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Tax Preparer Choices for Business and Personal Taxes

Tax preparation suggestion by CPA Wilmington NC firm

If you need a CPA tax preparer, please call us at 399-2705 for a free initial consult

With the plethora of tax preparers in Wilmington NC, what is your logical choice?  It depends. 

For Business Tax Returns: IRS Form 1065, IRS Form 1120, IRS Form 1120S:  Partnerships, C Corporations, S Corporations and/or LLC

Unlike low to moderate level Form 1040s, where the IRS tries to make self preparation possible, these business tax returns are complex.  Frankly, and the remainder of the post should show we’re not being self serving here; these deserve to be handled by a CPA.  Specifically us, if you don’t already have a local Wilmington NC CPA tax preparer. 

Intuit TurboTax does have a stand alone business version.  Handles Form 1120, Form 1120S and Form 1065.  The software is excellent: low end CPA tax preparer quality, as you would expect with a parent company like QuickBooks.  But you have to know and understand the underlying taxation.  The cost of TurboTax isn’t cheap either

Low to Moderately Complex Personal Form 1040 Returns:  Try Online Self Preparation

We don’t reccomend the chain retail outlets like Zip-Zap, Liberty Tax, H&R Block, Jackson Hewitt etc. Why?  Because you can do the same thing yourself, cheaper, using their online or computer versions.  H&R has TaxCut.  QuickBooks has TurboTax.   Jackson Hewitt has Jackson Hewitt Online.  Places like Liberty Tax have to rely on their software, which is excellent, rather than the expertise of their tax preparers.  For online, tax preparation you’re probably getting the same software.  And maybe the same quality tax preparer!  But the chains offer convenience and quick turn around. 

TaxFree is an online IRS program which is free if your Gross Income is less than $53,000.  Free is always better than paying.  It supports E-File for faster tax refunds.  And the IRS knows taxes, so a tax audit is less likely if the data is correct.  Look for:

  • An interview mode that guides you through the process. 
  • A service that doesn’t charge you up front.  TurboTax only charges you if you decide to file through them, so the tax preparation aspect is free.  If you’re uncomfortable, you can seek professional help.
  • Fee amounts under $50. 
  • E-File ability for fast tax refunds.

 TaxMasters, Roni Deutch, JK Harris

All three of these firms have governmental lawsuits against them.  I think their TV ads for IRS tax resolution are an indication of these problems.  The state of CA is seeking a permanent injunction against Roni Deutch, and $23 Million. Texas is going after TaxMasters.  And our own NC Attorney General nailed JK Harris.  So your local CPA Wilmington NC is more effective (because we actually do the work), less expensive and more ethical for tax resolution and tax preparation.

Payroll Service: Form 941 Tax Preparation

While we offer full  payroll processing services, we try to make companies as self sufficient as they care to be.  And then offer ongoing payroll service support if and when needed.  Lots of CPAs offer payroll software programs on their websites.  Payroll and related taxes lend themselves to step by step procedures that change little over time.  ADP, PayChex and even QuickBooks are expensive, especially when you do most of the work like gathering all the payroll data.

We can help you claim a payroll tax refund if you missed out on the Hire Act of 2010. 

Lack of organizational skills and poor cash flow are the more common reasons for clients to use a payroll service.  Payroll complexity, in my experience, isn’t as big a factor as one might expect. With ADP, for example, you pay all related taxes up front.  But your CPA can help you think in terms of Gross Pay plus taxes, instead of Net Payroll, which is how companies can run into trouble with cash flow.

If you would like a free initial consult with a Wilmington NC CPA tax accountant, please consider calling us at (910) 399-2705.