Question

We live in an age where more people are obtaining an associate’s or bachelor’s degree than ever before. In your opinion, should most business owners complete their own tax return or seek help from a professional? Why?

Answer 1

(Q) We live in an age where more people are obtaining an associate’s or bachelor’s degree than ever before. In your opinion, should most business owners complete their own tax return or seek help from a professional? Why?

(Ans) Actually,the opinion depends upon the size and nature of business we do.The answer could be to seek help from a professionals like CPAs when the business involves many complex tax computations and legal issues because the owners of those business may lack several facts and knowledge about tax implications.In that case experts like CPAs are there for the help because they always updates the new tax rules and procedures.Enrolled preparers are registered with the IRS and can sign tax returns and help with tax audits. Unenrolled preparers can't do either of these things. An accountant who is not a CPA is considered to be an unenrolled preparer.CPAs are accountants who have passed a licensing exam in the state in which they practice. CPAs can deal with accounting and payroll issues in addition to tax issues.

You can always attempt to do your own taxes, or you can use business tax preparation software. Ultimately, whether you can successfully pull it off depends on your business type, its complexity, and your tax experience.It can be tempting to try to save some money by preparing your business taxes yourself. Maybe you've been paying tax professionals for years and you're starting to wonder about the expense, or you just launched your new business this year.We should ask our self if really understand tax law and honestly assess whether you know what forms you must submit with your return, when you must submit your return, and how you're legally entitled to shave some dollars off your tax liability. Make sure you understand all the implications of recent tax law changes.