Tax Preparation Tips 2023

Although it comes every year, tax season always seems to sneak up on us when we are unprepared. With a few simple organization tasks, however, staying ahead on your taxes can be easy. The best thing to do is hire a professional EA or CPA to help you handle your taxes and annual finances. Torchlight Tax provides professional tax services in Las Vegas  for individuals, couples, and businesses of all kinds. Other tips to stay organized during tax season from our EAs and CPAs  include:

  • If you have a business, have a separate business bank account. Put all business income into that account. Pay all business expenses out of that account. Keep track of all your expenses by using the bank account as above.
  • If you have any business income not deposited to the account, you will have to keep a record of it.
  • If you do this, you need not keep all receipts for business expenses as you have the bank records. The IRS accepts these. Make sure you do keep records where the payment did not come out of the bank account.
  • Document charitable donations (this is a common deduction many people forget about).
  • Contribute to an IRA or retirement plan.

If you’ve waited until the last minute to file your taxes, don’t waste any more time by desperately searching for “tax preparation near me.” Simply contact Torchlight Tax and we will help you file accurately and quickly. Tax season can be overwhelming, but won’t be if you simply contact Torchlight Tax. Our highly trained  EAs and CPAs  are experienced in tax preparation and tax law and will maximize your tax savings without cheating or putting you at risk.

Also, if you are in a bind and cannot file on time, contact us. If you plan to use us to do your taxes, we are happy to file an extension for you at no charge. This handles 90% of any penalty in most cases.

You will also be provided with tax and financial advice to carry you through the next year. Getting and staying organized is the best approach to healthy finances. We can help you on this. Please contact us.

Call us at 1-877-758-7797 or 702-463-1818 or email us at info@TorchlightTax.com. We can transfer your call to a branch office near you or help you directly from our central office.

The Torchlight Process

Here is how the process works at Torchlight Tax:

    • You will be carefully interviewed at the start of the tax preparation process to uncover any deduction or credits you might not be aware of. This can be done in a virtual interview, on the phone, or in person.

 

    • Your tax documents can be sent electronically, dropped off, or mailed in.

 

    • Your prior year’s tax return will be reviewed to make sure nothing is missed and to use as a starting point in your current year’s taxes.

 

    • An EA or CPA will do your tax return. In addition to accurately entering the data, he will be looking for any possible tax savings.
    • Additional questions may be asked you in searching for tax breaks.

 

    • Once the return is done, a second EA or CPA will side check the tax return, and asking himself “Are there any other possible tax savings?”

 

    • Once the return has been perfected, with the maximal tax benefit for you, you will come in, sign the e-file authorization form, pay the fee, and your tax return will be filed electronically with the IRS.

 

    • At this point, if you need IRS Representation or IRS Debt Negotiation, we will advise you on your next step. We are a full-service tax firm, and, unlike most EAs and CPAs, much less licensed tax preparers, we are intimately familiar and experienced with the ins and outs of IRS Representation.

 

  • We will also advise you of tax savings strategies for the new year and answer any questions you may have.

We go through this very thorough process every time we do a tax return. Your tax return is done right and double-checked. Some may think this takes extra time, but they would be incorrect. Making mistakes on tax returns or leaving clients with unanswered questions or concerns is what takes extra time.

Also, our job is also, in addition to legally saving you money, is to make the tax process as pleasant and painless as possible. Advising on tax savings strategies is part of this. Advising you of how to handle a tax debt and handling your questions is part of this.

Unlike the big franchise tax mills, we are here to answer your questions year round. We look forward to hearing from you.

Call us at 1-877-758-7797 or 702-463-1818 or email us at info@TorchlightTax.com. We can transfer your call to a branch office near you or help you directly from our central office.

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    Why Torchlight Tax

    Many people do not know how a professional tax and accounting firm differs from a bookkeeper or tax preparer. The main difference when working with a professional tax and accounting firm, such as Torchlight Tax, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from bookkeepers and other tax preparers by stringent qualification and licensing requirements. Our entire team has a purpose to legally save your tax dollars and to make taxes as painless as possible. This means we take your calls and respond to your concerns. If you receive a threatening IRS call or Notice or are worried about some tax question, we are here for year round taking your calls and responding to your emails.

    Upgrade to a full-service Tax Firm

    Whether you are filing personal, small business, or corporate taxes, or negotiating IRS tax debt, if you are not already using a professional Tax, Accounting and IRS Representation firm, you most likely have missed out on major tax benefits. This is because a professional tax and accounting firm utilizes licensed professionals such as Certified Public Accountants (CPAs), EAs and Attorneys, who can not only advise individuals on personal financial matters but who can also advise businesses and corporations of all sizes and types. Tax laws are complicated, and no one knows everything. Torchlight Tax is a team and any one of our tax pros can call on other EAs, CPAs and Tax Attorneys in the team who may have specialist knowledge in a specific area of tax.

    Amendments

    When doing current taxes, we often come across missed tax savings from prior years. When this happens, the Internal Revenue Service allows you to amend your taxes and lower your tax liability. Whether you or your prior tax preparer missed a W-2 or 1099, a revised 1099. large charitable donations, or made some other error, amending your tax return can help you recover the money you are rightfully owed. When we find this situation, we will advise you on potential savings and amend the previously filed tax return.</p”>

    Sometimes, there may be a situation where a tax return could be amended, but it is too late to receive any benefit. Or maybe you made an error that was missed by the IRS that would have increased your tax liability. In some cases, it is prudent to file an amended return. But if it is not necessary and will not save you any money or decrease your risk, we will tell you not to bother. It is silly to amend a return to no advantage which is too old for the IRS to audit. Some firms might file a bunch of unnecessary tax returns and charge a fee. Sometimes a taxpayer himself might increase his tax liability by filing an unnecessary amendment that increases his tax liability. We will not do this.

    Amending a tax return requires more professional acumen then doing it right in the first place. At Torchlight Tax, we do file the tax return correctly the first time. And we will happily amend your tax return, but only if it actually is to your benefit. If you think you might need to amend tax returns, contact Torchlight Tax for a free consultation.

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