I. Dean Youngman CPA

So what exactly does the term enrolled agent mean? Enrolled means to be licensed to practice by the federal government and agent means authorized to appear in place of the taxpayer at an IRS hearing and represent them.

College graduates need not apply! Yep, that's right. While many accountants do have four-year degrees, training and certification, leading to an accounting career, it's possible without a formal degree.

An accountant with tax expertise can handle your company’s tax return and stay on top of any changes to the IRS Tax Code. The code is extraordinarily complicated and is changed frequently. In a 12-year span beginning in 2001, Congress approved nearly 5,000 different changes to the Tax Code.

When it comes to your tax situation, an EA accountant is able to provide valuable guidance in a wide range of situations. This includes starting a business, renting a home for additional income, and selling or buying a home.

Did you know? An asset is any item this is owned by an individual or business entity, especially those that can be sold or liquidated into cash. Examples: cash, securities, cars, real estate, inventory or other property. Assets are equal to liabilities on a balance sheet.

There are many important documents you will need when it comes time to do your taxes. Make sure you hold on to anything pertaining to job-related moving costs, property taxes, donations, medical bills, childcare, and mortgage interest payments.

In 1953, the United States' tax agency underwent a name change. The Bureau of Internal Revenue became the Internal Revenue Service, as it is still known today.

While many businesses turn to CPAs for their tax preparation and planning work, they aren’t the only option. Let’s talk about how working with an EA (enrolled agent) might be a better option for you.

Do you know that any income which a Non-resident happens to earn from outside the United States is not considered as taxable income? All sources of income for residents are taxable as per the existing Federal Laws.

By starting to gather your tax documents early, you give yourself and your tax accountant much more time to catch potential mistakes. If there are no complications, then you will end up filing early, which means that you will get your refund back much faster.

Do you enjoy watching the Academy Awards? If so, you can thank an accountant. Every year a team of CPAs spends more than 1500 hours hand-tallying the secret ballots of the members of the Academy of Motion Picture Arts and Sciences to bring you that big night.

There is a very good chance that you will be too busy with your business to remember to do your tax paperwork. This is where hiring an accountant will come in handy!

An accountant can offer advice based on an extended observation of your financial practices. For example, is it practically impossible for you to put away and then not touch savings? An accountant could show you how to over-withhold taxes so you get a significant return at the end of the year.