Tax

A full service tax preparation firm, PKC Consulting, LLC and our licensed and experience preparers are available to answer any of your tax questions. Because we keep abreast of all the new and existing tax law we are able to assist you in planning for and meeting your financial goals.

We proudly offer tax services such as:

•Preparation of Individual Returns
•Preparation of Corporate Returns
•Preparation of Estate Tax Returns
•Preparation for Homestead Tax Filing
•Preparation of Tax Returns for Non-Profit Organizations
•Preparation of Quarterly Estimates & Projections
•Assist clients focused on agriculture in tax preparations
•Tax Planning Services

Whether your business is 2 people or 2,000 people, we will handle your tax need.

Should you do your own taxes?

Some people can get away with doing it themselves. Other folks need professional help. Here’s how to tell which group you belong to — plus a few tips for choosing the right preparer.

It’s not what you know that’s important here. It’s what you don’t know . . . or, more to the point, what you think you know and really don’t. You’re not hiring a tax pro just to put numbers in boxes. To help you decide whether to do your own taxes, review these three questions that can help you frame the issue.

3 questions to ask yourself

1. Are you prepared to give your taxes your time? In 2011, the Internal Revenue Service estimated that the average taxpayer needed 23 hours to do his or her 2010 tax return — 32 hours if a Schedule C for business or a Schedule E for rental properties was filed.

2. Are you prepared to put up cash to hire a preparer? Getting someone to do your taxes can cost $50 to $100 at the low end — assuming a simple return — or up to several thousand dollars for a complicated return. The average for an itemized return is more than $200.One consideration: Any fee you pay may be deductible on your next year’s return if you itemize.

3. Are you prepared to deal with the complexity of the federal code? Because the tax code is so complicated, more than 60% of Americans have professionals do their tax returns. Tax law has had major changes in 45 of the past 48 years. Last April, IRS Commissioner Douglas Shulman reported that there had been about 3,500 tax law changes since 2000.

Pay for advice, not typing skills

There are four basic categories of tax preparers: storefront agents, certified public accountants, enrolled agents and lawyers. PKC Consulting has both an enrolled agent and CPAs to handle your tax filing. The IRS mandates that all preparers be registered and subject to continuing education (except for attorneys and CPAs, who have their own continuing-ed requirements). The key is using an individual who specializes in taxation and keeps up with tax trends and changes in tax law. What you should pay for is advice and direction. More specifically, here’s what to expect when you come to PKC.

A good tax preparer starts by asking a lot of questions. The only way you’ll get your money’s worth is if the preparer understands what you do and how you do it — and then scours for every legitimate deduction.
A good tax preparer is a teacher who educates you not only on what’s allowable as a deduction but also on how to structure your activities to minimize your tax exposure.
A good preparer focuses not only on your 2011 transactions, but also on how you can reduce your 2012 taxes.

If you choose to do your own taxes, fair enough. But let me make a suggestion: Consult with a good tax professional at least once every three to five years — just to find out whether you’re missing anything.