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Tax professionals are able to collect preparation fees directly from taxpayer’s refunds and may also be eligible to offer taxpayer cash advances when using 123 Income Tax Software.
The Internal Revenue Service requires different tax forms and schedules for every small business category. Before choosing the software that you will use to file your own business taxes, you need to know which forms your tax return requires. Having these forms on hand helps you keep accurate records and organize your business income and expense receipts during the year. Review state tax forms for small businesses in advance as well.
Whether you are an independent tax professional or a CPA working in a large firm, you want to make sure you are using the best professional tax software available. You want software that meets your needs and, above all else, the needs of your clients. As a dedicated tax preparer taking the administrative and logistical burden off of taxpayers who simply don’t have the time or means to carry it themselves, you want to have tax software that provides a high security and efficiency level.
Tax preparation requires constantly keeping abreast of changing tax laws, which have become more difficult in the past two years with the effects of COVID-19. Last year, the federal and state governments have extended filing deadlines, mailed stimulus checks and other forms of aid, and allowed for deferred employer payroll taxes. The tax landscape has changed drastically, but the best tax software will always hold high value under the most volatile economic circumstances.