Taxation--It Shall Not Consume You When You Have the Right Tax Advisor and Preparer at Your Side!
Tax Advisor and Preparer
Taxes are one of the single most dreaded topics of life! As the saying goes, the only things assured in life include taxes and death. Taxation includes not only income and gains taxes, but also employer related payroll taxes and sales and use tax on tangible (and, sometimes, intangible) goods, property tax, franchise taxes and fees, etc. No doubt, taxes are an incredibly complicated and deep-reaching subject. Without sufficient knowledge and guidance, you can easily find yourself facing hefty costs due to non-compliance, including with taxes you may not even realize exist. Tax advisory and preparation is critical to your role as a small business owner and taxpayer.
Tax planning and preparation can become quite complicated, rather quickly. The Tax Cuts and Jobs Act of 2017 (TCJA) proved to be the most dramatic tax reform in over 30 years, introducing a mind boggling number of changes that impact virtually every single person filing a tax return. The changes are numerous, the IRS has remained overwhelmed in implementing changes pushed out by Congress, and all taxpayers face changing tax laws (some temporary, others “permanent”). Many of these changes are going to sunset at the end of 2025 without intervention by Congress, which must include significant tax planning.
Tax planning is a proactive approach to understanding and managing financial affairs relative to taxation. Tax preparation is merely reactive to what has already occurred. Do not forego tax planning only to be caught by surprise, or give up potential tax benefits.
Would you not prefer to work with a tax advisor and preparer that understands the most relevant and important changes to the Internal Revenue Code as well as the multitude of State tax codes? Having a competent tax advisor and preparer can help put your mind at ease
Astonishing Tax Fact
When the Revenue Act of 1913 was enacted, it totaled just 16 pages. As of 2022, downloading a PDF of Title 26 from the U.S. House of Representatives’ website, which represents only the Internal Revenue Code, constitutes an absolutely mind boggling 87,055 pages on 8.5 x 11″ paper. Yes, EIGHTY-SEVEN THOUSAND pages!
Let’s put that into perspective. A 500 page 20# ream of paper weighs 5 pounds and is 2.047 inches thick. If printed in its entirety, the Internal Revenue Code as of February 2, 2022 would require nearly 871 pounds of paper with a total thickness of 29.7 FEET. If placed in 5″ binders, you would need 88 binders and the total width of those binders would occupy nearly 37 FEET of shelf space. That is nearly equivalent to the height of a four-story building!
Are you sure you want your taxes in the hands of anyone but a professional?