Accounting: Maximizing Tax Reform Kentucky Business & Economic News

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• In some cases, we receive a commission from our partners; however, our opinions are our own.
• With a flat fee of $190 per month, Merritt Bookkeeping received a perfect score for pricing.
• Andrew is proud to have participated in the IRS Registered Tax Return Preparer program from 2012 until the IRS retired it in 2015.
• The list of products below is based purely on reviews and profile completeness.
• Its explanations of both simple and complex tax topics are conversational and comprehensible, and it provides multiple layers of help on its path through IRS Form 1040.
• As always, though, they had to incorporate changes made to the US tax code, which could affect your refund.

Once the business forms are filed for a partnership, LLC, or an S-Corp, each owner or partner receives Schedule K-1, which details their share of income to report on their personal tax return. Independent contractors and employees of the business itself will also receive the forms needed to fill out their personal tax returns. Second, preparing and filing online might reduce your tax obligation since these sites are trained to dig deep for deductions, hopefully boosting your refund. Online tax services are thorough and guarantee accuracy, helping you avoid being audited by the IRS. Finally, tax website developers continue to offer more ways to connect to tax professionals virtually so they can help you complete and file your return—or even take on the entire task for you. Its help resources are excellent and always contextual, which can be of benefit to both novice taxpayers and longtime filers as you learn whether you owe money or get a refund.

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Some tax prep sites offer to connect you to a tax professional via chat, phone, or screen-sharing. H&R Block offers unlimited professional support for free this year, and TaxSlayer Self-Employed allows you to ask a question of a tax pro by email, but it can take at least one business day to hear back. Sometimes, a friendly and understandable user experience isn’t enough, so tax websites offer online assistance.

For example, you can’t file in multiple states or have foreign-earned income. Wave does not directly integrate with any e-commerce platforms, but you can still connect them using Zapier. Along with offering the typical outsourced bookkeeping services, AccountingDepartment.com provides outsourced controller services.

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There are many factors to consider, such as if they can handle the accounting tasks you want to outsource and offer the services you need—at present and in the future—at a cost you can afford. You will also want to take into account which accounting method the bookkeeper uses and how often you will communicate with them. Other questions to outsourced bookkeeping solutions consider include whether the service can accommodate your accounting software and if you will require catch-up bookkeeping services. We suggest reading our guide on how to choose a virtual bookkeeper for the step-by-step process. It also lacks a couple of important bookkeeping features, including full-service payroll and paying bills.