Tax accountant services in Lamar Colorado at Cash Tracks Financial Inc.

Tax Accountant In Lamar Colorado

Paying taxes is something that affects everyone doing business and earning an income.

However, unless you are well-versed in accounting, tax preparation, and filing taxes, it may seem rather daunting. But you don’t have to worry about your tax compliance when you have a professional doing that all for you.

A tax accountant can help you through the process of paying your taxes and filing tax returns, and can provide advice to help you meet your financial goals.


What Is A Tax Accountant?

A tax accountant is a financial expert in the field of taxes. Tax accountants help individuals, businesses, and corporations with tax filing and handling of tax payments. Unlike other accountants, they deal primarily with tax laws, although they can handle any general accounting duties too.

A tax accountant holds a minimum of a bachelor’s degree in accounting and specializes in tax law. They understand the government’s rules and regulations determining the money owed to federal, state, or local agencies.

They can advise you about your taxes, prepare your documents, and help you file your taxes on time.

What Does A Tax Accountant Do?

The duties of a tax accountant depend on whether the client is an individual or a business. A tax account understands these differences and will ensure that you are not only tax compliant, but also that you pay your taxes in a timely manner.

Personal Taxes

If you are an individual looking for help with your taxes, tax accountants assess your income, investment gains or losses, tax-deductible donations, and any qualifying deductions. They will help you manage your tax forms and file your taxes and tax returns.

Business Taxes

For a business, tax accounting is more complex. There will be more criteria to consider and the rules governing what is, or isn’t, tax-deductible will also differ. A tax accountant helps to ensure that all of your business’s taxes are in order and comply with the relevant regulations.

Tax accountant responsibilities can also include creating budget plans, organizing financial records, and examining financial statements so that they can best advise their clients.

Why Should I Use A Tax Accountant?

Whether you are a business, small business owner, freelancer, or someone who earns a taxable income, you can benefit from the services of a tax accountant.

Tax laws can be quite complex and the average person is not aware of the intricacies of tax laws.

From self-employed individuals to major corporations and all the business entities in between, the fact is that everyone needs tax accounting.

Those of you who are employed may leave it up to your business to handle certain deductions. A self-employed freelancer, though, is personally responsible for paying all their taxes.

Hiring a tax accountant ensures that you are doing your taxes properly. This is important for both businesses and individuals. There are stiff fines and serious penalties for tax evasion and fraud.

So, don’t let inadequate knowledge about taxes impede you in your financial responsibilities. Trust a tax accountant to keep you on the right side of the law.

Tax Accountancy Applies To Everyone

Regardless of whether you are self-employed, employed by others, or the employer of others, you have to pay income taxes. However, the business category in which you are and the revenue you generate affect what you will be paying. Your taxes due will also be affected by the costs of running a business.

In the US, you generally need to pay around 7.65% of your income for FICA tax, whether you are self-employed or employed by a company. Medicare and Social Security taxes are payable by everyone living and working in the US.

Some contributions you make that are unrelated to your business, for example, pension and retirement funds, are tax deductible. There are limits to some of these qualifying deductions. A tax accountant will be able to advise you about that.

Should Tax-Exempt Organizations Use A Tax Accountant?

Even a tax-exempt entity like a charitable organization has to file annual tax returns. This is to show the IRS what incoming funds, grants, and donations they have received, as well as how those funds are used. A tax accountant can help you with this process.

Is Using A Tax Accountant A Legal Requirement?

It is not a legal requirement for individuals to use a tax accountant. It is, however, a legal requirement to pay your taxes. And unless you are knowledgeable about tax laws and how they affect you, you would be better off trusting a tax accountant to assist you.

This is especially true of self-employed individuals. A tax accountant can advise you about tax deductions that apply to you and your unique circumstances. Certain expenses that you incur while self-employed may be deductible. If you work from home, this is particularly relevant.

Similarly, a business may not be legally required to use a tax accountant. However, due to the complexity of a business’s financial records, it is highly recommended.

How Does Tax Accounting Differ From General Accounting?

General accounting covers all aspects of your financial records to some degree. Tax accounting focuses on the transactions (incoming or outgoing) that affect your tax burden.

Tax accountants calculate the taxes you have to pay, and prepare the tax documents for the receiver of revenue. In the United States, this is the IRS. They’re charged with regulating taxes. This includes ensuring that tax accountants, businesses, and individuals are all adhering to the government’s tax laws.

The IRS benefits from you using a tax accountant’s services because the taxes returns are filled out correctly. However, that is not the main reason to use a tax accountant. There are many tax savings you may be missing out on, simply because you lack the knowledge and experience that a tax accountant offers.

Hire Your Lamar CO Tax Accountant At Cash Tracks Financial Inc. Today

Do you need advice about your tax obligations or help with filling in tax forms in Lamar Colorado? Hiring a tax accountant is one of the most sensible decisions you can make if you’re not sure how to manage the tax process yourself. You will benefit from the services of our licensed and experienced tax accountant at Cash Tracks Financial Inc. for your personal and/or business taxes.

Cash Tracks Financial Inc.
117 W Beech St
Lamar, CO 81052
(719) 336-8739
Latitude: 38.08908
Longitude: -102.62024


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