There are two business connections you never fail to nurture: relationships with your lender and tax preparation service.
These professionals keep your finances tracking in the right direction, so your business makes a profit. Plus, lenders and tax preparers routinely offer financial advice, so your business doesn’t end up in the red.
Because we want you to be ready for the upcoming tax season, we put together a list of the best tax preparation service providers. Additionally, we’ve included suggestions to help you choose the best provider for your business.
By the time you finish reading this post, you’ll have the information you need to select a professional to prepare your taxes.
The top 5 tax preparation service providers
This list summarizes the services and specialties, pricing, and other information about each provider. Click on the link to find out more about each provider or to make an appointment.
1. Toro Taxes
Minority-owned and operated, Toro Taxes has 100 locations across the nation. In addition to tax preparation services, Toro Taxes offers life insurance and roadside assistance policies.
They specialize in helping you prepare your tax returns in a fast and accurate manner.
At Toro Taxes, you’ll be able to access these services both in English and Spanish.
Use their online locator to find a Toro Taxes office near you.
New and existing clients can ask for a free, no-obligation estimate since their pricing is based on the types of forms required.
2. H&R Block
Founded in 1955, the company has 12,000 retail offices worldwide, inclusive of all 50 US states. H&R Block offers personalized service, whether getting tax help online or in person. The company employs more than 80,000 highly-trained professionals with over 12 years of experience and hundreds of hours of training.
They have small business solutions that can help you with all your tax, finance, and accounting needs.
Roughly 20% of the tax preparers are bilingual.
Use their online locator to find an H&R Block office near you.
In 2020, pricing starts at $69 and goes up from there, depending on the tax return’s complexity.
Located in Walmart stores and other places, Jackson Hewitt has tax pros in nearly 6,000 locations in the US. They can help you file your taxes or get tax relief when you owe back taxes. For your convenience, many offices are open late and on weekends. Once you set up an online account, you can upload and organize tax documents so the tax pro can get started on your tax return.
They specialize in helping you file or fix tax debts.
Use their online locator to find a Jackson Hewitt office near you.
Jackson Hewitt’s Premier Option starting at $49.00 is suitable for self-employed individuals, investors, and other filers with complex returns.
Offices are located nationwide, offering personal tax consultants for individuals and businesses. Accuracy is guaranteed, and if mistakes are made and cause IRS penalties and interest, Liberty Tax Service will refund those amounts. Tax pros complete returns for small, medium, and large businesses and provide Hispanic services at numerous locations in the US.
They specialize in helping you file your taxes.
You can access Liberty Tax Services both in Spanish and in English.
Use their online locator to find a Liberty Tax Service office near you.
Premium pricing begins at $44.95 for anyone with self-employment or less common forms of income and related business deductions.
In addition to the four retail tax preparation offices just mentioned, you can hire a tax pro near you through the NATP. Professionals are educated, ethical, and experienced and located in all 50 states. Furthermore, NATP members receive the resources and knowledge to prepare their clients’ returns. They also advise on tax matters and minimize tax liabilities.
This great service allows you to find a tax preparer that fits your specific needs.
Pricing varies based on each tax preparer’s experience and expertise, as well as the intricacy of each client’s return.
How to choose a tax preparation service
When you choose a tax preparer for your business, you don’t look at a list of providers and select one at random. Instead, you match a tax preparation provider to the needs of your specific business.
Here are tips you can use when making that decision.
Experience of tax preparer
In 2020, there have been numerous changes in the tax laws due to the COVID-19 pandemic. For that reason alone, someone who takes continuing education courses relating to changing tax laws is a better candidate than someone who doesn’t.
The complication of your tax return
As a small business owner, you must decide how complicated your tax return is to know which type of professional is more suitable.
A Certified Public Accountant passes a rigorous exam to obtain their license. They are well versed in a variety of technical and business topics and are accountable to state boards for their work.
Non-credentialed tax preparers are competent and knowledgeable but aren’t regulated at the state level.
At any time, your business records could be audited by the IRS. Enrolled agents, CPAs, and attorneys can represent their clients when discussing audits, collection issues, and appeals. Non-licensed tax preparers cannot.
One service can’t guarantee a larger refund for your business over another when using the same information to prepare your tax return. So beware of a provider making such claims.
Some tax preparers excel in completing returns for pass-through entities while another’s specialty may be tax-exempt organizations. Ask a tax preparer if they have tax preparation experience in your particular business industry.
Ask for a copy of the tax preparer’s pricing information. Find out if they charge to fix mistakes and what they consider as extras for which they charge separate fees. This will allow you to find the tax preparer that fits your financial situation.
Getting Help at Tax Time
Ask a small business owner what task they dread, and most would say completing their tax return. It turns into a chore when you aren’t sure which tax forms to use, the deductions to take, or when to file your return on time.
Finding the right preparer feels like you struck gold.
A tax preparation service provider does all the busy work, so you don’t have to, they also make the process seamless so that you stay on top of your taxes. An added advantage is having an ongoing relationship with them to sort out financial difficulties throughout the year.
Likewise, you can contact Camino Financial at any time to apply for a small business loan or microloan. We’re here to walk you through the process and make recommendations along the way to help you achieve your business’s financial goals. We believe in our motto, “No Business Left Behind”, and do everything we can to help your business thrive.
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