Low Cost Tax Relief is a tax preparation company that specializes in helping individuals and businesses complete their tax forms required by the IRS and/or state tax authorities. Tax preparation can be a daunting and time-consuming task, and our team of experts is here to help.
Taxpayers can choose to prepare their own returns, but one of the advantages of hiring a professional tax preparer is that a qualified professional will have a deeper and more precise understanding of the tax code than the average taxpayer. This expertise and experience can help a taxpayer better determine the expenses and circumstances that qualify them for tax deductions, credits, and other financially favorable allowances.
At Low Cost Tax Relief, we have an entire team of tax preparation specialists dedicated to helping individuals and businesses file their taxes. Our services include federal and state tax preparation to maximize deductions and minimize errors by working with tax preparers who understand the intricacies of tax codes. We also prepare and submit tax returns from past years, reducing penalties when possible. If you’re struggling with your taxes or think you may be leaving money on the table, rest assured we are here to help. Call us today for your free consultation!
One of the most stressful parts of filing taxes each year is identifying opportunities to lower your tax liability. Our tax experts help uncover applicable tax credits and deductions to maximize your tax refund (or minimize the amount you owe). Credits can reduce the amount of taxes you owe, while deductions can reduce the amount of your income before you calculate the tax you owe.
Tax credits and deductions can significantly increase your tax refund, or if you owe the IRS, credits and deductions can help lower your tax bill. Taxpayers can look into the following credits and deductions to see if they qualify: family and dependent credits, income and savings credits, homeowner credits, healthcare credits, education credits, work-related deductions, itemized deductions, education deductions, healthcare deductions, and investment-related deductions.
There are three types of tax practitioners that have an elevated status of “unlimited representation rights” before the IRS: enrolled agents, certified public accountants, and attorneys. At Low Cost Tax Relief, client cases are handled by our in-house attorneys and enrolled agents. Tax professionals with qualifying credentials may represent their clients on any matters including audits, payment/collection issues, and appeals.
Enrolled Agents are licensed by the IRS, subject to a suitability check, and must pass a three-part Special Enrollment Examination. They must complete 72 hours of continuing education every 3 years. Certified Public Accountants are licensed by state boards of accountancy, the District of Columbia, and U.S. territories.
They have passed the Uniform CPA Examination, completed a study in accounting at a college or university, and have met experience and good character requirements. In addition, CPAs must comply with ethical requirements and complete specified levels of continuing education in order to maintain an active CPA license. Attorneys are licensed by state courts, the District of Columbia or their designees, such as the state bar. Generally, they have earned a degree in law and passed a bar exam. Attorneys generally have ongoing continuing education and professional character standards.
The tax filing deadline usually takes place on April 15, but due to the ongoing pandemic and the distribution of multiple stimulus checks in 2020, February 12, 2021 was the first date the IRS accepted and processed tax returns for the 2020 tax year. May 17, 2021 was the due date for most taxpayers to file their 2020 income tax returns. Taxpayers living in a state where a national emergency was declared had until June 15, 2021, to file their return. If you do not complete your tax preparation on time or file your return by the due date, you may be subject to a failure-to-file penalty and/or interest.
Low Cost Tax Relief offers tax preparation services for both individuals and businesses. Our team of experienced tax preparation specialists understands the intricacies of the tax code and can help maximize deductions while minimizing errors. We can also help file overdue tax returns and reduce penalties when possible.
One of the most stressful parts of filing taxes each year is identifying opportunities to lower your tax liability. Our tax experts can help uncover applicable tax credits and deductions to help you maximize your tax refund or minimize the amount you owe. Tax credits can reduce the amount of taxes you owe, while deductions can reduce the amount of your income before calculating the tax you owe.
Taxpayers may qualify for a variety of credits and deductions, including family and dependent credits, income and savings credits, homeowner credits, healthcare credits, education credits, work-related deductions, itemized deductions, education deductions, healthcare deductions, and investment-related deductions.
When it comes to working with the IRS, there are three types of tax practitioners that have "unlimited representation rights": enrolled agents, certified public accountants, and attorneys. Low Cost Tax Relief's in-house attorneys and enrolled agents are qualified to represent clients on any matters, including audits, payment/collection issues, and appeals.
The tax filing deadline is typically on April 15, although due to the ongoing pandemic and distribution of multiple stimulus checks, the deadline for the 2020 tax year was extended. Late filers risk facing penalties and interest, but Low Cost Tax Relief can help prepare and file late returns to minimize the chances of further issues with tax authorities.
To accurately file your tax return, you'll need to gather all the necessary tax documents, including income documents such as W2 and 1099 forms. It's essential to include all the required tax information on your return to avoid delays to any tax refund you may be owed and to correct errors on your return.
At Low Cost Tax Relief, we strive to provide affordable and effective tax preparation services for individuals and businesses. Our experienced tax specialists are committed to helping you maximize your tax benefits while minimizing errors and stress. Contact us today to schedule your free consultation.