Alex Zorab is a certified public accountant and a partner at First American Tax Services in Chicago. In these articles, he shares some of his expertise and explains how to ensure your tax returns are as accurate as possible.
How Hiring an Accountant Will Save Money on Taxes
Accountants and CPAs know about deductions and tax credits that individuals who don’t work in the industry would have know way of knowing about, which is just one reason why hiring a tax pro to help with your return can save you money.
Why to Hire a Local Accountant
Hiring an accountant who works in your state will give you an advantage come tax time, since it’s generally easier to communicate with a professional who you can meet with in person.
How to Find a Tax Professional You Can Trust
Word of mouth is the best way to find an accountant, since almost everyone knows someone who has had a great—or awful—experience with a CPA at one point or another.
Preparing For Your First Meeting With an Accountant
Before meeting with a new accountant, it is important to gather all the right documents to keep the meeting on track. Here is a guide to the most important things to bring.
Important Tax Terms to Know
Whether you are working with an accountant or handling your taxes on your own, here are some of the most important terms and phrases to know when it comes to federal income taxes.
Pros and Cons of Tax Prep Software
People think tax prep software will save them time and money, but that just isn’t the case. This article explains the pros and cons of using online tax programs to file your annual returns.
Which Tax Records Do I Need to Keep?
Opinions vary on how long individuals should keep their records, and which of those records to keep. The When space isn’t an issue, however, it is best to keep as many documents as possible for as long as possible, or at least a minimum of seven years.
Most Overlooked Tax Deductions
Working with a tax professional is the only way to make sure you won’t overlook any key deductions that could save you thousands come tax time. A few of the most common tax deductions that people overlook are education credits and energy savings deductions.
What You Should Know About Education Tax Credits
Most parents these days don’t know all the education tax credits they qualify for, mainly because the qualifications and requirements are changing so quickly. Here is a brief explanation of how much money you may be able to save by claiming education tax credits this year.
Can I Deduct My Home Office?
Just because you legally can deduct your home office does not necessarily mean you should. A home office deduction is a red flag in the eyes of the IRS, which is why many accountants discourage clients from claiming this deduction on their federal returns.
Tax Incentives for New Homeowners
The federal government has released a bevy of tax incentives for new homebuyers in the past few years. This article explains what a few of the most popular incentives really mean to individuals.
How to Reduce Your Chances of an Audit
Working with a qualified CPA is the best way to decrease your chances of getting audited, since tax professionals know which deductions trigger red flags with the IRS.
What to Do If You’re Selected for an Audit
Being chosen for an audit by the IRS doesn’t have to be the end of the world. Hiring a CPA immediately is one easy way to lessen the burden of putting together the documentation needed to prove your case.
What Should I Do If the IRS Has Filed a Lien Against Me?
If the IRS has filed a lien against you, there is no time to waste in getting the situation straightened out. Here is a step by step guide to getting through this difficult process.
Do I Owe Estimated Taxes?
If you owe estimated taxes, it is important to make those payments on time in quarterly installments. If not, you could end up with penalties by the IRS. Here is an explanation of who needs to pay estimated taxes and how to estimate how much you should pay.
Who Should Handle My Payroll Taxes?
Filing payroll taxes and making estimated payments can be difficult for any company that does not have its own accounting department. Luckily, CPAs are available to take off some of the financial burden of running a business.
Can I Fight the IRS In Court?
Anyone who has the proper documentation and can prove that the IRS is wrong in its financial assessment of a situation can, and should, try to prove his or her case in the court of law.
Settling Past Tax Debt
Just because you failed to pay taxes in the past does not mean you can get away with it now. The IRS automatically files tax returns for individuals who fail to file on their own, and they are most likely keeping a tab on how much you owe.
