Showing entries for category: ‘Accounting Services’

Why You Should Choose a CPA For Your Tax Preparation

Saved in: Accounting Services, Tax News

The majority of people think that the terms “Accountant”, “CPA” and “tax preparer” are synonymous. They are not. The truth is that each represents a specific level of capability and licensing. Even though a CPA is an accountant and a tax preparer, an accountant or a tax preparer is not necessarily a CPA. Confused? Please don’t be. This article will clarify the terms for you.

 

#1 – Let’s define the different terms:

 
A tax preparer is professional who works as an employee for a company as an independent contractor or freelancer preparing taxes. They are required to be registered with the IRS, to obtain a PTIN, (Preparer Tax Identification Number) and to comply with the requirements of continuous education. A license is not required and usually a person with a vocational course or a minimum of a high school diploma can do the job. Having a business formal education is generally not required to be a tax preparer.

 
An accountant performs bookkeeping functions, but usually they prepare  financial statements, record accounting transactions, and do research for the fairness presentation of the financial statements. Accountants normally have a higher education degree in Accounting, like an Associate Degree or a Bachelor Degree in Business Administration with a Major in Finance or Accounting. The IRS classifies an accountant as an “unenrolled tax preparer”. This means that an accountant that chooses to be a tax preparer has limited practice rights before the IRS. An “unenrolled tax preparer” may only represent clients whose tax returns are prepared and signed by them. This representation is only at the initial audit level.

 
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A CPA is a professional who is license by the state board of accountancy and has passed the CPA Uniform Exam. This is the most prestigious designation an accountant can have. The CPA license denotes the accounting profession higher standards of competence and a symbol of assurance of quality. The CPA must meet education, experience, and good character requirements. They also must comply with ethical requirements and complete specified levels of continuing education in order to not only maintain an active CPA license, but also to assure their knowledge and expertise is update and current.

 
#2 – Why should I choose a CPA to prepare my taxes?

 
A CPA has unlimited representation rights before the IRS. They can represent their clients not only on audits but also in payments or collections issues and appeals. A tax preparer or an accountant does not have these rights. Other aspects to consider are the professionalism and the accuracy of the tax return calculations.  What happens if your tax preparer makes a mistake that cost you penalties or interest? What is going to happen if you are audited by the IRS? Who is going to represent you or who is going to be responsible for that? Because of the ethics standard of the CPA profession they will be responsible and will respond and support you if these scenarios arise.

 

Khaled Hazzouri is a Certified Public Accountant with over 16 years of experience operating in the area. If you are looking for a CPA in Wayne County, Michigan with a history of working with individuals and businesses in the region then you need only look at his Google Reviews to see the high level of service he provides.  If you would like to schedule a consultation please call us today at 734-844-1614.  The 2014 tax season is approaching quickly, are you prepared? We look forward to speaking with you.

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November 8th, 2013

The Benefit of Using an Independent Tax Preparer

Saved in: Accounting Services, Tax News

The benefit of using an independent tax preparer instead of a large tax preparation chain

In the last fifteen to twenty years the proliferation of “Tax Preparation Chain” has grown a lot. The growth of these businesses can give the impression that is better to have a “brand” name preparing my taxes than going to an independent tax preparer to get your taxes done.

 

If you choose to have a paid tax preparer to do your taxes, it is important to find a qualified professional.  Even when someone else prepares you taxes, you are still responsible for any penalties, interest, or additional payments that may result from an error.

 

Unqualified tax preparers may overlook legitimate deductions or credits. This can result in a higher tax liability or they can apply a deduction or credit that does not apply to you and you would still be responsible for that error.  Please be aware that the State of Michigan does not require the tax preparer to be licensed however many are licensed and highly qualified for the job.

 

At the time of selecting who will do your taxes you may want to do some research using online tools, professionals organizations, state funded programs where you can find helpful information.

 

The independent Tax Preparer vs. the Large Tax Preparation Chain

 

Independent tax preparation tends to offer lower priced tax services with a focus on the personalized attention. It is also easier to build an ongoing professional relationship with them than with a large tax preparation chain. Hazzouri Accounting believes in forming lasting relationships with our clients.

 

We give you the opportunity to discuss your needs one on one with our staff. You can ask questions, get advice, and develop a trust and relationship.  We make the planning phase more personalized. Customer Service is another advantage of using our firm. You are not only a number – you are a person with specific individual tax needs.

 

A larger tax chain may not be available to you throughout the year if you have questions or need other work done. Hazzouri Accounting is in operation year round and we are always ready to answer any questions you may have.

 

Things to check out:

 

Make sure you are hiring someone with the skills level you need to prepare your taxes within the budget that you have. Here are some suggested questions you can ask before contracting someone for the job:

 

  • What kind of formal tax training do you have?
  • Do you have any licenses or professional designations?  Are you a CPA? Are you a Register Tax Preparer?
  • How long have you been preparing taxes?
  • Is your practice a year around one?  Are you going to be available to assit me with any problem I may have with my tax return later on?
  • Do you offer e-filing as a service?
  • Are you authorized to and will you represent me in an audit or collection matter with the IRS or the Michigan Department of Treasury should the situation come up?
  • How do you stand behind your work?
  • Can you provide me with the names of references I can contact about the quality of your work? Think about checking with the Better Business Bureau in your area for complaints about the services provided by the preparer.

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Don’t be afraid of asking questions.  It is your right and your responsibility to know and to be informed on who is providing the tax preparation services.  If you are trying to find an accountant for the coming 2014 Wayne County Michigan tax season call us today at 734-844-1614.  We are here to help.

 

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October 17th, 2013

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Wayne County Michigan Tax Preparation for 2014 – Are You Ready?

Saved in: Accounting Services, Michigan Business

It’s hard to believe it but 2013 is already starting to wind down. In just a few short days we will be into October and before you know it the year will be turning over into 2014. Then it will become everyone’s favorite time of the year – tax time! Preparing before the crunch can take the stress out of ordeal. Here is a list of the documents you will need to have at the ready to complete your Wayne County, Michigan taxes in 2014. If you are located in Michigan and are looking for a certified public accountant to handle your individual or business taxes give us a call at 734-844-1614 to learn how we can help.

 

Documents you should have to file your taxes in 2014:

Income paperwork:

 

  • W2 forms
  • Interest Income
  • Retirement Income
  • Dividends
  • Misc income, self-employment
  • Social security income
  • Government payments

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Paperwork for deductions:

 

  • Mortgage interest
  • Tuition
  • Student loans

 

Receipts for deductions:

 

  • Donations to charity
  • Mileage for work/volunteering
  • Health care expenses
  • Retirement contributions
  • Self employment income/expenses (Home office, advertising, et cetera)
  • Energy efficient home improvements
  • Moving expenses
  • Rental property
  • Childcare expenses

 

This is a quick list of the items you should bring to your accountant when filing your tax returns. If you would like to speak in more detail or have specific questions please contact us at 734-844-1614 and we will be happy to answer all of your questions. If you have a tax question that you would like us to explain in detail stop by our Facebook fan page wall and leave us a comment. We look forward to helping!

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September 22nd, 2013

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Westland Michigan CPA Services from Hazzouri Accounting

Saved in: Accounting Services

What has been unofficial for a long time is now now official – Hazzouri Accounting is offering full individual and business CPA services to the city of Westland, MI.  We have been working in the area for 16 years but never acknowledged that on our website. You can now read more about our services here:

 

Westland Michigan Business Accounting Services

 

Learn what services Khaled Hazzouri is offering to companies in the area including:

 

  • Company Creation
  • Payroll
  • Bookkeeping
  • Certified Reviews and Compiliations

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Westland Michigan Individual Tax and Accounting Services

 

Here is an overview of the offerings to non-business individuals who are looking for tax or accounting help including:

 

  • Tax Preparation
  • Planning and Consulting
  • Prior Tax Filing Amendments
  • Quarterly Estimated Tax Preparation

 

Westland Michigan Home Health Agency Accounting Services

 

If you are operating a home health agency or looking to start a new company Khaled Hazzouri has years of experience working in the field.  You can read more about:

 

  • Records and Bookkeeping
  • Cost Reports
  • Payroll Services
  • Tax Return Preparation

 

If you are living or working in the Westland, MI area Hazzouri Accounting and Tax Services would like the opportunity to help make your life easier.  Contact us today at (734) 844-1614 or visit our website and fill out our contact form – We will contact you!

 

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August 25th, 2013

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Michigan Notary Services | Hazzouri Accounting

Saved in: Accounting Services

Hazzouri Accounting offers full notary services to Canton, Michigan and the surrounding communities.  Here is a brief overview of the services we provide.

 

  • What is a notary public?

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A notary public is an individual who has obtained a licensed and satisfied the state’s requirements to verify the validity of signor’s identities on various kinds of documents.  Some of the forms we provide notary services for are:

 

  • Certified copy of power of attorney
  • Depositions – affirmations and oaths
  • Protests and proofs of execution

 

We provide all forms of notary services for businesses and individuals in the State of Michigan.  If you have a question regarding a specific document that you need notarized please contact us or call for more information – 734-844-1614.

 

  • Things you need to know:

 

You need to know which forms are required.  We cannot advise you on them as we are not providing legal advice.  If you are unaware of what type of certificate your document requires you will need to contact the author of the document or your attorney.  It is important that you not sign any of the forms or documents before the meeting.

 

You will need to bring the following with you:

 

  1. The document to be notarized
  2. Your license or any other government issued ID with a picture
  3. Your passport if no other picture ID is available
  4. Your payment for the service

 

  • What areas do you service:

 

Hazzouri Accounting is located in Canton, but we provide notary services to all of the surrounding areas including:

 

  • Plymouth
  • Ann Arbor
  • Novi
  • Northville
  • Farmington Hills
  • Dearborn
  • Westland
  • Any other regions in the Wayne/Washtenaw region

 

Please be advised that travel and time expenses will be applied to services not conducted in our office.  If you would like to inquire more about our notary services please contact us through our website or call us at 734-844-1614.  We can answer any other questions you may have regarding our notary services.

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August 3rd, 2013

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