paid and claim the recovery rebate credit in your tax return.   4. Withheld Taxes If you file a 2021 tax return, you might be eligible for a withheld income tax refund taken from the withholding tax your employer paid on your behalf.   5. Taxes Paid On the other hand, if you are an independent contractor or you are self-employed, you may also have had estimated tax payments in the previous year. If you filed a tax return in 2020, you may apply the refund to your 2021 taxes and lower your tax liability.   Final Thoughts If you had not filed income tax returns before because you thought you didn’t have to, these mentioned reasons might change your mind. Give it a try for yourself, and if you get used to it, you’ll be able to regularly do your tax returns with no problem at all. And if you can’t fit filing into your busy schedule, you can use taxation software to ease the process. For the best tax return software, try out Keystone Tax Solutions. We offer professional tax preparation software to take care of the hassle in this complex process. Contact us today for a free demo!

One of the trickier ways to boost your business is through word of mouth. However, when done well, a tax firm will be able to get valuable business from it! Contrary to popular belief, even if the tax professionals, deals, and customer service are the best, it doesn’t mean there will be a buzz. Needless to say, referrals from happy clients are the best possible way for word of mouth to catch on. That said, preparation has to be done for it to actually happen.   A Buzzworthy Experience In Boosting Your Business When a professional tax preparer sets goals, the primary one should involve excellent service and a highly positive experience. That way, the clients will become fans who will organically generate a buzz by sharing their experiences with the people in their circles. There’s actually a way to go about it so that it happens every time in a way that can be shared with other staff.   Things to Consider: Everything Every little detail counts, like the way customers are greeted upon entry. Acknowledging them isn’t enough; it has to be done quickly. The waiting time should be established from the get-go in an honest manner. Refreshments should be available—at the very least, iced water. The reception area has to be spot-on, comfortable, and actually welcoming as well. That includes appropriate toys for children, a coffee station, and/or a television showing entertaining shows or the like. It should actually start well before they step into your office. Were they properly briefed before the appointment, including what they should bring? If the answer is yes, look into the tone of those conversations. Without breaking professionalism, you should come off as genuinely warm, inviting, and helpful. Interpersonal skills can go a long way, and tax preparers should actively build client relationships. Aside from making sure client needs are met, at the end of an appointment, there should be a quick summary section. Review point by point how the client’s taxes were minimized, then remind them to refer the service to people in their lives which promote your business fast. Consider a referral program and, if it exists already, be sure to explain it to the client.   Offer Perks Think about it: you always feel the need to share when you get a bonus of any sort, a freebie, and/or perks. You will want that same effect to spill over to clients. As previously mentioned, having a referral program is an excellent perk to start with. Perks can vary, but some ideal ones to consider include, but are not limited to: A solid guarantee that covers client satisfaction and the accuracy of tax preparers An exclusive group where a Q&A can commence Regular updates on relevant news Extend this to your social media and/or newsletter as well: offer a free session as a reward for Top Fans or a certain milestone number of followers. This is also a great avenue for fostering client relationships.   Conclusion Word-of-mouth is a great marketing tool if it’s used correctly. The best way to boost your business to develop this is by giving clients a buzzworthy experience. Consider everything from their briefing before an appointment is set, how they’re treated at the office, and perks like a referral program. One of the best ways to gain business through word-of-mouth is having the right tools required for the job, such as a professional tax preparation software. Keystone Tax Solutions today offers the best professional tax software out there. Contact us today!

6 Social Media Platforms Tax Preparation Businesses Must Use Running a tax preparation business entails several different elements. Bringing in technology and utilizing tax preparation platforms is already one way of ensuring that the operational aspect of the business, but how about in terms of promotions and marketing? Tax preparers may believe that certain forms of advertising, such as social media marketing, aren’t needed. However, that isn’t the case at all. In fact, the average person spends at least one to two hours a day on social media at a minimum, meaning the likelihood that your next client is scrolling by is high. Take advantage of their screen time by promoting your business on social media: If you want to learn about how you can begin, Here are the six main social media platforms that tax preparation businesses should consider getting started and going active on.   1) Facebook Platform For Tax Preparation Facebook has reached almost two billion users already, with the social media platform buzzing now more than ever. If you’re hoping to network and reach people, Facebook’s enormous user base is enough reason to get onto the platform. Creating a profile to amass a following would also be a good call for your tax preparation business to try out. Do keep in mind that Facebook is a platform where the algorithm favors consistent posts that vary in the text, links, and media shared.   2) Twitter Twitter is a unique social media platform with various kinds of users. The main way of promoting on this site and connecting with people is through information sharing and interactions in tweets. Present some knowledge to help potential clients know that your tax preparation business is well-informed about the industry.   3) Instagram Compared to how text-based Twitter is, Instagram leans more towards images and videos. Tax preparers can make their feed consistent and compelling to impress potential clients and partners. Participating in engagement by following, liking, and commenting on people’s posts can make them more aware of your business, too.   4) LinkedIn If reaching an audience where you get the highest chance of engaging with a fellow business owner is what you’re looking for, LinkedIn is the social media platform for you. This professional networking site can connect you with many potential clients and form relationships. There are several LinkedIn groups that you can participate in, such as Tax Business Owners of America and more. Aside from using your own profile to join in those groups, you can also create a LinkedIn Company page of your own to create posts.   5) YouTube YouTube is the biggest video platform online, and many businesses already utilize it to deliver audiovisual content to people and promote their business. Join the sphere and create videos that can provide engaging lessons to your audience. You could even promote other social media channels in the video description as well.   6) Personal Blog Although it may not be a direct platform, having a company blog for your tax preparation business can be a great way of consolidating all your content into one place. You can copy and paste the site link onto your other social media profiles so that interested clients can delve into your website and learn more about your business and its services.   Conclusion With this guide, you should have more insight into how your tax preparation business can promote itself. It’s not great for companies that offer excellent services and utilize the best technology to go unseen or unheard of, after all! Looking for professional tax preparation software as an additional tool for your business? Keystone Tax Solutions offers the best software for tax preparers in the USA. Contact us today!

Are you interested in learning more about professional tax preparation and pursuing a career in that field? If that’s a yes, then this article will be perfect for you. As you know, being a tax preparer is not an easy role. You have to go through needles just to be eligible to perform the task. If you’re planning to become a tax preparer, here’s everything you need to know about the field:   Is There a Mandatory Licensing for Tax Preparers? If you want to become a tax preparer, fortunately for you, you don’t need to obtain mandatory licensing because the IRS doesn’t require it. However, there are things you need to take care of before you can legally prepare tax returns. The first thing is the Preparer Tax Identification Number (PTIN). You need to have that because all tax preparers must obtain it. If you file tax returns electronically, you also need an Electronic Identification Number (EFIN) from the IRS.   What Education Must You Obtain to Become a Tax Preparer? The good thing about being a tax preparer is that you don’t need any formal education in accounting or tax law. However, some require that you should be a high school or college graduate. Even if it’s not necessary to have any accounting or tax law background, it doesn’t mean that you should settle for whatever you have. There are several credentials and continuing opportunities you can apply to improve your credibility as a tax preparer.   Are You Required to Work All Year If You Are a Tax Preparer? You are not required to work all year if you are a tax preparer, but some tax preparers do. However, you should know that being a tax preparer doesn’t mean that you are only focused on tax preparation tasks; you should be able to perform other tasks related to accounting, such as: Bookkeeping Managing employees Preparing taxes for late filers Preparing quarterly taxes for businesses and freelancers   Can You Start Your Tax Business from Home? While working in an office setup is the norm, you can still do business at home. However, you need professional tax preparation software to manage and simplify remote communication with your clients. Fortunately, Keystone Tax Solutions can provide you with tax pro software that can help you. But, before you start your business from home, you should check your city’s regulations on running a business. Some states may require you to have a registered business address before you can officially accept clients. If that’s the case, you can always opt for co-working spaces as an alternative.   How to Know If a Particular Software Is the Right One for You? You’ll know that a software is the right one for you if it can meet your business needs.  It should be able to help you manage your business easier and well. So, you should find software customized to your business design so that you can do your tax preparation more efficiently.   Conclusion Being a tax preparer can be daunting. It’s not just about filing and consolidating your client’s tax requirements; you also need to take care of other things that can be overwhelming on your part. Fortunately, you can now take advantage of software for tax preparers. The software can now make your job easier, and you can now manage your business smoother.  Keystone Tax Solutions offers the best professional tax software. We are a professional tax software industry leader with over 15 years of experience offering 100 percent web-based tax software while helping thousands of tax professionals start their own tax businesses. We also help thousands of companies to gain more access to affordable technology-driven professional tax software. Choose your software package from us today!

If you have ever wondered what professional tax preparers do, what qualifications they require, and how to get started, you’ll find the answers to frequently asked questions on beginning a career as a tax professional.   All You Need to Know About Tax Preparers The Job: In a nutshell, professional tax preparers assist individuals and corporations in filing their tax returns. These services are offered in exchange for a reasonable fee. The Title: Tax preparers and accountants are terms that are sometimes used interchangeably, although they are very different. Not all tax preparers are accountants, and not all accountants are tax preparers. Similarly, some accountants do not assist with tax preparation at all. The Season: Tax season is traditionally the most demanding time of year for tax preparers, and it is also when they earn the majority of their annual revenue. Many tax preparers make money throughout the year by handling business taxes or providing other services such as accounting, bookkeeping, or payroll processing. The Tools: Professional tax preparation software is essential, allowing preparers to file taxes swiftly and accurately for individuals and businesses.   The Daily Functions of Tax Preparers The specifics of a tax preparer’s to-do list may be slightly different from one another, but these are some of the most frequent duties that tax preparers accomplish during tax season and off-season: Throughout the Tax Season Attending client meetings Using tax software for preparers and related applications to arrange returns Assisting clients with bank products and tax return advances to get refunds Getting in touch with clients who haven’t filed yet During the Off-Season Tax return preparation for late filers Tax preparation for business clients Additional services such as bookkeeping or payroll   License and Certification Requirements for Tax Preparers To become a legal tax preparer, you’re required to obtain a PTIN (Preparer Tax Identification Number) from the IRS. And because the IRS encourages individuals to only consult with certified tax preparers, many tax professionals pursue extra education and qualifications indicated below. The Different Types of Tax Preparers Enrolled Agents (EA) The IRS’s highest designation for professional tax preparers is Enrolled Agent status. These tax experts must pass a three-part test and complete continuing education every year to keep their certification. Certified Public Accountants (CPA) CPAs are among the most highly qualified tax advisors. Although state standards differ, most demand a bachelor’s degree, two years of professional experience, a four-part exam, and graduate-level education. It’s important to note that not all CPAs operate as tax advisors. Other Tax Preparers and Annual Filing Season Program (AFSP) Participants The AFSP allows non-credentialed tax preparers to continue their study. The IRS designed this optional program that “aims to recognize the efforts of non-credentialed return preparers who aspire to a higher level of professionalism.” Participants must complete 18 hours of continuing education, which includes a 6-hour Annual Federal Tax Refresher course.   The Time Commitment to Becoming a Tax Preparer The tax preparation profession offers a low cost and experience barrier to entry, making it simple to get started even if you have no prior expertise. You may get started right away after applying for a PTIN with the IRS, and you can continue to pursue further education and qualifications as you go. What It Takes to Become a Tax Preparer If you’re interested in pursuing a profession in tax preparation, begin by: Getting a PTIN (Preparer Tax Identification Number) Obtaining an EFIN (Electronic Filing Identification Number) Choosing the Best Professional Tax Software   Conclusion A tax preparer helps people and corporations prepare, calculate, and file their income tax returns. By choosing the best tax software, you can better master the work of tax preparation. Keystone Tax Solutions offers the best professional tax software for tax preparers to help increase accuracy and ease complexity. Contact us today for a free demo!