Asheville Tax Planning and Preparation

Asheville Tax Return Preparation

We live in an increasingly do-it-yourself world, with access to tax information through the internet, and with technology seemingly designed to make our lives easier, we all want to take more control and save more money. However, as a small business owner, it is important to remember that the benefits of having a professional handle your taxes could end up saving you much more than the fees charged.  

Consider these interesting facts from the Internal Revenue Service:

The most serious problem facing taxpayers today is the complexity of the Internal Revenue Code. 

According to a TAS analysis of IRS data, U.S. taxpayers and businesses spend about 7.6 billion hours a year complying with the filing requirements of the Internal Revenue Code.  And that figure does not even include the millions of additional hours that taxpayers must spend when they are required to respond to an IRS notice or an audit.  If tax compliance were an industry, it would be one of the largest in the United States.

Since the beginning of 2001, there have been more than 3,250 changes to the tax code, an average of more than one a day, including more than 500 changes in 2008 alone.

The Code has grown so long that it has become challenging even to figure out how long it is.  A search of the Code conducted in the course of a recent report turned up 3.7 million words.

The CCH Standard Federal Tax Reporter, a leading publication for tax professionals that summarizes administrative guidance and judicial decisions issued under each section of the Code, now comprises 25 volumes and takes up nine feet of shelf space.

Phase-out Complexity.  More than half of all individual income tax returns filed each year are affected by the phase-out of certain tax benefits.

Burgeoning Penalties.  The number of civil penalties in the Code has grown from about 14 in 1954 to approximately 130 today.  As a consequence of “penalty creep,” some penalties are obscure or unduly harsh.

Small business taxpayers face a particularly bewildering array of laws, including a patchwork set of rules that governs the depreciation of equipment, numerous and overlapping filing requirements for employment taxes, and a vague set of factors that govern the classification of workers as either employees or independent contractors, and that can keep businesses and the IRS battling each other for years with no obvious “correct” answer.

An Asheville CPA firm like Thomas L. Codington, P.A. can end up saving you not only a vast amount of time and frustration but a great deal of money as well.

Our tax planning and tax preparation services include:

 

Take Control!

Request a consultation today and call Tom Codington, CPA, CTP at 828-684-6994 to learn more about saving taxes.