The law requires tax compliance. It is the responsibility of everyone, including big corporations and average-class individuals. Any law-abiding citizen would know that trying to get out of paying taxes is a criminal record waiting to happen.
The process of tax-paying is the contribution made to the government to keep the economy going. In addition, taxes provide jobs because businesses can continue operations.
Forosphobia
Proposed by Dale Hartley from Psychology Today, the term means the fear of taxes and the IRS. Foros and phobia refer to the Greek words for tax and fear, respectively. Hartley interprets this as “the impossible pursuit of perfection as an end in itself, resulting in the derailment of goals and deadlines.”
There has been a claim that this fear has something to do with acknowledging that people have outgrown childhood. Filing taxes is like telling everyone that “I’m now an adult.”
The Washington Post even wrote an article in 1984 entitled the “Fear of Filing.” In the article, psychiatrist David Charney observed that “certain people have an obsessive avoidance of any situation that symbolizes completion, meaning they can deal with activities leading up to a conclusion, but not with the finalization.”
Since then, there has been little to no change in people’s perception of paying taxes.
Moving Around the Fear
There is some fear or hesitation when it comes to taxes and anything concerning dues. One of the best ways to get over the fear is by getting to know it. People who fear filing and paying for taxes or find it inconvenient to do their taxes can now move around their fear. Tax preparation might be the solution.
What is it? Tax preparers file or assist with general tax forms. Tax preparers are knowledgeable in tax law and help their clients meet requirements and obligations mandated by the IRS, making their filing experience smoother.
Who needs a tax preparer? Consider a tax preparer if:
- You don’t have enough time to do it yourself
- You feel overwhelmed with the obligation of preparing it yourself
- You don’t understand the requirements, guidelines, and implications of taxes in your business
Why should tax preparers be hired? There are many reasons why you should hire tax preparers. Our list below should give you a better understanding of their purpose and how they can help you.
- Updated Tax Requirements and Guidelines
Filing taxes is a heavy process, and there are a lot of guidelines, rules, and requirements to meet. Unfortunately, some sources of these guidelines misguide taxpayers about what they should be doing because they are not updated. As a business owner, it’s no secret that a company runs on different processes, and operation does not stop at taxes.
Many entrepreneurs are not well-versed in tax law, and to help the business run smoothly, tax preparers mitigate issues by staying up to date with the guidelines and requirements. You can continue working on improving your operations and leave the taxing to the professionals.
- Better Record Keeping
Record keeping monitors the overall health of a business, identifying where its strengths and weaknesses lie. Apart from that, it also tracks the sources of your income, receipts, and deductible expenses. A well-kept record could help a business maximize costs and reduce its tax obligations.
Tax preparers have their goals set on helping their clients. They have a safe, organized, and accessible recordkeeping strategy that will put you in a better position when it comes to keeping up with tax filing. Missing dues and having backlogs do happen, but you shouldn’t be discouraged. There are tax resolution services available that can help bring your records back on track.
- Time and Effort Saver
Doing taxes by yourself can be a tiring and tedious process. One of the most evident benefits of a tax preparer is the additional time you have for your business and its development instead of burying your head in logbooks and records. Leave the researching, filing, recording, and preparing to people who know their stuff.
Going Forward
Tax compliance is a rite of passage. It’s scary and complicated, but someone has to do it. With proper tax preparation from experts, the only way to go is forward.
Taxes are still quite a pressing topic many still face, but it isn’t one that tax experts can’t solve. Tax resolution services now offer different solutions to different hurdles. With the addition of tax experts and professionals to help guide business owners of all industries, there may be hope in dissipating the collective fear of taxes.
Author Bio:
Randall Brody
Assistant Marketing Manager
Randall is the Founder of Tax Samaritan, a boutique firm specializing in the preparation of taxes and the resolution of tax problems for Americans living abroad, as well as the other unique tax issues that apply to taxpayers. Here, they help taxpayers save money on their tax returns.