Tax preparation is a task few look forward to with great anticipation. Most people may wish to avoid it altogether and hire someone to do it for them. For many businesses, it is a necessary expense, as the complexity of dealing with taxes, from the personal income tax of the owners to the corporate or partnership filing of the entity itself can be time consuming, distracting and an activity that contains many risks.
You can make mistakes and pay too much tax or, in the converse, make an error that could result in a determination by the IRS of a tax delinquency, which frequently comes with penalties and interest. Most people and businesses are interested in receiving a good deal and probably shop for tax preparation based on cost. Be certain, when you do that that you are comprehensive in your view of cost.
Identity theft of personal information that facilitates the filing of fraudulent tax returns is a very large business. Not only do you have to safeguard your information while it is in your custody and control, and be wary of preparation services that could steal your information, but you also have to worry that those third-party preparers are protecting your personal information.
For a business, finding a reliable and trustworthy tax advisor may be your best choice. A tax professional that knows your business and is interested in seeing that you avoid any negative consequences related to your taxes, from paying too much to ensuring all of your business taxes, like payroll, property, excise, transfer and severance taxes in Michigan, are accurately calculated and paid.
Source: washingtonpost.com, "Singletary: When hiring a tax preparer, choose wisely," Michelle Singletary, February 2, 2016