Allied Accounting Frequently Asked Questions
Why do I need an accountant?
At Allied Accounting & Tax Service, Inc. we know that all too often the search for an accountant begins when the business owner finds himself or herself in a bind, especially around tax time. Almost every business owner, whether the business is big or small, finds that they will eventually need to find the best accountant advice they can get. In truth, it is far better to find accountant services at the outset of a business endeavor; one should never wait to the last minute to find a qualified local accountant to assist with business tax planning and management. The key to keeping any business functioning properly is to keep a tight rein on the financial aspects of the business.
Our business is here year around, working with small businesses. We offer complete payroll services as well as full charged bookkeeping, year-end balancing and net worth mapping.
What are some of the advantages of a professionally prepared tax return?
- Makes use of knowledgeable, professional advice and expertise in order to take advantage of all current tax laws and tax planning
- Reduces the possibility of an IRS audit
- Professional appearance, computer generated and accurate
- Financing of home or business borrowing may be easier with professionally prepared tax returns
- You gather the data, bring it in for a meeting with one of our professionals and leave the preparation and electronic filing to us
- No hassle, no headaches
- You do not have to deal with the IRS in an audit
What is alternative minimum tax?
There are actually two parallel systems or ways of calculating tax liability. One is "regular" tax and the other is "alternative minimum" tax. Alternative minimum tax (AMT) really isn't an "alternative". It is a mandatory tax that is only paid if it exceeds the regular tax liability. Congress introduced AMT into the tax code in 1969. The purpose of AMT is to shift some of the tax burden to taxpayers with substantial income who would otherwise avoid a tax liability through excessive deductions, exclusions and credits.
What are the advantages of electronic filing of tax returns?
There are several advantages for e-filing. Your refund gets to you faster; there is electronic proof of the return being received by the IRS. In our office e-filing is not an extra charge and you have more security.
