The term tax is used to refer to the mandatory financial obligation that is usually imposed to an individual or a legal entity. The person or the legal entity that is obliged to pay the tax is usually known as the tax payer. The institution that is usually associated with the collection of the taxes is government and the need to finance the public expenditure is one of the reasons as to why it does so. To most of the individuals, the process of paying the taxes is usually a complex one.
The tax laws are generally also complex since they are affected by a number of factors from one season to another. This is the reason as to why a number of tax payers consider engaging the tax service providers. Generally, these are the companies which usually specialize in the provision of the tax services to the tax payers who are willing. The tax service providers usually provide a wide range of services. Engaging a tax service provider would then call for one to at least have the basic understanding of some of the services which may be provided by the provider. The various services that one is likely to expect from such specialists are briefly discussed in this article.
Tax planning is one of the most common service that one may expect from Manhattan accounting firm. Tax planning covers a number of practices which especially those which are aimed towards that the minimization of the tax obligation. A good example of a strategy that is included in the tax planning is the strategy of splitting income of the family so that there may an advantage of lower tax profit. The same may also involve the practice of taking the advantage of the tax credits. Tax planning may also encompass the practice of shifting the income expenses to the years which are more likely to bear the lower taxation rates. The practice of the tax planning may also include the practice of tracking the various expenses especially those which may be associated with the process of taxation.
The audit representation is another service that one may expect from the tax service provider. This is a service that is usually designed especially for the individuals who have been selected to undergo the state tax audit. Undertaking the state tax audit may be a tedious practice hence taking a lot of time. To ease the tax payer from such a burden, the tax service provider usually offers to undertake the audit representation on behalf of the tax payer. Handling of a number of problems which may be associated with the taxation is another service which may be provided by the tax service provider. Be sure to click here to learn more now!