Q: How should tax professionals market their services in an age where many taxpayers are choosing to complete their tax returns online, on their own?
Gray: The most valuable reason for citizens to see a tax professional is knowledge. Tax preparers spend hours and even years studying tax law. This enables them to assist their clients to keep the records necessary to support their credits and deductions if they are audited. Many people are misinformed about what deductions they can take personally and as business owners (which becomes a problem if they get audited).
Q: The implementation of health care laws for small and large business owners has been delayed until 2015. What do you see shifting in regards to business owners and the new health care laws and how they will affect taxes?
Gray: Small Business owners with fewer than 25 full-time equivalent employees could qualify for a Small Business Health Care Tax Credit to help with cost. Businesses with 50 or less may be able to buy coverage through the Small Business Health Options Program. Employers that have 50 or more full-time equivalent employees will be required to a return annually to report what health insurance is offered.
Q: What are the go-to options for taxpayers who won’t meet the April 15 deadline?
Gray: Taxpayers who cannot meet the April 15 deadline can file an extension. The extension will keep them from paying a late or failure to file penalty as long as they file by October 15. Unfortunately, if they are not receiving a refund they must still pay what is owed by April 15to avoid other penalties and interest.
