In general, purchasing a tax software refers to platforms that assist businesses and individuals with tax compliance processes. The main objective of these programs is to streamline tasks involved in filing everything tax-related. The problem, however, is that numerous tax software programs cover different specifics of taxation. Some cover income tax, corporate tax, service tax, and many others. Hence, it can be a little tricky to choose which is the right fit for your agency. Fortunately, with the proper considerations, it’s not at all that difficult to decide which one you should purchase. And to make it a lot easier for you to make a decision, here are helpful pieces of advice that can aid you in determining which purchasing tax software is worth the investment.   1. List Down Areas You Need Help With Needless to say, every tax business has different needs, which is why there are many kinds of professional purchasing tax software programs available in the market. With that said, you must focus on finding one that offers a significant advantage to your enterprise. List down features and functions that you think you require. It would also be constructive to concentrate on areas that you need a little help with, as automation can definitely boost your efficiency. Additionally, it would be wise to narrow down your list by eliminating software attributes you can forego. In this way, you’ll only have to look into ones that you really need.   2. Be Meticulous in Comparing Prices Suppose you already have a list of features that you’re looking for. In that case, it’s time to look for software programs that offer what you need. However, don’t just settle on the first thing you find online. Before purchasing a program, it’s vital to look for other available options to compare rates and costs. Sometimes, there are expensive services that come with additional features that you may not need. Although it might be a good idea to invest in it given that it offers more functions, it would only be a waste of money to purchase it if you have no use for some of its features. Under such circumstances, it’s better to settle with more affordable software that has all the things you need instead of splurging on the one you’re not even sure if you’ll ever use.   3. Take the Time to Read Reviews In a way, purchasing tax software can be considered a valuable investment. Thus, it’s only right that you take the time to learn more about it before you buy it. That being so, it would be pretty helpful to read reviews from previous and current users to understand what type of issues they encountered. Just make sure to check on reviews from reputable resources to ensure that the feedback you’re getting is genuinely reliable. It would also be wise to avail of free trials and demonstrations to give the software a try.   Conclusion With several tax software programs available, it can be pretty difficult to make a decision. But as long as you keep the tips above in mind, you’ll find that the process of researching and purchasing one is less cumbersome than it seems. Looking for the best professional tax software? Keystone Tax Solutions offers premium software that has assisted tax professionals in the industry for more than 15 years. Get a free demo of our program today!

Working in the realm of taxes is a tiring yet fulfilling job, and one such job that deserves recognition is being in tax preparation office. As the name suggests, a tax preparer’s job deals with preparing tax returns, either for another person or a company. Tax preparation is a good starting point for anyone who plans on working with taxes because there’s also the ability to manage a small business. If you want to be a tax professional, the most you’ll need is a laptop with tax preparation software, a mobile phone, and good training. Simply put, you can succeed in the trade if you have any of these. To make things easier, you can also set up an office to serve as your workplace and a meeting place where you can meet with your clients. Additionally, there’s also the need for equipment, such as printers and scanners, because working in taxes means you’ll be dealing with a lot of paperwork. If you intend to establish a tax preparation office, you can use methods that can help you lower costs in your operations. Read on below to learn more.   Your Tax Preparation Office Equipment We stated earlier that you don’t need much apart from a laptop, but let us elaborate on that. If you’re running a tax preparation business office, you won’t need a laptop with high specs. However, the specs must be considered depending on the tax prep software you intend to use (more on that later). Aside from that, there’s also the office management software that you’ll need to use when handling tax documents and client information. Once all those points are covered, you can start finding the best type of computer that suits your needs. Alternatively, you can also go for a pre-owned computer if you’re only starting. Once your business is well-established, then you can upgrade the machines in your office.   The Tax Preparation Software That You’ll Use A tax preparation professional makes use of incredible software tools when it comes to processing returns. In the simplest of terms, tax preparation software can complete complex tasks more manageable. While using tax preparation software is incredibly beneficial, it comes with a literal cost. Professional tax preparation office often requires a paid subscription to use, which is why you have to take into account the software option that matches your current budget and needs. Many tax preparation software subscriptions are readily available for tax preparers, but they all do the same thing. What sets them apart are factors such as pricing, bank product integration, customer support, and user-friendliness.   Printers and Scanners For any office workspace, the printer is an essential piece of equipment—and that applies to tax offices as well. It’s possible to run a paperless tax office, but there will always come a time where you’ll need to print forms, contracts, invoices, memos, mail-outs, and statements. The printers that you should get are heavy-duty ones. Many tax documents, such as a tax return, can have at least 12 pages. Some tax returns could even go up to 100 pages, so expect that you’ll be needing a printer. There’s also the matter of scanners and photocopy machines so that you can make duplicates of a file immediately if the need arises. Think of your printing needs before getting one for your office. Laser printers work best if you’re printing a lot of pages because they’re highly efficient. The faster your printing jobs, the more work could be done.   Your Tax Office If you’re establishing a tax preparation business, perhaps the best way to cut down on operating costs is to avoid renting office space. You can easily do this by working remotely from home and keeping in touch with your workers via Zoom or Skype. Once your business is established enough, you can choose to rent. However, you should also consider the location of your office so that you can attract walk-in clients. If you’re pushing through with a physical office location, you have to put office furnishings there. While it can be costly, there’s always the option of buying cheaper furnishings and upgrading later on.   Marketing Your Office A tax preparation business is still a business, so you’ll have to use marketing tactics to attract more clients. For small businesses, this poses a challenge because most of them lack a considerable marketing budget. The easiest way is to create a social media page and post content related to your business. These include the essentials such as your business’ name, what you do, and other things that can boost online engagement. You can also directly approach other more established businesses and offer them a business card. This way, they’ll go to you if they do need your services. Keep in mind, though, that there’s no guarantee that this will always work. Alternatively, you can also ask your clients to refer you to other people. After all, there’s no better way of advertising than word of mouth.   Conclusion A tax preparation business is a promising startup, but you should also make sure to invest within your means. Once your business is established enough, then you can start getting upgrades. A tax preparation software will keep your tax office running, which is why it’s something that you should not overlook. If you’re looking for excellent software for tax preparers, Keystone Tax Solutions has got you covered! We also offer other financial services and proper training for those interested in working in the realm of taxes. Contact us today to learn more!

Good business management must include efficient management of the company’s tax liabilities, maximizing deductions, and limiting obligations. Small businesses write-offs owners can profit from taking advantage of permissible tax deductions in a variety of ways. Your taxable profit is reduced when you know how to optimize your deductible company expenses. No matter which tax bracket you fall under, follow the tax laws. You may be able to derive a personal gain from a business expense—a fantastic automobile to drive, a business trip/vacation, and a retirement savings plan. Small businesses write-offs that want to collect all of their tax credits and deductions need to keep meticulous records. After all, business owners can reject even legal business expenses if records do not adequately support the expenditures. Your clients will most likely come to you for advice on how to reduce their tax payments or enhance their refund. However, you may require paperwork from them to collect these deductions. This post discusses the most common types of tax-deductible company expenses your clients should be aware of. What to Tell Clients about a Small Businesses Write-Offs An expense that qualifies as a tax deduction is referred to as a write-off. To calculate your client’s total taxable income, subtract them from their total small business write-offs revenue. Small enterprises write-offs are generally connected with them. A write-off must be essential to running a business and typical to the business’s industry to qualify as a deduction. A write-off isn’t required, but it should be considered a routine expense that aids in the firm’s operation. The majority of business expenses are fully or partially deductible. As a result, small business owners attempt to deduct as many costs as possible to reduce their tax amount.   Types of Business Expenses Clients May Deduct for Their Small Businesses write-offs Some of the expenses that small businesses write-offs frequently write off include: business use of cars and home; advertising; contractors; depreciation; employee benefits for education and training; interest; insurance; legal and professional fees; miscellaneous; meals and entertainment; rent and lease; retirement plans; office supplies and postage; provisions; and travel   How Business Deductions Work Business tax deductions work by reducing your taxable income and, as a result, the amount of tax you owe the government on your tax return. It’s a good idea to consult an expert, such as a CPA, to learn how to claim the maximum deductions feasible. An accountant’s role is to understand what tax deductions are available and how they apply to your small business.   Is It Possible to Combine the Standard Deduction and Small Businesses Write-offs Expenses? No, you cannot deduct business expenditures after taking the standard deduction. If you itemize your deductions, which a business owner must do to claim business costs, you won’t be able to claim the standard deduction. Furthermore, not everyone is eligible for a standard deduction, and some persons are only eligible for a portion of one. The standard deduction is the Internal Revenue Service policy that reduces a person’s total taxable income. The amount of the deduction is determined by your filing status. Anyone over the age of 65 or who is blind is eligible for an additional standard deduction.   Final Thoughts It’s not as easy to write off startup costs as it is to deduct business expenses. This is especially true once a company has started. But with this guide, we hope you know which small business expenses are deductible and how taking tax works. Even if you think you know enough about the procedure to go through it yourself, it’s always a good idea to use software for tax preparers. The professional tax preparation software package that we offer at Keystone Tax Solutions can assist you in overcoming any barriers so that you can file your taxes correctly. Call 1-800-504-5170 to get started!

Is your accounting firm still on the fence about getting cloud computing technology? Then it’s time that you seriously consider it because it can definitely deliver benefits you wouldn’t get elsewhere. Cloud computing is simply the process of providing hosted services through the internet. Since its inception, cloud computing has proven itself an effective tool that accountants can use to boost the performance of their firms. It’s not just accounting firms that benefit from the cloud, too. In this post, the experts behind Keystone Tax Solution, the best professional tax software, will tell you why your accounting firm should adopt the cloud computing technology and why you should have started yesterday:   The Benefits of Cloud Computing Here are a few of the many benefits that accountants can enjoy when they switch to the cloud:   You Can Save Time One of the top benefits of using the cloud is that it frees up your time and allows you to work on other tasks. On top of that, it will enable collaborative work, so if your team needs to work on the same document or project simultaneously, you won’t have to wait until one is finished before you all get your turn.   You Get to Save Money The best tax preparation software and cloud-based applications can be used for various functions, so you won’t have to purchase separate tools to do different tasks. That means you can do client management, document management, and many other functions in one software. At the same time, you get to enjoy expansive storage – all these minus the additional cost of using multiple tools.   You Can Keep Your Data Secure When you use the cloud, your data will be stored on multiple remote servers so you can be sure that it’s more secure than if you were just keeping it in traditional data storage. Additionally, when you choose a reputable cloud provider, you can ensure that your data will never be compromised because they take their server protection seriously. They use high-end cybersecurity because that’s what their clients expect them to deliver.   You Get to Enjoy Flexibility This time-efficient solution is also great for your clients because you can allow them to access their data in the cloud wherever they are and whenever they want. That means neither you nor the client needs to be in the office for you to work on a case or for the client to check their status or progress. For instance, IRS forms can be quickly uploaded and sent back and forth as needed.   You’re Getting Customizable Solutions Every accounting firm has its own set of needs, and in the ever-changing world of accounting, with the updates on tax rules and compliances, it pays to get customized solutions that can adapt to your shifting needs.   You Can Reduce Your Paper Usage Last but not least, with the cloud, you can finally say goodbye to all those piles of papers in the office: invoices, receipts, forms, and others that are always at risk of getting lost, damaged, or even getting stolen. This is also a move that will help your company be more green.   Conclusion These are just some of the benefits of using the cloud. You will soon see that you’ll do your best tax preparation with it. From the flexibility, security, ease of use, and so much more, you know that there’s no reason for you to still resist using this technology. Of course, you need to make sure that you are using trustworthy software for your firm, too. Keystone Tax Solution is the best professional tax software that can make a huge difference in how you do things at your firm.

The Best Option for Tax Software Accountants Tax season is one of the most stressful times of the year for the workforce. Doing your taxes the right way isn’t only tedious, but a single mistake could cost you hundreds, if not thousands, of dollars. Luckily, there is a way around this with tax software and accountants. There is a slew of tax solutions that you can utilize to effectively and efficiently do your taxes. Seeing as we can’t possibly discuss them all, we thought it would be useful to talk about the two most popular options: tax software vs accountants. Now, we understand if you don’t know enough about these two options to accurately gauge them. To help you out with this, we thought it would be useful to put together a brief breakdown of these tax solutions. Hopefully, this proves to be useful when it comes to helping you find the best solution for your tax issues. Tax Software Benefits of Tax Software One of the most obvious benefits that tax software for tax preparers brings is that they are extremely affordable. This is especially true when you compare the costs with hiring a professional accountant. Tax software is also designed to be incredibly easy to use as they are made with non-tax professionals in mind. Doing your taxes will be a breeze through the use of this software, as all it will take is inputting the information on the software and letting it take care of everything. Drawbacks of Tax Software Despite being convenient, some tax software isn’t suitable for handling difficult monetary situations. This is particularly relevant for people who manage businesses as the sheer number of transactions that take place may make it difficult to use the software. Making use of software also means that you won’t be able to personally consult with a professional if you have any specific questions or concerns. Accountants Benefits of Having an Accountant When comparing tax software versus an accountant, the pros of hiring a tax professional are clear. Accountants offer personalized advice and expertise that software simply cannot match, making them invaluable for complex tax situations or when strategic financial planning is needed. With their in-depth knowledge, accountants can navigate intricate tax laws to ensure you benefit from all available deductions and credits. This tailored approach often results in significant financial advantages, outweighing the higher costs associated with their services.  Drawbacks of Having an Accountant Given the quality of service accountants provide, they tend to be more expensive than tax software. You will also always run the risk of hiring and incompetent accountant that could potentially hurt your finances. If you do opt to hire an accountant, be sure to be thorough to avoid any issues down the line. Which Tax Solution Is Best for You? The main thing that you should be taking away from this article is that, between tax software versus accountants, there is no sole best solution to doing taxes. The best solution is the one that is better suited to address your tax issues. Be sure to assess the gravity of your tax concerns so that you can pick the right solution for you. If you need constant support, then an accountant may be the way to go despite being significantly more expensive. If you want something cost-effective and convenient, then it might be worth investing in the tax software for preparers.  Keystone Tax Solutions Tax Software The best tax software for tax preparers is right here at Keystone Tax Solutions! We believe in setting our clients up for success, and that is why we provide you with everything you need to succeed with the software. Browse through our options to find something that fits your needs. We even offer customer support to ensure you’re making the most out of your software and using it correctly. So if you’re looking for the best tax software for tax preparers to streamline and optimize your processes, our products at Keystone Tax Solutions are just what you need. Get in touch with us to begin your free demo today!

The pandemic has been hard on everybody, including small businesses. To help small business owners during the economic crisis, they have been allowed to take a loan through the Payment Protection Program (PPP).   What is the Payment Protection Program? This pandemic-related economic relief opportunity has been made available to keep small businesses paying their employees. If specific requirements are met, PPP loans can be forgiven. In other words, a Payment Protection Program loan is similar to a grant, except with strings attached. Those who are eligible for the Small Business Administration’s Payment Protection Program loan include: Sole proprietors; Independent contractors; Small businesses that meet the SBA’s size standards; and Non-profit organizations. While Payment Protection Program loans have undoubtedly provided financial relief since its inception, their assistance didn’t seem to be enough. With 400,000 small businesses closed down because of the pandemic, it appears that something must be done to help those that continue to struggle. As such, the Biden administration seeks to encourage the smallest small businesses to apply through the recent changes implemented in the PPP.   Newest Changes to the PPP  In February of this year, the new administration introduced several major changes to the PPP to make it more beneficial to the self-employed and the smallest employers. Some of the most significant changes to the PPP include:   1. Prioritization on Businesses With Fewer Than 20 Employees  From February 24, 2021, to March 9, 2021, the SBA limited approvals for relief through the Payment Protection Program to organizations that have 20 employees or fewer. Through the temporary limiting of the approval process, the administration hopes that more money will reach ventures that have difficulty accessing capital.   2. Revision of the Loan Calculation Formula  The formula for the Payment Protectin Program used to be based on net-profits to calculate loan amounts, which excludes sole proprietors, independent contractors, and self-employed individuals. To help borrowers without employees, the administration called to revise the loan calculation formula to focus on gross profits instead. With this change, sole proprietors, independent contractors, and self-employed individuals without net profits on their tax returns have a chance to receive relief from the Payment Protection Program. Moreover, teh SBA also reserved a billion dollars for these kinds of businesses in low-to-moderate income areas.   3. Removal of Restrictions  Business owners with an arrest or conviction for financial assistance fraud within the previous five years and other felonies within the last year haven’t been eligible to receive Payment Protection Program relief. However, the new changes to the program eliminated the second restriction. As a result, individuals with non-fraud felony convictions can now apply for a PPP loan.   4. Exclusions on Delinquency  Businesses that are at least 20% owned by a delinquent or an individual who has defaulted on the federal debt, including student loans, in the last seven years. The new changes in the PPP excluded student loans in federal debts, allowing individuals with student loan delinquency to seek PPP relief.   Conclusion  Indeed, the Paycheck protection program has helped countless business owners during the pandemic, but it is not free of issues such as waste, fraud, and abuse. The changes from the Biden administration seek to address the concerns relating to the PPP and provide relief to more business owners. Make tax preparation easy with the best professional tax software from Keystone Tax Solutions! Our ALL IN ONE Software Package is designed for small and large tax offices with multiple offices and many employees. With our program, you can avoid overpaying in hidden fees and overpriced tax software. Get a free demo today!

Through national tax laws, you are eligible to receive additional Preparing Tax Credits for them. Certain Preparing Tax Credits can be credited to your name if you become eligible for the Child Tax Credit. Please remember that before Preparing Tax Credits returns, you’ll have to register your child within 2021 to receive these tax benefits. Here are more details for you to check out:   Available Preparing Tax Credits for Babies in 2021 The CTC is one of the additional Preparing Tax Credits outlined in this year’s ARPA or American Rescue Plan Act. It was updated to include eligible taxpayers that are earning within or below certain income limits set by the government. Whether filing taxes manually or using software for tax returns, you must remember to include these updates to continue receiving them moving forward. Eligible families who receive below a certain income are entitled to a $3,600 tax credit for each child aged 0 to 5 years old and a $3,000 tax credit for children from 6 to 17 years old. This new CTC update includes babies born and adopted within the year. You are also eligible to receive $250 a month for your children between 6 and 17 years old. From July onwards, you also get an additional $300 a month for your kids between 0 to 5 years old.   Additional Preparing Tax Credits On top of these changes to the CTC are other Preparing Tax Credits for your new child and your other kids. These credits apply to different parent circumstances to help them financially. Make sure to take note of these to include them in your tax preparation steps. After filing, possible delays may take place due to processing changes from the Path Act. A recent update to the Child and Dependent Care Credit entitles your family to a tax credit amounting to 50 percent of the child care expenses spent. The limit allows up to $8,000 per child and a ceiling total of $16,000. New parents also qualify for an Earned Income Tax Credit, but they must meet income limits as well. Those with zero dependents must meet the $15,980 gross income on single filers, while joint filers must meet $21,920. The Annual Gross Income limit is set to $42,158 for single filers and $48,108 for joint filers. A Dependent Care Flex Spending Account covers another additional credit for child care. You can file this through your employer, and you will receive it directly through your paycheck before taxes to help add savings.   Head of Household Status Another extra tax credit to add to your tax prep is by Filing as Head of Household status. Unmarried parents can file for this tax credit when they file as unmarried for 2021. They need to state that they cover more than 50 percent of house expenses and must live with their registered dependent more than 50 percent of the time. For those who adopted a baby this year, you stand to receive an Adoption Credit & Exclusion Tax Credit. You can receive up to $14,300 in Adoption Tax Credit per child. Any further adoption expenses can also be excluded from your taxes.   Final Notes Parents are entitled to receive tax credits as ready assistance from the government. The government must update parents for these changes so they can receive them soon and use them for increased expenses during these trying times. To make sure you’re on top of things financially, use thorough tax systems, such as pro-tax software or services that use these systems for error-free and organized tax filing preparations. Keystone Tax Solutions provides professional tax preparation software to make sure you follow all updates and correct tax information. You can avoid errors that can incur expensive penalties. Call us for professional tax software today.

Building your own tax accounting firm isn’t as impossible as it was years before. Nowadays, you can start almost any Tax Business Success in your backyard. Thanks to internet connectivity, you can get clients, manage your workload, and file your paperwork with ease. However, just because you’re running a home-based operation doesn’t mean you’ll naturally skyrocket your way toward Tax Business’s Success.   Tax Business Success Running a Home-Based Operation Tax Business Success preparation is a need for everyone, from breadwinners to small and medium-sized businesses. This is why there will always be a market for your services, as long as you have enough tax education background covered. However, being an employee is a whole different matter than running your own operation. For this reason, you need to think like an entrepreneur to ensure that your company will steadily grow. In this article, we’ll share three tips to help scale your tax business.   1. Build Your Network It’s smart to look for clients among friends and relatives, but this kind of referral can only get you so far. You should start building your personal network by expanding your reach. Doing so will help you gain new clients outside of your existing network of mutuals. Utilizing social media platforms is a great way to build your brand. However, you need to position your business properly in the right networks. If you want to cater your Tax Business Success for a B2B service, it’s better to establish your online visibility where other corporate individuals are. For this reason, building your network on LinkedIn, where firms and businesses are around, will be a great fit for you. On the other hand, if you want your firm to be a B2C service provider, you can conveniently utilize Twitter, Instagram, and Facebook as accessible platforms. Since almost anyone has a social media profile on these websites, you’ll have a broad reach on a niche market of your choosing. Additionally, these platforms let you target specific audiences based on their algorithmic categories.   2. Broadcast Your Expertise Simply marketing your services online isn’t enough to gain an audience. This is why you need to showcase your ability as a tax preparer. You can do this by attending conferences, launching webinars, or even publishing long-form case studies that can be helpful to your prospective clients. Displaying your knowledge of tax preparation makes you appear like a more reliable service to subscribe to. For this reason, people who see your posts can put more trust in you to handle their delicate tax filing needs.   3. Engage with Your Audience Once you have your social media profiles in place, you should use them as an effective means to engage with your audience. Remember that you can program simple chatbots on these platforms to smoothen your sales funnels. Besides optimizing your sales, you can use these social media profiles to streamline your customer helpdesk services.   Conclusion Choosing to build your own firm is an excellent financial decision with almost limitless scalability. Although it’s a great feeling to work for yourself, that doesn’t mean you should overburden yourself with working full-time. The best tax preparers know how to budget their time while remaining effective with their work process. Thankfully, you can use professional tax preparation software to lessen your workload and streamline your business model. Every business owner must have the right tools to provide quality output. At Keystone Tax Solutions, we provide modern tax software for preparers to streamline your business processes. Try a free demo of our software today!

Tax Business Plan season can be stressful for anyone as it afflicts individuals and businesses alike, so running a venture as a tax professional can serve as a saving grace for people from all walks of life. Despite the persisting need for tax services, spearheading a tax practice still requires a clearly defined vision, so you know where to direct your business. Without a roadmap to use as a guide, you’ll be driving your venture blindly without any outlines to refer to for your operations throughout your growth. That’s why writing a detailed business plan is important since it allows you to make financial projections and market analyses. However, the content doesn’t have to be as comprehensive as you would expect from companies planning to get a business loan or investors.   Writing a Tax Business Plan For Your Practice: What to Include? Since you only need to include details regarding your tax practice’s goals, strategies, and relevant market researches, the information below should be more than enough to enhance your business plan:   1. Products and Services As a tax professional, it’s important to lay out what you can offer to your clients. After all, diversifying your services can widen your market reach since many businesses prefer to outsource tax preparers, including bookkeeping services, as part of a package deal. With that in mind, some of the additional services you can include are the following: Tax preparation for individuals, sole proprietors, freelancers, or businesses; Bookkeeping and basic accounting services for small businesses; You also have the option of managing bank-related products for your clients, so they have more options to explore when receiving their refunds.   2. Market Analysis Knowing that most working individuals and organizations need tax preparation services won’t do you any favors in the long run, especially since you still need to collect deeper insights into your clients’ unique needs and pain points.That’s why your tax business plan—whether it’s for your eyes only or not—requires an extensive market analysis so you can identify your market and understand their problems, needs, and what services they typically gravitate towards when seeking accounting services. Other than analyzing what constantly afflicts your target audience, it also helps to stay on top of any governmental regulations and territorial restrictions you may run into in the future.   3. Execution Plan Once you understand your services and know the ins and outs of your target market, you can plan for your execution strategy by honing the following: Marketing tactics Customer acquisition tactics Necessary equipment Timeline Location   4. Financial Plan Penning down your financial goals can be tricky, especially since you first have to consider the cost of running your business. Some key pointers that can help narrow your numbers include the following: Cost of starting a tax business and its maintenance; Fees of your tax preparation services; Client base to meet your profitability expectations; Yearly projected profits;   The Bottom Line: The Importance of Having a Business Plan Running a tax business can be overwhelming since you’ll be juggling multiple responsibilities, so taking the lead on a whim will only make the journey ahead even more difficult. By preparing a basic yet well-crafted tax business plan, you have a more solid guide that can help drive your venture forward in the right direction.   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.

As a Professional tax preparer, one of the best ways to acquire more job orders is through traditional ads and the typical word of mouth method. That has always been the case for Social Media Tax experts, the prevalent norm throughout the decades. However, the advent of technology and social media may have rattled that process these past few years, with many competitors drowning out your ads through their online presence. While it may seem intimidating to fight fire with fire by making a Social Media Tax account, it is a lot easier than you think. Adjusting from a traditional way of getting clients towards an innovative way of acquiring them may be stressful initially, but you’ll soon realize it offers better opportunities for your venture in the digital age. To help you get started, we’ve gathered all the benefits of using Social Media Tax for your firm:   Brand Establishment Through Social Media Tax, you will be able to establish a brand of your own. It isn’t easy to introduce yourself and what you have to offer to a new audience, especially since there is no familiarity involved at first. However, thanks to social media, you’ll be empowered to reach your target audience about you and your taxing services. You will be able to show them your credentials through an image or a video, where repetition is highly plausible. Social media Tax posts will remain online unless you decide to delete them yourself. With the help of this repetition, you will be able to establish familiarity and brand recognition.   Consistent Interactions There used to be a time when tax professionals may need to fax or communicate through the phone just to update clients. This tends to be inconvenient, as the client may not be available to pick up the call or the faxed document, missing out on updates about their numbers. Nowadays, social media platforms are integrated with a communication channel, a chat feature that will enable you to send updates to your clients anytime, anywhere. They will no longer miss out on tax reminders, empowering them to remain aware of their current tax conditions.   Wider Reach Social media platforms enable entrepreneurs and self-employed people to reach more of their target audiences online. The old method usually involved paying a newspaper for printing out ads about their business and offered services. Nowadays, tax professionals can accomplish this for free. Of course, social media platforms also offer a “boost” advertisement function that they may pay for to make their ads appear more often online. Still, for the most part, the free publicity is already enough to garner more clients through post shares and user tags.   Conclusion Social Media is an efficient tool for tax professionals who would like to turn to digital marketing. Not only is it effective in acquiring new clients, but it is also more convenient and practical in the long run. The broader reach that they may have, the consistent updates that they may communicate, and the brand recognition that they may establish with their clients are just some of the best things that they may experience out of it. It may just be good enough to land them more satisfied clients in the future. If you would like to take your tax services to the next level, you’ll need a professional tax preparation software platform to make things more convenient and efficient for you. Keystone Tax Solutions provides the right software for all your tax preparation needs. Get a free demo today!

Even if you are a Simplified Tax Solution professional, computing your client’s tax can sometimes be daunting. Simplified Tax Solution accuracy computation for your clients is crucial because your clients may be charged with penalties if you fail to correct the mistake. More so, your reputation may be at risk, and your clients may not trust you again. With that said, you need to learn an easier way to help yourself with the computation. In this article, we will focus on the simplified method for determining the home office deduction of your client. So, if you are a tax preparer and have a self-employed client that uses part of their home for business purposes, this article is for you. Let’s get started!   What Is The Simplified Tax Solution? The simplified method is an easier way to determine the amount you can deduct for qualified business use of a home. Most tax preparers and their clients prefer to use the simplified method because the standard procedure has some calculation, allocation, and substantiation requirements, which are more complicated.   What Information Do You Need to Calculate Your Client’s Home Office Deduction? When computing for your client’s home office deduction, your client’s participation is crucial because they are the ones who will provide you with the essential information to complete the formula. Here are the things you need to ask from them so that you can calculate their home office deduction accurately: The square footage of their home office space used to conduct the business. Gross income earned from the usage of their home for business purposes. Additional business expenses that are unrelated to the home office, such as marketing and advertising supplies and equipment. The size of the new area if the client changed their business space. The number of days they conducted business from their home office each month.   How Can You Compute Home Office Deduction Using The Simplified Tax Solution? After you have all the information needed, you can now apply the simplified method to determine your client’s home office deduction. You can start by multiplying your client’s total home office space by the rate per square foot for the current tax year. It’s that simple, and it doesn’t require you to have a detailed record of the client’s expenses.   Who Is Eligible to Claim the Home Office Deduction? If your client is a home-based business owner, you need to consider some factors before computing their deductions because they need to meet specific requirements to qualify for the write-off. The criteria to be eligible for the write-off are as follows: Space must be their principal place of business Space must be regularly used Space must only be used for business purposes Your client must have earned enough gross income from their business. If your client’s business deductions (not including home office) are equal to or more than their gross income from the business, then they cannot claim the home office deduction.   Conclusion Learning the simplified method can help you minimize your time computing your client’s home office deductions every taxable year. It can make your life easier as a tax preparer because it requires fewer record-keeping documents to come up with an answer. Hopefully, this guide has made your computation more manageable so that you can compute your client’s tax more accurately and promptly. Keystone Tax Solutions can make your life even easier! We offer the best software for tax preparers that is easy to use, has direct input or interview input, is accessible from any device, and can access your client’s information anytime, anywhere. Get a free demo today!

Are you about to open a First Time Tax prep office? Even if you’ve been doing tax preparations for years, opening up an office is on an entirely new level, and if you’re not careful, it’s easy to feel overwhelmed through the process. Don’t worry; here are tips to help you open up a tax prep office successfully:   Register It First things first, you need to register your business. This won’t be a problem if you’re already an established First Time Tax preparer. On the other hand, if you’re completely new to this, you need to structure your business and acquire the necessary credentials with the IRS. You need to get an Electronic Filing Identification Number (EFIN), apply for a Preparer Tax Identification Number (PTIN), and register your business with the state.   Find the Right Office Space There are many office spaces out there today, but it’s important you find the right one. You need to consider several factors: Size: This will depend on the number of employees you have. Make sure the size is just right because getting something too big will have you paying for more, which can be burdensome when you’re only starting out. Location: Consider how close the office is to your home, as well as the location of the type of clients you will serve. Cost: Paying for an office is a huge business expense, which is why you need to choose wisely. Make sure you set up a budget before you start looking to help you stay within your means.   Consider a Coworking Office Space If a dedicated office space isn’t something you can afford right now, consider a coworking space. There are now many shared spaces that provide unique office solutions today. All you need to do is pay for membership fees that are far more affordable than a dedicated office space. Moreover, these coworking spaces also have conference rooms, so you don’t need to worry if you have team or client meetings.   Invest in the Right Technology and Software As a Firts Time Tax preparer with an office, you need the right technology and software that will help you with your processes. Consider how you prefer to work and the type of tax forms you need for your clients. Besides the software, you should also think about other technologies that will be helpful for your business, such as anti-virus and network security.   Market Your Business The last step to set up your office completely is to market it. By marketing it, you will get new clients to help you sustain the business and the office space. Have a website, and make sure you’re on social media. You can ask your existing clients to spread the word about your business as well.   Conclusion It can be intimidating to have an office space for the first time. However, if your business already requires you to have one, then don’t be afraid to make that move. With so much on your plate as a tax preparer, having a space to carry out your work and accommodate your clients is crucial. Use these tips to help you set up an office for your growing business. Having a proper office for your practice is as essential as having the right tools to do the job well. Keystone Tax Solutions offers the best professional tax software that will help your business become more efficient. Contact us today!

As Tax Preparers Guide, the first thing most clients will ask you is whether or not their medical expenses are tax-deductible. You likely know that there’s no easy answer to that since it depends. First, you need to find out what types of medical expenses they have, their adjusted gross income (AGI), if they’re going to itemize their deductions or go for the standard. Once you have all the necessary information, you’ll be able to give them a much more detailed and reliable answer. Here is everything you need to know about tax-deductible medical bills so that you can help your clients better!   Which Kinds of Medical Expenses are Tax Preparer Guide Deductible? The IRS allows a wide range of medical expenses to be deducted, therapy, treatments, medication, and more. They might even allow alternative therapies like acupuncture. There are several main categories of deductible medical expenses, which are the following: health insurance premiums (excluding any portion covered by employers) Payments to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and non-traditional medical practitioners Prescription drugs Most dental expenses Expenses such as eyeglasses, hearing aids, crutches, wheelchairs, and more Nursing home care Home improvements that increase accessibility for differently-abled people Transportation costs incurred while traveling to receive medical care Lodging costs up to $50 per night when traveling to receive medical care And expenses that are not eligible to be deducted are either elective, unnecessary, or non-medical, like the following: Funeral or burial expenses Non-prescription medicines Toiletries Cosmetics Wellness trips and programs Most cosmetic surgery Nicotine gum or patches without a prescription If your client’s medical expenses fall under a more gray area, you can use the IRS’s Can I Deduct My Medical and Dental Expenses? It’s a tool that can help you swiftly determine whether their medical expenses qualify for a deduction or not. For more information about qualified medical expenses, read through IRS Publication 502.   How Do You Calculate Deductions for Medical Expenses? After you have determined your client’s qualifications for tax-deductible medical expenses, it’s time that you start calculating how much will be deducted. You can begin by determining your client’s AGI. From there, only medical bills exceeding 7.5 percent over their AGI will be deductible. Simply put, you need to multiply your AGI by 7.5% and subtract the result from the qualifying medical expenses, and the amount left will be deducted. For example, suppose your client’s AGI is $80,000, 7.5% of that is $5,600. They can only deduct medical expenses that go over this amount. If their qualified medical expenses amount to $9,000, $3,400 of it would be deducted from their taxes.   What is the Standard Deduction? Keep in mind that your clients can only deduct medical expenses if they are itemizing deductions. If their deductible medical expenses combined with their other itemized deductions are less than the standard deduction, opting for the standard deduction makes the most sense. It will be better to itemize medical deductions only when the client’s total medical expenses exceed the standard deduction. If it happens to be less and if their deductible medical expenditures already combined with itemized deductions are less than the standard deduction, going for the standard deduction will be for the best.   What about Self-Employed Clients? Self-employed clients with health insurance premiums can deduct the cost as a business expense instead of an itemized deduction. This adjusts their income and applies regardless of whether they itemize deductions or take the standard deduction. They’ll likely have to meet specific criteria first.   Summary Tax deductions can be quite a bother. If you’re a tax preparer with multiple clients, you’ll need to be very organized and quick about gathering their documents and information. Once you get familiar with the systems, which may depend on the state you’re in, you should be able to help your clients with more ease. As tax preparers, you need to be very detail-oriented and organized. It can be a lot of work, especially if you’re doing it alone. Here at Keystone Tax Solutions, we’re committed to helping you make your job easier. We offer the best professional tax software to help you stay on track and keep your work moving smoothly.

Tax Software Hiring a CPA Business Tax 101 Preparing taxes can be a daunting and time-consuming process. It requires a lot of patience and attention to detail that not all business owners may possess, which is why they need help preparing all the forms, documents, and receipts. One option is to use Tax Software Hiring for tax preparers, which can help automate and calculate all the data if used correctly. The second option is hiring a professional tax preparer or an accountant to do all the computing and filing. The question is, which of the two options is more optimal for a small business? This guide should help business owners get a better idea of which path will suit their needs.   Benefits of Using Tax Pro Software Professional tax preparation software is an excellent way of helping business owners and even accountants manage all their tax forms and financial data for easier filing of taxes. However, it does require some skill and a good understanding of how the program works to be really helpful. Here are some of the advantages of using tax software for a typical small business. Price – There is no way around the fact that you will pay less for a software package than you will to hire a CPA or another qualified tax professional. There are even free tax preparation software that has basic features that could be enough for small filers. The upfront savings are what make business owners prefer buying software than hiring someone else to do it for them. Speed – Completing taxes using tax software is easy enough as long as all the necessary documentation is at hand. It’s all a matter of encoding the data and going through the correct formulas for the tool to process everything. Simplicity – A good software for tax preparers should be able to walk you through the process very quickly and easily. There are videos and demos available that business owners can use to help them understand how the software works.   Advantages of Hiring a Professional Accountant Of course, there are also benefits to hiring an accountant. They may cost more money upfront, but if you’re able to hire a good and competent accountant, you may even save some money in the long run. Here are some of the advantages of hiring a professional accountant or tax preparer: Better Software – Accountants and accounting firms invest in some of the best professional tax software in the market with far more sophisticated features. These tools are capable of better automating and organizing a client’s financial data and tax documents. Human Touch – Nothing beats having that human touch where you can interact with an accountant and seek advice from them. They are able to provide valuable tax savings suggestions that no software program is able to mimic. Expertise – As trusted professionals, CPAs and tax preparers offer their expertise as part of the service they provide. They can answer any questions and have great familiarity with federal and state tax systems.   Conclusion At the end of the day, the decision to use software or hire a professional all lies in the hands of the business owner. It’s never easy to process your own taxes, so it always pays to seek some help in whatever form possible. Keystone Tax Solutions is here to help you become more efficient in processing taxes. We are the leader in the professional tax preparation software industry with more than 15 years of experience in developing tools for accountants and tax professionals. So, if you need an efficient and intuitive tool in preparing taxes, get the best professional tax software from Keystone Tax Solutions today!

Business Tax 101: Types of Taxes for Small Business Every Taxes Small Business owner knows exactly what it’s like to prepare taxes. More accurately, taxes are a fact of a business owner’s life. As Taxes Small Business preparers and accountants, you all deal with these taxes as you were hired to process them. You simply can’t avoid tax preparation, but you can make sure it’s done right and always on time. Small Business owners are always concerned about minimizing costs and avoiding penalties to make their business profitable and functioning properly. But what exactly are the types of taxes that business owners are responsible for? Let’s enumerate and break down each and every one of them.   Income Tax Small Business As a tax preparer and professional, you must report annually, on behalf of your client, the company’s income and expenses. If your client’s business is a regular C corporation, the corporation files its own tax return and is a separate taxpayer for income taxes. It pays a flat 21% tax rate on profits. On the other hand, if the business is registered as a pass-through entity, which could be a sole proprietorship, partnership, LLC, or S corporation, you need to file an annual return. Still, the income flows through to the owners and should be reported separately on their own personal tax returns.   Employment Tax Small Business If your client has a couple of people employed under them, then filing and paying payroll taxes is also under the owner’s responsibility. This is a tax they deduct from employee paychecks and are actually divided into different tax types like: Payroll Taxes Income Tax Withholding FICA Tax FUTA Tax State Unemployment Tax Other Withholding Taxes on the State-Level   Sales Tax Small Business Although there’s no such thing as a federal sales tax, 45 states do have their own sales tax requirements. If your client is selling goods and services, they are then required to remit sales tax to whatever state the business is based in. As the tax preparer, you’re responsible for calculating and reporting your client’s sales tax. If your client is selling to customers out of state, they may even be required to collect sales tax for that particular state where their buyers are. In addition to collecting and turning over the sales tax, you must also file reports about the company’s sales tax activity.   Property Taxes Property Taxes are a tax a company pays on any commercial property, land, or real estate that the business owns. Payment dates for this vary by location, so you should be aware of when the property taxes are due for your client. Any business property tax will be regulated on the local level based on where the business is located.   Excise Tax Depending on the nature of the business and industry, your client might be responsible for paying excise taxes. These are indirect taxes that are not paid directly by the consumer of a product. Excise taxes are often called sin taxes and are included within the product’s price, such as with cigarettes, gasoline, and liquor. As with property and sales taxes, the company is responsible for collecting the taxes and remitting them directly to the IRS.   Conclusion Tax preparation isn’t exactly a walk in the park, especially after seeing all the taxes a business needs to collect and pay for. Most of the time, business owners use software for tax preparers or what accounting firms call professional tax preparation software to help them calculate and consolidate everything. Keystone Tax Solutions offers you one of the best professional tax software solutions in the market today. As a leader in the industry, we offer 15 years of experience to accounting and bookkeeping professionals who could use intuitive tax pro software at an affordable price. Contact us today to book a demo of our software.

There are a bunch of financial layers that you have to deal with when running a tax business and one of the most important aspects of your tax business operations is your Work Refund Transfers. When you get to offer Work Refund Transfers to clients, you won’t get to streamline your business’s finances, but you’ll get a valuable addition to your tax preparation business. Thanks to technology and advancements in payment methods, developers have created tax software to help taxpayers and businesses manage tax preparations. Besides familiarizing yourself with the different financial and tax lingo, you should also partner it up with professional tax preparation software. Streamlining tax preparations is the ultimate dream for taxpayers and businesses. If you can incorporate Work Refund Transfers into your system, your clients will be pleased with the service. You’ll get the most out of your tasks.   What Are Work Refund Transfers? Work Refund transfers are also called bank products and refund settlement solutions. This process is a way your clients can choose to receive their tax refunds. The great thing about this is that your clients can get your services with no upfront cost, allowing you to easily deduct their fee from their refund.   How Do Work Refund Transfers?   1. Prepare Your Return and Confirm Before you can prepare for refund transfers, the first thing you need to prepare for refund transfers is to ensure that your client has completed their tax return. After that, if they have determined that they should get a refund, they should start a refund transfer process. However, you should remind your client that the refund transfer process is optional and may involve some fees. But the truth is, the convenience of refund transfers really outweighs the additional charges. Fortunately, tax pro software will have refund transfers integrated into their systems, making tax preparations and refunds more straightforward.   2. The IRS Will Distribute Refund to the Bank When you have refund transfers connected to your tax system, your clients don’t need to receive their money directly from the IRS. Instead, it will be routed through a refund settlement bank. These banks are designed to deduct necessary fees from federal and state tax refunds, which will then be distributed to the taxpayer.   3. The Bank Will Handle Manage Fees Once the IRS transfers the refunds to the bank, the bank will then deduct preparation fees from the refund and distribute it accordingly through direct deposit. Associated costs, like service bureau fees, transmitter fees, or refund transfer fees, will also be subtracted, eliminating any hassle for your client.   4. Your Client Will Receive their Money After the bank has received payment from the IRS and the tax preparation fee has been processed, they will then distribute the refund to your client, depending on the form they choose. Typically, they can receive a refund in the form of a check, prepaid card, or direct deposit.   How Can Refund Transfers Benefit Your Clients? No Upfront Costs: The great thing about refund transfers is that your client won’t have to pay a tax preparation fee upfront. This is because the bank will handle the fees, making it a seamless, hassle-free process. Payment Options: Your client can choose the method of how their payment will be disbursed, which is great for different clients, both with a bank account or no banking relationship. Receive money Quicker: The great thing about refund transfers is that it allows your clients to receive their money faster than a traditional refund disbursement.   The Bottom Line: Streamline Tax Preparations and Work Refund Transfers with the Right Tools Offering efficient services to clients, such as refund transfers, can greatly improve your tax services. Partnering it up with professional tax preparation software, you’ll get to offer effective tax services that are hassle-free, quick, and easy.   How Can We Help You? If you’re looking to improve your tax preparation process, consider getting professional tax preparation software to help develop your workflow. 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!

Becoming a Tax Preparer Way can be a lucrative career, so if you’re starting to explore this path, you may be wondering what exactly Tax Preparers do. They’re mostly known for filing returns for individuals during Tax Preparer Ways season, so you may want to know what else keeps them busy for the rest of the year. The great news is that Tax Preparer Ways can make a lot of money year-round, depending on what they like to do and where their specialties lie. Most Tax Preparers Ways perform work outside of tax season, while others diversify their income by providing additional services. Here are the many Tax Preparers Ways to earn money throughout the whole year:   1. Payroll Management If you work with small businesses, you’re aware of their various financial needs, such as managing their payroll. Many business owners outsource their payroll management since they are far too focused on building their business, which means they’re more than likely to require payroll help. By adding this to your roster of services, you’ll have no problem making money beyond tax season.   2. Tax Preparer Ways for Businesses One of the easiest ways to earn year-round as a Tax Preparer Ways is to provide tax preparation services to small businesses, which need services throughout the year. The clients you assist during tax season probably have their own small businesses, so be sure to let them know of your new services to reinforce your relationship and open a new avenue of income.   3. Client Representation at the IRS Taxes can be tricky, which is why many individuals hire a Tax Preparer Ways to do it for them. Unfortunately, for some taxpayers, the stress of tax season doesn’t end when they file their tax returns. When the IRS finds errors in their returns or spots willful misstatements, they’ll reach out, complicating matters further. Once this happens, the taxpayer will need representation before the IRS, which you can fulfill. However, to represent clients before the IRS, you must be a certified public accountant (CPA), an enrolled agent (EA), or an attorney. Being an EA is the most logical step for tax professionals since it doesn’t require you to take more college credits, and the required training is relevant to tax preparation.   4. Bookkeeping Services Small businesses are always in need of a bookkeeper, presenting you with a host of money-making opportunities. You don’t need an accounting degree to be a competent bookkeeper, either, as bookkeeping is different enough from accounting and has an easier learning curve. You can also take courses in bookkeeping for small businesses, equipping you with the knowledge and skills you need to offer top-notch services to your clients.   5. Tax Preparer Ways Service Bureau Becoming a tax service bureau beyond tax season allows you to help other tax professionals look for the best professional tax software they can use for their practice. For instance, our tax software comes in various packages catering to tax professionals of all types, like those who have obtained their EFIN and those who haven’t. It comes with many features, such as a document manager, electronic or remote signatures, a customizable mobile app, and more.   Conclusion Even though many people believe that tax preparers are active only during tax season, the reality is that they can be just as busy throughout other months of the year if they choose to be. By offering these services, you’ll become a better tax preparer, widen your client base, and increase your earning potential. Keystone Tax Solutions offers professional tax software specially designed for tax preparers. Our affordable tax software is designed to grow your business through money-saving benefits like easy-to-use software, unlimited federal returns, unlimited state returns, and more. Get a free demo today!  

Preparation Tax Software Avoid Mistakes Preparation Tax software has always been designed to make accountants and bookkeeping professionals’ jobs easier and far more efficient. By utilizing all the built-in features of professional Preparation Tax Software, you can make your business operations run smoothly and without any worries. But if you’re new to tax pro software, there are a couple of things you should know before investing in it. The following are some of the mistakes you should avoid when buying software for tax preparers.   1. Refusing to Adopt Cloud-Based Preparation Tax Software Preparation Tax Software in the industry is probably one of the slowest industries to embrace cloud technology for its software needs. By the time cloud computing was introduced in the market, it just no longer makes any sense to software that isn’t built around cloud technology. One of the most significant drawbacks of relying on desktop installed software is the investment needed to create an office network that is both expensive and temperamental. All it takes is one bad OS update or faulty hardware to halt all your progress. If you’re using cloud computing software, you can easily just hook up another computer and continue working where you left off.   2. Saving Money for the Wrong Reasons For those who are looking to save money for their business, saving money on Preparation Tax Software is one of the first things that comes to mind. However, this could actually cost you more in the long run. Consider other areas to look at when evaluating budget cuts. Paying for professional Tax Preparation Software that’s subpar to the industry standard will cost you more in terms of efficiency and the amount of training your staff will need. You need to invest good money in software that addresses your firm’s needs. As with any business, the cost of software is part of the value of the company. It is a necessity.   3. Creating Unreal Expectations Looking for new tax software because clients are looking for new features is one thing. However, switching to a new program just because of an issue with one little item is different. There are many accounting and Tax Preparation Software out there with some very useful features, but they’re not built to handle everything. No tax program is going to do it all for you and accommodate every single feature you want. Preparing a tax return is like a puzzle. The client provides the preparer with the pieces, and it is up to the preparer to assemble it using the tax software as a tool to help. Unless you’ll be investing in custom software, be prepared to adjust to the features and workflow of the tax software you invested in.   4. Not Training Your Employees Today’s tax programs are very much intuitive and flexible, allowing integrations with other apps. However, it is still your responsibility to train your employees on how to use the program. The good news is that most programs already have training in the form of user guides, demo videos, and a knowledge base your employees can use as a reference. It is essential to give your employees ample time to understand the decision to go with a particular software.   Conclusion Preparation Tax software with technical and tax support can give you some much-needed peace of mind, especially if you’re new to using tax software for your firm. Whatever tax software you choose will greatly affect how you perform your work for your clients. By learning about these mistakes, you can avoid some of the pitfalls of purchasing software for tax preparers. Keystone Tax Solutions is a leader in the professional Preparation Tax Software industry with more than 15 years of experience. Our software packages are designed to help tax professionals become more efficient in preparing taxes for their clients. If you’re looking for the best professional tax software in the market, Keystone Tax Solutions is the answer. Contact us to get a free demo today.

Tax Withholding Filing season has finished, we can all breathe a massive sigh of relief. On the other hand, this would be the perfect time to scrutinize your clients’ Tax Withholding Filing. Checking to see if the right amount of taxes were withheld from their paycheck is crucial. The cycle would continue the following year if the taxes were computed incorrectly. Many factors will affect Tax Withholding Filing is calculated, including the completion of specific life milestones such as getting married or having children. Knowing this, tax preparers should take extra care in analyzing After Withholding Filing of their clients to see that everything is in order and ready for the next tax season.   Tax Withholding Filing Time to Fine-Tune The IRS says that the time is now for the scrutiny After Tax Withholding Filing should be done. Taxpayers will not be able to do this on their own, which is why it is the job of tax professionals to help their clients with this task. Here are a few FAQs to help you figure out how to handle your clients’ specific situations.   When Should the Adjustments Be Made? Since withholding goes on for the entire year, should a change need to be made, your client needs to submit a new and updated W-4 as soon as possible. As their tax preparer, you must look into any activities your clients had within the past year that may warrant the need for fine-tuning their withholding tax. You will then need to inform your client of what they need to do for the updates to be filed.   Who May Need to Increase Their Tax Withholding? The IRS says that people who work multiple jobs or receive extra income that is not subject to withholding taxes might need to increase the amount of withholding tax from their paychecks. On the other hand, the agency suggests that a decrease in withholding tax may be necessary if the taxpayer qualifies for any deductions and tax credits beyond just the standard amount.   Who Should Check Tax Withholding Filing? The agency recommends that the withholding taxes of specific categories of taxpayers should be checked. Some examples include if the taxpayer’s spouse is an IRS employee if the taxpayer works two or more jobs at the same time or only work for part of the year, if they have high incomes and more complex tax returns, or if the taxpayer claims credits such as the child tax credit.   What About State Income Tax Withholding Filing? In select scenarios, taxpayers may need to adjust their state tax withholding as well. As their tax preparer, you may need to check with the state department of revenue for more information about this.   Conclusion Using professional tax preparation software can eliminate errors and guesswork. Software like this can significantly help tax preparers in determining if a change in withholding is necessary. The software will make the task easier for tax professionals to determine if a new form W-4 will be needed and what information should be included. To minimize errors on your file reports, using tax pro software like Keystone Tax Solutions is a must. This software for tax preparers will help get rid of the guesswork and estimates that sometimes make the job so stressful. Get the best professional tax software by contacting us today!

When you start a new job at a company, you have a couple of documents you need to process concerning your taxes. It’s actually a lot less complicated since your employer is the one that withholds money from your paycheck to pay your tax dues. However, if you’re a contractor or a self-employed individual, income taxes work a little differently. You have to personally prepare your taxes and report them to the IRS. Sometimes, to make things a little easier, you have to use software for tax preparers. On the other hand, the companies that use your services will have to report your earnings, too. This is where the W-9 Form Tax comes in. The following are the steps you need to take when filing your W-9 Form Tax.   What Is the W-9 Form Tax? The W-9 form Tax is also known as the Request for Taxpayer Identification Number and Certification. This form is what employers use to get the Taxpayer Identification Number (TIN) from contractors, freelancers, and vendors. Basically, it acts as an agreement of sorts that you, as a contractor or freelancer, are responsible for withholding your own taxes from your income, as opposed to an employed individual where the employer does the withholding. At the end of the tax year, those businesses you did work for will then use the information on your W-9 Form Tax to complete a 1099-MISC form. This form outlines all the payments made to you. W-9 Forms Tax are easy to get since most companies and financial institutions already send them out to their contractors and freelancers. You can also just download them from the IRS website.   How Do You Fill Out the W-9 Form Tax? The W-9 Form Tax may look intimidating at first, but that’s mainly because of the lengthy instructions. The form itself is less than a page long if you take out those instructions from the form. The company that hired you should fill in its name and employer identification number (EIN) in the appropriate sections. After then, you start filling out the form line by line. Personal Information – Start by putting all the necessary information on the form, including your full name and business name. If you do not have a business name, trade name, or DBA name, you can just leave it blank. You also need to put in the address where your employer will mail your information returns. Federal Tax Classification – First, you need to check if you are filing as an individual, sole proprietor, or single-member LLC owned by an individual. This is important since a sole proprietor business operates under the owner’s social security number, same with single-member LLCs. Exemptions – Only certain businesses and entities are required to fill this out. If you’re just filing as an individual, you can skip this section. Taxpayer Identification Number – You can either put your own social security number if you’re filing as an individual or your employer identification number if you’re filing as a multi-member LLC.   Conclusion Filling out your W-9 Form Tax is pretty straightforward. You don’t have to worry about anything as long as you know how you will be filing and when you should file your form. Hopefully, these tips will help you understand the intricacies of filing and ease your mind on what needs to be done. If you need professional assistance, you can use a tax pro software or hire an accountant to help you take care of all your tax-related concerns. Keystone Tax Solutions is here to help you make better sense of your taxes. We are the leader in the professional tax preparation software industry with more than 15 years of experience in developing tools for accountants and tax professionals. So, if you need an efficient and intuitive tool in preparing your taxes, get the best professional tax software from Keystone Tax Solutions today!

To keep yourself up-to-date in the way you prepare your clients’ taxes, it is important to make yourself familiar with any updates or changes that are associated with the child tax credit. Significant changes were introduced in the American Rescue Plan to this type of credit. If you are not yet fully aware of what this update entails, this blog post will help bring you up to speed. As you may already be aware, the Important Child Tax credit is a partially redeemable type of credit that will be applicable to families that have children. This tax credit will be refundable at the end of each tax year if the taxpayer spent less of the tax amount during the taxable year. This type of credit is not new in itself, but here are the specific updates that were made to this tax credit and what you need to know to help you serve your clients better.   Important Child Tax Credit Updates: What You Need to Know   1 – How Has This Tax Credit Changed? There are three significant changes that will apply to the 2021 child tax credit. In a nutshell, for the tax year 2021, the child tax credit may be fully refundable, it may be received as a monthly payment option and it will involve a larger amount per child. These are the latest updates, and should there be any changes, tax pro software like Keystone Tax Solutions will make sure to incorporate them when they become available.   2 – Who Qualifies for the Additional Tax Credit? To be eligible for the updated chi8ld tax credit, your clients’ adjusted gross income must meet a certain threshold. It is as follows: $75,000 or less for single filers, $150,000 or less for joint filers, and $112,500 or less for head of household filers. The threshold for families that make more is still in place, allowing them to receive a lower credit of $2000.   3 – Is This a Permanent Change? As of the time of this writing, the update will only apply to the tax year of 2021. It is not a permanent change.   4 – What About the Tax Credit for 2020? The tax credits for the previous year will not be affected by the update as the change only applies to the year 2021. The previous guidelines will still apply for 2020.   5 – How Can I Automate Preparing My Clients’ Financial Reports? The best way to go about doing this is to use professional tax preparation software. This will ensure that you will avoid committing errors during the course of the tax preparation process. You will have less work to do when you finalize the reports.   Conclusion If you are looking to start your own tax business or work as a tax professional, you must be aware of the changes and updates that will affect your line of business. Using the correct type of software for tax preparers will help you make sure that you will avoid committing human errors and make an easy job of preparing your clients’ tax returns. Gain access to the best professional tax software by working with Keystone Tax Solutions! We want to be there with you every step of the way to ensure your tax business is thriving. So contact us and get a free demo now!

The use of Social Media Market is not just limited to posting daily images.It is an effective way to market your business and grow your brand. It also builds your reputation in your tax business and establishes your relationship with your existing and future clients. You can take advantage of Social Media’s market potential in delivering and capturing the interest of your audience. For example, you can post quick budgeting advice on Twitter, hold live Q&A on Facebook, or provide tax-related articles on LinkedIn. Doing this can help you build your credibility and form a lasting relationship with your customers all year round. Unfortunately, starting your social media campaigns can be daunting and overwhelming. To help you, here are some tips on how you can effectively start a conversation about the tax pro software that you use and the services that you offer! 1. Find the Best Social Media Market Platform As you begin to market your business on Social Media Market, you may want to create a profile on all Social Media Market channels. While this is possible, it will not be wise and effective. You may lose your focus and fail to meet your campaign objectives. Start by finding the best Social Media Market platform to represent your professional tax preparation software. If you have no idea which platform resonates with your brand or product offerings, utilize the channel with many users. For example, you can choose to create a Facebook page and an Instagram profile. These two have the greatest number of users each month. Once established and you feel comfortable on social media, you can explore other social networks like Twitter and LinkedIn to promote your tax business further. 2. Grow Quality Followers Social media platforms are among the most convenient ways to connect with people who already support your business. However, it is possible to have hundreds or thousands of followers who never read your content or click on any of your links. The key idea is to build a thriving online community that resonates with your post and what you have to offer. These are the people who engage with you regularly, share your posts  on their feed, and refer you to their connections. Reach out to your audience by sending invites to your page. Incorporate your social media profile on your email subscription list. You can also hold giveaways to motivate your existing clients to recommend your business to their family and friends. Doing any of these will ensure that your clients get to know about you and you’ll improve brand awareness. 3. Have Relevant Content All Year Round Creating relevant content all year round ensures that you hook your target audience no matter the season. In fact, it targets the right set of audiences that will likely convert. That improves your credibility and makes you an authority in your niche industry. During the off-season, find the type of content that will still matter to your audience even if they are not preparing their taxes. For instance, you can present tips on handling taxes during holidays or giving FAQS on a common misconception about filing taxes. You can also deliver advantages why people need to rely on tax preparers using the best professional tax software in the market today. 4. Interact With Your Audience Posting content and growing your followers are not enough to make your social media marketing effective. Making your campaign effective means that you have to engage with your audience. Respond to comments and direct messages promptly. Provide answers to questions and acknowledge reviews. Listen to what your audience is saying and interact with them. Doing all of this will deepen the customer relationship, improve recognition, and allow you to remain on top of their mind even during the off-season. Final Thoughts These days, Social Media Market is essential. Many businesses now leverage the power of social networks to reach beyond their target market. As a tax business owner, you must ensure that you have a continuing presence on these platforms even if tax season is over. Adopt this approach so you’ll have a chance to remain relevant to your clients and won’t allow your competitors to be a step ahead of your game. Tax business social media marketing is an increasingly vital tool for growth and client engagement in today’s digital world. When it comes to marketing for tax professionals, harnessing the power of social media platforms can significantly expand your reach and establish your brand in this competitive market. Implementing an effective social media strategy for tax professionals involves creating informative and engaging content, timely interaction with your audience, and leveraging various platforms to reach potential clients. Incorporating tax business social media marketing into your overall marketing strategy can be transformative. Social media marketing for tax preparers not only helps in building a strong online presence but also allows for direct communication and relationship building with existing and potential clients. By sharing insightful tax tips, industry updates, and personalized content, tax professionals can enhance their visibility and credibility. In short, social media is an indispensable part of modern tax business marketing strategies. Allow us at Keystone Tax Solutions to help your tax business today! Learn more about our affordable professional tax preparation software essential in making your business grow. Get your free demo today!

While it is important to have the best Crowdfunding Tax Professional preparation software available, it’s also important to be prepared for whatever type of client will come your way. Indeed, Crowdfunding Tax professionals need to be knowledgeable enough to navigate the different industries. Now, when it comes to one of the trickier industries to understand, crowdfunding has always been near the top of the list of most difficult clients to handle. However, this shouldn’t discourage you. A huge part of the difficulties that come with handling Crowdfunding Tax Professional stems from the lack of knowledge on the processes and policies involved. In this article, we’ve prepared a brief guide on everything that tax professionals need to know about crowdfunding. We hope this guide proves to be useful when it comes to helping you navigate the industry more effectively:   Important Terms One of the first things you have to learn is the important terms associated with crowdfunding. To help you out, we’ve put together a list of essential terms and what they mean so that you’ll have an easier time handling Crowdfunding Tax Professional clients: Crowdfunding: Crowdfunding is the practice of soliciting contributions from a large number of people to provide funding for a project. Backer: Backers are individuals who contribute to crowdfunding campaigns. Deductible Charitable Contribution: Deductible charitable contributions are donations made towards an organization that is recognized by the Internal Revenue Service (IRS). Donation Model: The donation model is the method of funding for a crowdfunding campaign, where the backers receive a reward for their contribution. Equity model: The equity model is the method of funding for a crowdfunding campaign, wherein the backers receive an ownership stake in the project in exchange for their contribution. Platform: The platform is the middle person that connects the backers with the individuals or organizations behind the crowdfunded project.   Crowdfunding Tax Professional Basics While it’s important to understand the terms, in theory, you also must have a good grasp of how they function in practice. Essentially, a Crowdfunding Tax Professional campaign is used to raise funds by utilizing the huge reach of the Internet. It is usually used to gather financial contributions for business ventures, social causes, and sometimes even support for individuals who are in a time of need. Crowdfunding Tax Professional campaigns are only possible through the use of crowdfunding platforms. These platforms ensure that the contributions that backers put into a certain project are used for their intended purpose, making it safe for backers when it comes to avoiding scams. Now, these platforms don’t offer their services for free. In general, they take around 3 to 5% of the funds as a fee for their services.   Tax Issues We also need to talk about tax issues that you may have to handle when it comes to crowdfunding. Suppose you’re handling the taxes for the people behind the crowdfunding campaign. In that case, you’ll want to be prepared to handle issues regarding the determination of taxable income, self-employment tax, state and local income taxes, and excise taxes. On the other hand, if you’re employed by the backers, you’ll want to look into the deductibility of their contributions, gift tax returns, capital gains, and use tax.   Conclusion While it may be difficult to handle crowdfunding at first, it’s not something that you won’t be able to overcome with the right amount of preparation. If you ever feel lost at any point, feel free to look back at this article so that you can clear up any issues that you may have regarding this topic. If you’re looking for professional tax preparation software to streamline and optimize your processes, our products at Keystone Tax Solutions are just what you need. Get in touch with us to begin your free demo today!

Everyone can agree that 2020 was a tough year financially. Keeping on top of bills, Understanding Child Tax, and your income wasn’t an easy feat. That may have played a part in the American Rescue Plan’s updates this 2021 in trying to make the landscape a little more bearable for everyone. Understanding Child Tax Credit is probably one of the most significant changes in the year. Although the concept of it isn’t new, the Understanding Child Tax Credit will hopefully be more effective in helping families overcome their debt and reduce poverty. Similar to some tax credits, the main purpose of the Understanding Child Tax Credit is to give families with children tax refunds. That amount can then be used to subtract the amount of tax a family owes to the government. The new changes are something to be mindful of, especially amid tax preparation during and at the end of the fiscal year. Here’s what you need to know and understand about the recent changes to Understanding Child Tax Credit:   Understanding Child Tax Credit Increase The American Rescue Plan usually has been untouched since 2020. However, the law has been changed in 2021 to ensure that families will get a more considerable sum of maximum tax credit for each of their children. For every child under the age of six, the family can be granted a maximum tax credit of $3,600. For every child under the age of 18, the family gets a maximum tax credit of $3,000. The Child Tax Credit used to recognize children who were only 16 years old and younger. Along with the increase, the Child Tax Credit’s terms seem to be fully refundable, unlike in 2020, where it was only partially available. It’s still uncertain whether these circumstances will hold beyond the 2021 tax year yet.   Expanded Qualifications People who hope to access and use  Understanding Child Tax Credit must have an adjusted gross income of $75,000 or less if they’re a single filer. The AGI must reach $150,000 for joint filers and $122,500 for a head of household filer. Families with higher income can still access older thresholds to receive a bit of tax credit. In addition to this, the Understanding Child Tax Credit has also been extended to other US territories. Families in Guam, Puerto Rico, and more will be able to access the benefits provided by the American Rescue Plan’s updates.   Monthly Payment Options Another significant shift in the Understanding Child Tax Credit is how families can choose to access it. Both the Internal Revenue Service and the Bureau of the Fiscal Service will provide monthly payments to families who will opt for the funds. This change is in contrast with reducing their taxes at the end of the year with the accumulated credit that they’ve come up through. Families can start getting their monthly payments by the 15th of July this year, with more details to come out soon.   Conclusion It’s crucial to stay on top of things as new updates regarding the Child Tax Credit and general tax come every day. With the responsibility of holding your client’s taxes, one must be as accurate as possible in organizing and calculating. Looking for the best professional tax software? Keystone Tax Solutions provides tax software to help make your tax preparation business run smoother and market better. Contact us today!

Everyone has an event they look forward to the most every year. Many families set up Christmas decorations as soon as November comes around, some like to count the weeks before their birthdays, and others can’t wait to play tricks and pranks on the first day of April. There is much to celebrate in these twelve months; a year won’t even seem enough! Just like any holiday, the tax season is also an important time that happens every year without fail, except no one looks forward to it—except for Becoming Tax Preparer, perhaps. The Most Wonderful Time of the Year For people who find tax codes interesting and have an aptitude for numbers, the tax season is just as exciting—and possibly more important than—Christmas or New Year. Becoming Tax Preparers, this is the most significant and wonderful time of their year, when many people turn to the experts to file their taxes for them. Tax preparers usually prepare, file, or assist with general tax forms, but they can also represent a taxpayer during IRS examinations. Certified tax preparers depend on their knowledge and computational abilities to perform their job well, but many also use professional tax preparation software to help them with their tasks. Becoming Successfully Tax Preparer Guide So, you want to become a Successfully Tax Preparer. Understandably, you’d like to work in the industry, as there are many advantages to entering this career field, and it’s even expected to grow by 2.9% through 2026. Before people can come to you to help them file their tax returns, you first have to map out your career plan. Just read through the steps below to have a clear direction on your path to becoming Successfully Tax Preparer. 1. Earn Your Degree This is the first and one of the most crucial steps towards becoming a tax preparer. Like many careers, you need to earn a bachelor’s degree if you want to work in your desired career. Earning a degree may not guarantee you a job, but it will make you a more desirable candidate. Make sure to select a finance-related field, such as accounting or statistics, as this is what most employers will require and prefer. A bachelor’s program usually takes four years to complete, but some schools offer accelerated programs. 2. Intern at a Firm Finding a suitable internship at a great accounting firm is crucial, as this will be your first work-related experience. You won’t be stuck in a classroom after graduation, after all—you need to see and experience for yourself how things go so that you can learn more about your future career. Internships usually only last for one semester, so you have to make the most of the little time you have. Earning school credit is the last of your priorities—ensure to gain significant on-the-job experience, get used to using professional tax preparation software, and build relationships with future references. 3. Get Your Credentials in Order No tax preparer will be permitted to work with just a degree and internship experience; you also need specific credentials to be able to practice or work independently. To earn credentials, you have to: Complete training courses; Register with the IRS; Pass the tax preparer exam; and Complete state licensing requirements. Getting your credentials may seem confusing and overwhelming, but your college professors should guide you through the required exams. We recommend earning your license within two months of graduating so that you can obtain a job as soon as possible. 4. Secure a Job Once all of your credentials are in order, you can now start applying for tax preparation jobs. Applying four months before the tax season starts is the best time to look for job openings, as you will have time to earn a job and receive training on filing taxes and using professional tax preparation software before the busy months. Conclusion Working as a tax preparer is rewarding—besides helping people with their tax concerns, you will also enjoy many benefits such as job security, flexibility, and lifelong learning. However, being a tax preparer will take more than just being good with numbers. Make sure to follow our guide below so that you can successfully achieve your career goals. Do you want to further grow your tax business or perform your responsibilities faster and better? Why not invest in the best professional tax software? Our software at Keystone Tax Solutions offers product innovation, flexibility, and the ability to earn incremental revenue. Get your free demo now!

As a tax preparer, it is your responsibility to keep your Tax Clients Happy. No one wants to experience the wrath of their frustrated clients, the same way that no client would ever want to work with an ineffective tax professional! Sometimes, it is unavoidable to commit mistakes within the job, but you should still do your best to correct whatever went wrong along the way. If there’s one thing you should be good at as a tax professional, it is to calculate the situation and develop a solution to the problem right in front of you. If the attitude and mood of your client are at stake, assess the risk of losing them and do the following to keep them happy.   Give Them Immediate Replies and Feedback Put yourself in the shoes of your client and think how frustrating it would be to receive no answer at all, just when the due date of your taxes is right around the corner. Give them quick replies, let them know of the situation, and don’t forget to give regular updates about their taxes from time to time. They hired you to handle everything for them, but never forget to keep them in the loop as well!   Assess Your Client’s Needs This may seem like a simple tip, but as short and straightforward as it may sound, it is one of the most challenging tasks you’re going to have to accomplish. As a tax professional, it is your responsibility to know the ins and outs of your client’s tax duties. Remember that not all taxpayers are aware of what they’re paying for; all they know is that it’s a part of their “federal obligation.” Your job is to explain every one of the tax computations and to elaborate why they need to pay one tax over the other. This is made simple as there are various software for tax preparers nowadays. These are all programmed to provide all of your client’s needed tax details.   Offer Solutions for Future Concerns They Aren’t Even Aware Of You have to be a proactive tax professional if you hope to keep your tax clients happy. If they happen to expand their business, they may encounter more taxes along the way. Give them a forecast of possible future expenses and present a deliberate solution. Not only would they be impressed by your efforts, but they would also trust you with more of their tax concerns, well enough to establish a long-lasting working relationship.   Make It a Habit to Follow up on Their Tax Concerns and Inquiries Handling someone else’s tax may get tiring at times, but don’t forget to stick to the mantra of “satisfaction guaranteed.” You promised your client a complete service, so you should deliver a completed service by the end! The thing about doing a good job is that your efforts wouldn’t go to waste. If word gets around of your professionalism and hard work, more tax-paying clients will approach you for your services.   Conclusion Handling someone else’s tax is admittedly never an easy task; however, it is still your duty to deliver what you’ve promised since the very beginning. Doing everything in order, updating your client from time to time, and providing regular tips and follow-ups would let your client know that they didn’t make a mistake in choosing you as their tax preparer. Do everything that you can, as long as you’d be able to keep your client happy and satisfied ‘till the end. Are you looking for the best professional tax software in the market to help you with your tax preparation business? Keystone Tax Solutions has got the solution for you! Our professional tax software is designed and tailored to provide all the needed functionalities by a tax preparer. Contact us now for more information about our tax software packages!

There were a lot of new Tax Codes Need changes in 2020 due to the COVID-19 pandemic. Most of these changes were created to aid people during these tough times. One way to help them is through tax credits. Since the COVID-19 pandemic is still upon us, expect to see more changes in tax regulations in 2021. These changes are necessary to help people struggling financially in the pandemic. Here are some of the Tax Codes Need that can affect 2021 tax returns.   #1 Earned Income Tax Codes Need Credit The Earned Income Tax Codes Need Credit shall be used to help low and moderate-income families reduce their tax liability. In 2021, the maximum benefit of a person who has no qualified children will be increased to $1,502 from $543. 65 is no longer the maximum age limit. Instead, they eliminated the age limit and decreased the minimum age to 19. More changes will come in a few months.   #2 Charitable Contributions If you regularly designate money for charitable contributions, you will love the new rules. The Consolidated Appropriations Act of 2021 has expanded charitable contribution deductions for people who don’t itemize deductions. Prior to that, only the people who itemize their deductions could deduct charitable contributions. However, the new Tax Codes Need rules state that taxpayers can deduct up to $300 (or $600 if married filing jointly) in cash donations. For taxpayers that already itemize deductions, there are additional tax benefits. The limit for deducting cash donations has also been suspended. Taxpayers can now itemize and deduct up to 100% of their adjusted gross income.   #3 Medical Deductions Reducing your medical expenses can help you with your tax bill. The threshold for claiming medical expenses as a deduction was set to be 10% in 2021, but that has now been lowered to 7.5% permanently. It will truly help you reduce your expenses. For example, if your adjusted gross income was $100,000 in a year, a 10% threshold would mean that you could claim any medical expenses that exceed $10,000. As for the 7.5% threshold, you can deduct any medical expenses that exceed $7,500. If you have a total of $12,000 in medical costs during 2021, you are eligible for a $4,500 deduction rather than a $2,000 deduction.   #4 Expanded Lifetime Learning Credit The Lifetime Learning Credit is a tax credit for tuition and other academic expenses. The maximum tax credit is $2,000, and the phaseout level is increased in 2021. From $59,000 to $80,000 for single filers and from $118,000 to $160,000 for married filers.  #5 Elimination of Tuition Deduction The temporary deduction for tuition fees is eliminated. This allows taxpayers to deduct up to  $4,000 to help them pay for higher education costs for themselves or their dependent children. However, you can’t claim both the tuition deduction and the Lifetime Learning Credit.   Conclusion These are just some of the tax codes you should look out for. Other tax codes are child tax credit and dependent care. Make sure to stay tuned for these updates in the different regulations and incorporate them into your clients’ returns. To make it easier for you to track your taxes, you can use a tax solution. Keystone Tax Solutions is the best professional tax software for tax preparers. Contact us for more information about the software.

In any accounting firm, there’s always that one Last Minute Client who fails to submit their paperwork on time. They rarely return your phone calls and emails, as if they’re unwilling to cooperate with you. This can be incredibly frustrating when it’s tax season, and you need to input and process all paperwork through your professional tax preparation software as soon as possible. Here are some tips for dealing with Last Minute Clients.   Send Plenty of Reminders Letting clients know ahead of time what deadlines are coming up and what documents they need to provide is important if you want to make them submit their documents on time. By sending your clients constant reminders, they’re less likely to drag their feet and delay their submissions. It’s best to write a list of all the needed documents and send them over to your client on a regular basis.   Use the Cloud If you want to make things more streamlined and efficient, especially when submitting accounting documents, use cloud-based accounting services. This will allow you and your Last Minute Clients to interact online whenever and wherever they are. Using an online tax pro software or a cloud-based accounting service gives your clients the option to upload documents anytime. If you’re constantly reminding your clients about their upcoming deadlines, they won’t have a hard time submitting all the necessary documents since it can all be done through the cloud.   Acknowledge the Perpetually Late As accounting professionals, part of your responsibilities is acknowledging that a certain percentage of clients will always rush in at the last minute, especially if tax deadlines are right around the corner. Having that attitude of acceptance towards these latecomers can help a lot to manage your stress levels and to avoid resenting your Last Minute Clients.   Remind Them of Fines and Penalties If it’s down to the wire and you’re still not getting through to your client, then it’s maybe time to use the fines and penalties card. The IRS can be quite effective in enforcing penalties and interests to late filers. Delayed filing of taxes due makes them subject to a failure-to-file penalty, which is typically 5% of the unpaid taxes for each month that the tax returns are late, not to mention the interest that goes on top of the penalties. The longer your Last Minute Client delays the submissions of documents for your tax preparation, the larger the penalties can get in the long run.   Offer to File an Extension on Their Behalf Ultimately, it’s up to you whether you want to encourage your client to file an extension. Depending on the situation, filing an extension may be the best option for you and your client. It’s important to still maintain a good working relationship with your client despite their shortcomings. Lead with empathy and give them the advice they need, so they can do what needs to be done. Your clients are less likely to disregard expectations when you approach them with authenticity and transparency.   Conclusion People are creatures of habit, and sometimes habitual lateness can be inherited by businesses. It’s up to you as accounting professionals to stay proactive in helping your clients meet their deadlines. It may be difficult at times to do this, but it’s all part of the job. Make your accounting and tax preparation processes more streamlined and efficient with the help of Keystone Tax Solutions. Our company is the leader in the professional tax preparation software industry, offering 100% web-based software for tax preparers. When looking for the best professional tax software, turn to Keystone Tax Solutions. Contact us today to get a free demo!

The annual the Deadline File Taxes is May 17, which means that it has long passed by now. However, that doesn’t mean that the opportunity to file taxes is gone for the rest of the year. Taxpayers who haven’t filed their taxes and didn’t request an extension should file right away to avoid penalties and keep the interest as low as possible. However, even if your clients don’t owe tax, it’s still crucial to file their returns sooner rather than later. Many people feel intimidated by the prospect of Deadline File Taxes, especially if they aren’t prepared by the time the deadline has passed. Luckily, with the help of software for tax preparers, you can convince your clients to get their documents together so you can file their taxes as soon as possible. Here is why your clients must file their taxes even after missing the deadline:   They Won’t Get a Refund While many people aren’t enthusiastic about paying taxes, one notable perk of filing tax returns is that they are eligible for tax refunds. Additionally, taxpayers won’t have to pay the penalty for late filing if they’re owed a refund. However, they won’t receive it unless they file, so it’s best to file as soon as possible, even if it is after the Deadline File Taxes. However, when you have clients that owe tax, they’ll also have to consider a host of other factors. Ideally, they should file a tax return or ask for an extension. They should also pay all taxes they owe before the Deadline File Taxes to avoid penalties and interest. However, in reality, that sometimes isn’t what happens; additionally, the request for an extension is also due by the tax deadline, after which penalties and interest take effect. The more time passes, the more expensive these will be.   The Sooner, The Better The IRS usually charges 5 percent of the tax amount owed each month that the taxpayer files the return late. However, this calculation applies only for filing up to five months after the deadline. After that, they will subtract the penalty for failing to pay from the overall penalty, accounting for other penalties, like failure to file. If you take more than 60 days to file your client’s taxes and pay them, however, their situation rapidly worsens. The minimum penalty they’ll pay is either $435 or 100 percent of the unpaid tax, whichever is lower. Additionally, the penalties add up very quickly, so your clients must know the importance of filing their taxes and paying right away, even if they can’t afford to pay the whole bill at once. The government enforces a penalty rate for failure to pay, which is 0.5 percent of the unpaid tax owed each month or part of the month. The penalty stops when the taxpayer fully pays what they owe or until they pay 25 percent of that is due.   They Have More Time Than They Think It’s important to note that even though the Deadline File Taxes has passed, the IRS says that some taxpayers still have time to file returns even if they didn’t request an extension. For instance, members who served in the military or are currently in a combat zone can qualify for an extension of at least 180 days to file and pay. Disaster victims who qualify also have more time to file and pay their returns. Lastly, support personnel in combat zones or in a contingency operation as part of the Armed Forces can request a filing and payment extension. Regardless, if your client has difficulty paying their taxes by the deadline, it’s crucial to coordinate with them to determine their options. Doing so will help them avoid the hefty penalties they will otherwise face. The IRS recognizes the various circumstances that can complicate a person’s ability to file, offering excellent solutions to your client.   Conclusion The importance of filing tax returns and paying them on time cannot be understated, but various people miss the deadline for different reasons. By encouraging your clients to take advantage of the various options available to them, they won’t have to worry about facing expensive penalties that can compromise their financial situation. Keystone Tax Solutions offers the best professional tax software for tax preparers that’s easy to use, affordable, and designed to grow your tax business. It’s entirely on the cloud, has unlimited customer support, and has no hidden fees. Try a free demo today!

The global pandemic has brought a lot of changes, and most of them are devastating. One of them is that Unemployment rates in the US have significantly risen in 2020 due to COVID-19. Still, there is light at the end of the tunnel because many people have received Unemployment Taxes compensation for the first time in 2020. Now, the question many have is if it’s taxable. So, Is it?   The Answer is… Yes, Unemployment compensation is taxable at a federal level, and most likely at the state level, if the total income is more than the minimum required to file. Keep in mind: taxable benefits for 2020 include Unemployment compensation under the CARES Act or the second stimulus package bill.   What Did the American Rescue Plan Do? Based on the American Rescue Plan, the first $10,200 of unemployment income for individuals who make less than $150,000 per year will not be taxable on the 2021 return. If your client is married, each of them is entitled to this for a combined total of $20,400. On the other hand, if you make over $150,000 or more, you won’t be able to take the exclusion.   But, What If Dealing With Clients Already Filed for the 2021 Tax Return and Didn’t Take the Exclusion? Let the IRS take care of it! This is because if this is the case, the IRS will refigure the taxes at the start of spring. There’s likely no need to file an amended return for Dealing With Clients to take the exclusion. In the case that Dealing With Clients overpaid, your client will receive an additional refund, or the overpaid amount will be applied to what they owed. With this, the IRS will directly send the additional refund to Dealing With Clients, which will start in May 2021. There will be two phases of recalculations—first, the IRS will work on single and married taxpayers who qualified for the $10,200 exclusion, and second, they will sort out the returns for taxpayers who filed married, filing jointly and eligible for the $20,400 exclusion.   What If Dealing With Clients Now Qualifies for an Additional Tax Credit? In this case, you will need to file an amendment for Dealing With Clients. On the other hand, if Dealing With Clients already claimed the credit but needs to adjust the amount based on the exclusion, the IRS will take care of this and calculate it. However, Dealing With Clients didn’t claim the deduction and is now qualified, they should file an amendment to claim the tax break.   How Can You Help Dealing With Clients Reduce What They Own on Their Unemployment? The first thing would be to help Clients check their withholding on their unemployment compensation. Next, let them withhold Unemployement Income Taxes as they would normally do with their regular income. In that case, Clients must fill out Form W-4V, Voluntary Withholding, and they can withhold up to 10%.   Conclusion Dealing With unemployment income tax is confusing to people who are not well-versed in taxes. That’s why you should know how to work on this to ensure you deliver the necessary help to your clients. Better yet, utilize tools and apps that can assist you in Dealing tax-related work. Make your job easier with the best professional tax software from Keystone Tax Solutions. Get a free demo today!