Mountain Home, Arkansas
104 E. 1st St.
Mountain Home, AR 72653
870-425-6066

5 Benefits of Filing Taxes Early With an Accountant November 14, 2019

Mountain Home, Baxter
5 Benefits of Filing Taxes Early With an Accountant, Mountain Home, Arkansas

Many people may not worry about tax preparation until April arrives. However, it’s better to prepare returns much earlier to limit stress, mistakes, and late filing penalties. Although filing can be daunting, certified accountants offer in-depth support at every step. Instead of putting off the inevitable, don’t wait to hire an accountant to prepare your taxes. Here are a few reasons why.

5 Ways an Accountant Helps Early Filers

1. Avoid Rushed Mistakes

Doing any task last minute—especially those that involve numbers—raises the risk of mistakes. If you rush through a tax filing, you may make errors leading to overpaying or an audit. Limit the potential for miscalculation by hiring an accountant ahead of the busy tax season.  

2. Identify Documentation Needs

In addition to your tax return, there may be additional forms you need to file about your liabilities and income. When accountants evaluate your taxes early, they’ll identify additional documents you may need to file and allow you more time to supply them.

3. Take Advantage of Deductions

certified accountantWhen you have limited time to complete your taxes, you may forgo some deductions. With an in-depth knowledge of current tax laws, an accountant will use the extra time to evaluate your qualifications for all possible deductions.

4. Allow for Payment Flexibility

If you end up owing more money than you expected, you may not have the funds to meet the payment deadline. If you pay late, the Internal Revenue Service (IRS) will assess a late payment penalty. If your accountant prepares your taxes months ahead of the filing deadline, you’ll have more opportunity to sort out your revenues and expenses to ensure you pay on time.

5. Head Start on Next Year

Although you may be focused on the April filing deadline, the next tax year starts in January. After an accountant prepares your current return, they’ll have a thorough understanding of your finances and future tax liabilities. The earlier you recruit accounting services, the earlier you can take steps to reduce next year’s taxes.

 

When you need tax preparation help, contact The Callen Accounting Group, PLLC in Mountain Home, AR. They offer comprehensive assistance to get your finances organized. Serving individual and commercial clients in the Twin Lakes area, these certified accountants will walk you through every step of the filing process to ensure you’re compliant with current laws and aren’t paying more than required. Tax consultants are also on staff to help you optimize your finances in the years to come. Visit this firm online to learn more about their services, or call (870) 425-6066 to schedule a consultation. 

Other Announcements, Events and Deals from The Callen Accounting Group, PLLC
Do Your Employees Receive Tips?  You May Be Eligible For a Tax Credit, Mountain Home, Arkansas
Employers in the food and beverage industry may be eligible for a valuable tax break with the FICA tip credit.  Here’s how it works. read more
Numerous Tax Limits Affecting Businesses Have Increased For 2020, Mountain Home, Arkansas
How much can your employees contribute to 401(k) plans this year?  How much do employees have to earn in 2020 before they can stop paying Social Security tax?  Here are the...read more
Cents-Per-Mile Rate for Business Miles Decreases Slightly for 2020, Mountain Home, Arkansas
Your business can generally claim vehicle expense deductions by either calculating the actual expenses or using the IRS’s standard mileage rate, which has decreased slightly for 2020...read more
4 Tips to Get Ready for Tax Season, Mountain Home, Arkansas
After W-2s and 1099s arrive, the countdown until the April 15 federal tax filing deadline is officially on. For some small business owners and individuals, the tax season can be fill...read more
New Law Helps Businesses Make Their Employees' Retirement Secure, Mountain Home, Arkansas
Small businesses: The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was recently signed into law.  It has provisions that may be of interest to you if y...read more