With the availability of do-it-yourself tax software, many wonder if hiring a tax preparer or purchasing the software is the right option for them. Every situation is different, and everyone’s taxes are unique. Some may feel secure enough in their knowledge of taxes, deductions, and numbers to use the software while others find the very idea of taxes daunting and overwhelming.

Large tax savings can occur when you have an expert professional tax preparer, like the EAs and CPAs at Torchlight Tax. One of our new clients did not know that by filing an S Corporation election, he could have saved $13,000 on a prior year’s tax return. Neither did his prior tax preparer. Their tax software, while capable of filing the election, could not tell them to file it. In this case, fortunately, they came to Torchlight Tax. We were able to amend the earlier tax return and retroactively file the S Corporation election, saving our new client $13,000. $13,000 will pay many years of tax preparation fees!

There are a few factors that can complicate taxes and deductions. As a rule, if you have any of the following situations, hiring a professional tax preparer in Las Vegas, such as the EAs and CPAs in Torchlight Tax, will ensure that you do not miss tax deductions or tax credits or make mistakes that could result in an IRS audit.

In the following situations, hiring an EA or CPA is likely prudent:

  • Business Owner – Owning a business, big or small, comes with numerous complex tax rules and elections that you may want to discuss with a professional. There are several ways to write off business expenses. A professional tax preparer, like the EAs and CPAs at Torchlight Tax, will not only be able to assist with your current taxes but will be able to advise you on the best possible strategies to maximizes your future tax savings.
  • Major Life Events- Major changes during a tax year will affect how you file. These can include buying or selling a home, buying, or selling a business, inheritance, adoption, divorce, death of spouse or dependent, etc. There are certain rules that apply to each unique situation that can be more difficult to navigate without a professional’s help.
  • Multi-state Residency or Employment- Living in one state and working in another or moving across states mid-year can present some challenges with state income taxes. A tax professional will help you iron out the wrinkles and will help navigate the allocation and residency issues that can arise in living or working in multiple states.
  • Foreign Assets- If you have assets in any foreign country, the IRS requires that you report it. There are special forms to file as well as deductions for any eligible expenses. A tax preparer, such as the EAs and CPAs at Torchlight Tax, will be able to accurately calculate exchange rates as well as help on the red tape that comes with foreign assets.
  • Mistakes on Previous Taxes- If you have made mistakes on your tax returns, you have three years to amend them, minimizing the damage. A professional tax preparer can help correct and file an amended tax return before major consequences occur.

The Torchlight Process

  • 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 question 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.

Free consultations are available.

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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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