A recent survey by Nerdwallet shows that more than 1 in 3 U.S. taxpayers whose household income is less than $50,000 a year hired a tax professional to assist with the preparation of their Income Tax Returns. However, in the past working with a tax professional meant you had to drive across town to bring all your tax documents to your local Accountant’s office and wait while your returns were completed. Today, Virtual Tax Preparation allows you to avoid the yearly pilgrimage to your local accountant’s office.
How does Virtual Tax Preparation work?
Virtual Tax Preparation is not about filing your tax return using DIY Tax Software. Instead, virtual tax preparation is having an expert prepare your tax returns without leaving the convenience of your home or office. With Virtual Tax Preparation, you simply schedule an initial consolation with a live tax expert that assesses your tax situation and goals via video conference, you then complete a secure online questionnaire and upload all tax documents. Once your tax expert has completed preparing your return, he or she will schedule a video conference review meeting and, upon approval, electronically files your returns.
Do I need an Accountant to prepare my returns?
Despite efforts by the Federal Government to simplify the tax code, handling your own tax returns can be costing you. DIY software is a great solution if you have a simple tax situation. However, if you have Rental Properties, Investments, sale of assets or perhaps a business, handling your own taxes might be costing you more than what you think you might be saving by not paying a tax professional to prepare and file your taxes. An incorrect return can result in assessed fines and penalties by both Federal and State Taxing Agencies, receiving letters from the IRS or your State Department of Revenue can be confusing. Therefore, a tax professional can assist in preparing your returns accurately and help you in the event you receive correspondence by the IRS or State Department of Revenue.
What are the benefits of Virtual Tax Preparation?
In the past, before DIY Tax Software was even available on the market, most taxpayers had to schedule an appointment with a local accountant, drive to their office, and wait in line to complete their returns. Today, however, there is a much more efficient solution. Virtual Tax Preparation allows you to still have your taxes completed by a tax professional, without the need to schedule a meeting and bring binders of paperwork you collected in order to file your tax returns. All documentation you received can be easily uploaded securely to your Virtual Accounting Firm without the need to leave your home or office. Even without a scanner, you can easily snap a picture of a tax document and upload it securely to your virtual tax expert. Most companies provide digital copies of tax documents including W-2, Mortgage Interest, Investment Summary Reports and 1099s which makes uploading these documents extremely easy.
Is Virtual Tax Preparation secure?
While we cannot speak for other Virtual Accounting offices, we take client sensitive data security very seriously. The form we use to exchange client information uses a high level of encryption technology; the same technology used to access your online banking information. Since your sensitive financial information is now stored in a highly secure cloud system rather than in a traditional filing cabinet at your local accountant’s office, your information is much more protected and secure.
Is Virtual Tax Preparation less personal?
Most Virtual accounting firms like Polaris Tax & Accounting use communication technology like Go to Meeting or Zoom to bridge the distance gap with their clients. Video Conference meetings allow us both us and the client to see each other, just as if we were meeting in the same room.
Individuals trust their accountants with their most sensitive financial information, as such they are hiring people, not fancy client portals, logos or brands. Whether your accountant is in a brick and mortar office or offering service virtually, you are still working with a trusted tax professional.
What are the benefits of having digital tax records?
The IRS accepts digital versions of paper documents therefore, keeping all your records in a digital format allows you to save space and reduce the chance that important financial documents can become illegible or destroyed over time. Tax documents stored in a hot attic for seven years can become illegible, which can be a real issue if you were audited by the IRS. Virtual Tax Preparation allows you to download a copy of the Tax Return and store all documents indefinitely without the need to print out any documentation.
As a Virtual Accounting Firm, Polaris Tax & Accounting will offer you highly trained and experienced tax professionals to assist with all of your tax filing needs. Whether you have a more complex Individual Tax Return to file, a business, or revenue from international sources, we have all your filing needs covered. Leverage the expertise of our highly trained tax professionals to assist you with your tax needs directly from the comfort of your own home or office.