As tax season approaches, many tax payers are eager to learn how their tax refund is calculated. The process of calculating your tax refund can be pretty complicated, but it’s essential to understand so that you’re not leaving any money on the table. In this blog post, we’ll walk you through the basics of how your tax refund is calculated and explain how a tax services company like Wichita Tax Advisors can help you maximize your refund.

Income – Deductions – Tax Credit

To understand how your tax refund is calculated, you must first understand how your taxes are determined. Your taxes are calculated based on your income, deductions, and tax credits.

Your income is the total amount of money you earned throughout the year, including your wages, salaries, and any tips.

Your deductions are expenses that you can deduct from your income to reduce your taxable income, such as mortgage interest, charitable donations, and state and local taxes. Depending on your state and job you may also be able to deduct things such as medical/dental expenses and uniform costs.

Tax credit is the amount of money you can subtract from the tax you owe. This can differ from person to person depending on if you are head of the household, married or single. This will automatically be deducted by the tax revenue office once your yearly tax has been calculated.

Tax Refund

Your tax refund is the difference between the total amount of tax you paid throughout the year and the amount of tax you owe. If you paid more in taxes than you owe, you’ll receive a refund. If you paid less in taxes than you owe, you’ll need to pay the difference.

Tax Return

To calculate your tax refund accurately, you’ll need to complete your tax return. Your tax return is a form that reports your income, deductions, and credits for the year. You’ll need to file your tax return by the tax year deadline to avoid any penalties or fines.

Why Use Tax Services?

At Wichita Tax Advisors in Kansas, we understand that the tax system can be very complex and overwhelming. That’s why we offer comprehensive tax services to help you maximize your refund and minimize your tax liability. Our experienced tax professionals will work with you to ensure that you’re taking advantage of all the possible deductions and credits that many people would miss, giving you the most significant tax refund possible.

We also offer tax planning services to help you prepare for next year’s tax season. By working with us, you can develop a reliable strategy to optimize your tax situation and avoid any surprises when it’s time to file your taxes.

If you’re looking for a reliable and trustworthy tax company, look no further than Wichita Tax Services in Kansas. We are dedicated to providing our clients with exceptional service and support, and we strive to make the tax process as easy and as stress free as possible.

In conclusion, understanding how your tax refund is calculated is essential to ensure that you’re not leaving any money on the table. As a professional Tax Services Wichita Kansas, we are committed to helping our clients maximize their refunds and minimize their tax liability.Contact us today to learn more about our comprehensive tax services and how we can help you achieve your financial goals.

Filing taxes is a requirement for most of us—what happens if you decide not to file a tax return?

Filing your taxes might not be one of your great joys in life, but it is an important process. Since doing taxes can take a while to manage, some people wonder how important it really is to file taxes and get them handled on time. In this article, we are going to look at the legality of failing to file your taxes and what it might mean for you.

Not Filing a Tax Return: What You Need to Know

Filing taxes is a requirement for most people. If you do not file your taxes, it is unlikely that someone will appear to arrest you at midnight—but that does not mean it is legal. You are obligated to file your taxes, and there are very real consequences for failing to do so.

Is it Legal to Not File a Tax Return?

There is a common belief that everyone has to file taxes, but that actually isn’t true. For certain people in certain circumstances, filing taxes is a process that can be skipped. However, it is very unlikely that the average person will meet these standards.

Unless you know for a fact that you are one of the few people who are exempt from filing taxes, it is absolutely necessary to file a tax return. Most people are legally expected to file a tax return every single year.

Can Refusing to File a Tax Return Land You in Jail?

Since it is technically possible to skip filing your taxes by simply not choosing to do so, you might be wondering what the repercussions are. How enforced is this process, and what does it mean if you choose not to file your taxes as outlined by the existing laws? 

Failing to file your taxes is one form of tax evasion, and it is absolutely illegal. While it is possible that you could just end up paying a fee, failing to file a tax return is a crime that can be punished with one year of jail time for every year that you choose not to file your taxes.

Ensuring Your Tax Return is Filed on Time

Since it is illegal to avoid filing or paying your taxes, it is important to make sure it is handled on time. To avoid any problems that come with failing to file your taxes or filing them incorrectly, it is best to work with tax professionals who can help you to get them done the right way and on time!

The Takeaway

Failing to file your tax return is a serious crime, and it is one that is easy to avoid with the right support and tools. To get help with tax preparation, Wichita, KS residents can partner with us today. We help individuals and businesses to manage their taxes every year!

Certified public accountants (CPAs) can assist organizations and individuals with various tasks related to finances, taxes, insurance, and more. Learn more about what a CPA can do to help you or your business and who provides oversight of these professionals.

What is a CPA?

A certified public accountant is a licensed professional accountant. Each state issues its own CPA licenses, and CPAs must hold a license in the state where they intend to practice. 

The CPA designation signifies a higher professional standard than others in the accounting industry. Those who want to become a CPA must pass an examination called the Uniform CPA exam. The Uniform CPA exam is known for being thorough and rigorous.

In addition to passing the Uniform CPA exam, people must meet specific work, education, and examination standards. They must hold a bachelor’s degree in finance, accounting, or business administration. They must also have at least two years of public accounting experience.

Certified public accountants can hold positions in public or corporate accounting. They may also fill executive positions, such as a company’s chief financial officer (CFO). 

Who Regulates CPAs?

In Kansas, the Kansas Board of Accountancy regulates CPAs. It is the regulatory body that carries out the laws and regulations that govern CPAs in this state. 

The mission of the Kansas Board of Accountancy is to identify accountants who have met state qualifications in higher education, experience, ability, and dedication. The Kansas Board of Accountancy offers information on taking the CPA examination, pre-evaluation of college credits, registration assistance, and more. 

What Can a CPA Do?

Certified public accountants can perform a wide range of services, including:

• Accounting
• Auditing
• Tax preparation
• Consulting

A CPA can work with corporations, non-profit organizations, small businesses, individuals, and governments. 

Generally, CPAs focus on three areas of specialization.

1. Tax services

A CPA may offer tax services to both organizations and individuals. They can file state, federal, and local tax returns and use their knowledge of tax laws to minimize their clients’ tax burdens. If a company or individual faces an IRS audit or questions from state or local authorities, the CPA will represent their clients in resolving the matter.

2. Audit and assurance services

Auditing is an evaluation of economic and financial information to ensure accuracy and adherence to generally accepted accounting principles.

Assurance services provide clarity and context for financial and non-financial information so that decision-makers can make informed choices. 

3. Management services

CPAs may assist with supervising and managing an organization or individual’s daily activities. CPAs can help people develop strategies to reach specific goals and make plans for the long term. Specific services a CPA may offer include”

• Cash management
• Budgeting
• Financial planning
• Preparing financial statements
• Risk management
• Investment guidance
• Estate planning
• Insurance coordination

Find a Wichita CPA Now

A CPA offers high-quality, knowledgeable support and guidance in various financial, insurance, and tax matters. If you are looking for a Wichita CPA, contact the team at Wichita Tax Advisor today to learn more about how we can assist you.

Your taxes are due, and you want them to be done the right way. When choosing to use a tax professional, there are a few options out there. Two of the most popular options to prepare your taxes are a Certified Public Accountant (CPA), or a tax preparer. These are not the same, and the most important difference between the two is that the CPA is a licensed tax professional, while the tax preparer is generally unlicensed. 

There are some other differences between the two, and understanding those differences will go a long way helping you decide what is the best fit for your unique tax situation. Both of these are suitable for filing your taxes, but depending on the complexity of your return, one might be a better fit than the other when looking for tax services in Wichita, Kansas. 

What Makes a CPA Different?

CPAs have to go through a challenging set of requirements to earn that licensing designation. In Kansas, potential CPAs have to complete 150 semester hours of college-level coursework that concentrates on accounting. Then they have to complete and pass multiple exams before they can apply for the CPA certificate. They also must accumulate the required hours of experience, and once all those steps are completed, can apply for a license.

Because of these guidelines, CPAs generally have a much more extensive background in accounting. Some CPAs specialize in specific accounting fields, but if they focus on tax accounting, they’re going to bring extensive knowledge to the table. Also, if your tax return has anything out of the ordinary, or is more complex than simply filing your W-2, the CPA is going to be better equipped for those situations.

What Can CPAs Do That Tax Preparers Can’t?

Tax preparers are typically less expensive than CPAs when filing tax returns, but an unlicensed tax preparer could essentially be anybody that advertises themselves as one. CPAs are well equipped to perform any number of tax returns, no matter the complexity. CPAs are also generally more focused on providing ongoing services in other areas of accounting, which can provide assistance with other financial matters.

It’s also important to note that non-licensed tax preparers cannot represent you in the event of an audit by the IRS. CPAs are always approved to represent their clients through the audit process, and that can reduce a lot of stress for the taxpayer. Tax preparers can take some extra steps to earn distinction as an Enrolled Agent (EA), which allows them to represent their clients in the case of an audit. However, if your tax preparer hasn’t taken these steps, the taxpayer is on their own in that audit.

CPAs are the more knowledgeable and certified option in most cases, but tax preparers might be all that’s needed in the case of some of the simpler tax filings. For more information on the differences between a tax preparer and a CPA – and to help determine which is right for you – reach out to the experts at Wichita Tax Advisor today.

Tax preparation can save you time, money, and fees–learn how.

Tax preparation is the process of gathering all necessary information and documentation required to file an accurate and timely tax return. This includes navigating forms and managing paperwork. It is important to note that tax laws and regulations are subject to change and can be complex, making it essential to work with a tax professional who is knowledgeable and up-to-date on the latest tax codes. Let’s discuss tax preparation more fully.

Everything You Need to Know About Tax Preparation

To make the tax preparation process as smooth and stress-free as possible, it is vital to gather all necessary information and documentation. This includes making sure that any forms, like W-2s and 1099s, are received, and that any important receipts or bank statements are collected. It is also a good idea to keep track of any deductions or credits that may apply to your specific situation, including charitable donations or medical expenses. Let’s explore professional tax preparation.

Expert Solutions

Do you have a nagging feeling that you might have missed something when filing your taxes last year? Are you considering taking all the tax deductions you are entitled to? If so, consider hiring a professional to help with your tax preparation. They can guarantee accuracy and are perfect if you aren’t sure where to start, don’t have time to do your taxes, or just don’t understand tax laws.

Ongoing Support

Experts who specialize in tax work will know the ins and outs of the process much better than the average person. With tax preparation professionals, you can use their knowledge for your benefit. You can kick back as they manage the paperwork for you and confirm that you are in compliance with tax laws.

Major Savings

Working with a tax preparation expert is the best way to maximize your tax savings. With years of experience and an in-depth understanding of the tax code, they can find deductions and credits that you might need to be aware of.

A tax preparation expert will help you file accurately and offer personalized advice tailored to your specific situation. In addition to this, they may suggest strategies that could help reduce your taxable income and maximize your overall savings. They will also be able to identify any potential deductions you may qualify for to lessen your tax burden.

The Takeaway 

Working with a tax preparer who is experienced and knowledgeable about tax laws can benefit you for several reasons. Even if something arises in an audit or during the filing process that requires assistance after filing, experienced professionals can help mitigate any damages or further issues. In short, working with an experienced tax preparer will save you time, money, and stress! To learn more about the services for tax preparation Wichita, KS residents are using, contact us today!

When tax time rolls around, confusion abounds for many people. Tax codes get increasingly confusing, and unearthing all of the correct tax breaks and laws can be a nightmare to sort out on your own. Utilizing a Certified Public Accountant (CPA), can clear some of the fog around this cumbersome annual process, but a lot of people don’t know all of the benefits of using a Wichita CPA. 

Here’s a quick look at what it means to be a CPA, and how they can help you get more from your tax return while removing the headaches of the process. 

Earning the CPA Distinction

CPAs are some of the most trusted professionals around because they have to go through a rigorous exam to earn the distinction. The CPA Exam and a number of other licensure requirements are needed to get through the process. Each state has different requirements to achieve the license, and most are typically only licensed in a single state. This distinction has become synonymous with reliability and industry knowledge. 

Not all accountants are CPAs. Any person that interprets and maintains financial records can be considered an accountant, but CPAs are able to perform other services like tax preparation, audits, financial planning, and consulting in numerous areas – such as tax consulting or litigation consulting. Earning the CPA distinction broadens the scope of what accountants can do, both in and out of the realm of accounting.  

Why Should I Use a CPA?

CPAs are different than accountants not only because of the high standards they need to meet for licensure, but also because of what they need to continue to do after earning the designation. CPAs are licensed by a professional governing body, and have to maintain a distinct code of ethics. In order to maintain the distinction, CPAs must take part in continuing education to make sure they stay abreast of any shifts or changes.

CPAs are also held to a fiduciary standard, which means they legally have to put their clients’ interest above everything else. These stringent standards are upheld by the Association of International Certified Professional Accountants (AICPA) and that organization’s code of conduct. They’re also recognized by the government as experts that can perform specific accounting functions that other accountants cannot. 

Among these duties are conducting company audits as an external third party. These always should be handled by a CPA, as should the preparation of audited financial statements. This is required for any reports filed with the Securities and Exchange Commission (SEC). CPAs can also act as representation for taxpayers and businesses when facing an audit by the IRS. Accountants might be able to prepare your tax return, but a CPA is needed to defend that return against questions form the authorities. 

CPAs are valuable resources for anything dealing with your financials – both individual and for your business. For more information on the differences between a CPA and a regular accountant, or to learn how a CPA can help, reach out to the experts at Wichita Tax Advisor today.

Working with a tax advisor can help you to gain the most deductions and ensure accuracy, all while saving time.

At the end of every year, people all around the United States realize that tax season is just around the corner. It isn’t a time that most people look forward to, but it is an essential part of life. If you are one of the many people with no interest in handling your own taxes, chances are that you are looking for a tax advisor in your area. Let’s find out how Wichita citizens are getting their taxes handled!

Professional Wichita Tax Services: A Guide

Working with a professional is a great way to skip the hassle of tax season and leave it in the hands of experts. Every year, residents in Wichita partner with local tax experts to make tax season a breeze. Read on to learn what you need to know.

What is a Tax Advisor?

A tax advisor is an individual who is trained in tax law and understands how to accurately manage tax paperwork for individuals—and, in many cases—businesses. These professionals will work with the information you provide to manage your taxes, and they will even file them for you!

Where Can I Find a Tax Advisor?

Before you can work with one of the talented tax advisors in Wichita, you need to know how to find one. You will want to start by conducting an online search for tax experts. This will connect you with services and advisors that will be able to help you.

Finding a Tax Advisor in My Area

Most people prefer to work with local tax experts, and that is completely understandable. This makes it easy for you to walk into their office and sit down to discuss your situation with them. They will gather the necessary information and get to work. To find one in your area, try searching for tax advisors with your zip code or in your city.

Working with Tax Professionals You Can Rely On

Taxes are a big deal, and they need to be done correctly. If a mistake is made, you might just find yourself in a big mess of trouble. To find experts you can trust, take time to look at what services they offer and how much experience they have in the industry, then connect with them to learn more.

The Takeaway

At Wichita Tax advisor, we offer tax services in Wichita, Kansas. We are proudly serving locals in our area to support them every single year during tax season. Our team is trained in a variety of tax-related services and can help you to get the best deductions that are available to you. With your information and our expertise, we can help you to feel confident about how your taxes are handled every year. Contact us today to get the support you need!

Accurate tax reporting is all about the details—learn where to find them.

For the majority of Americans, tax season comes with either a bill or a payout. Whether you owe the government money or they owe you money, the details of your tax payment can play a huge role. In this article, we are going to discuss everything that you need to know about tax payment details.

Finding Your Tax Payment Details

During tax season, it is natural to get lost in the sea of paperwork and fine details. For this reason, many people prefer to work with professionals during tax season just to keep everything in order. Of course, even if you work with professionals, it can be good to know your tax payment details.

What Are Tax Payment Details?

Tax payment details are any details relating to your tax payment. These details might include the bank account that you are paying from or the bank account that you plan to have your money deposited into. However, it can also refer to the amount of money owed to the government or to you as well. There are some smaller details included with this, like bank account numbers, routing numbers, and the names on the accounts as well.

How Can I Find My Tax Payment Details?

One simple way to find your tax payment details is to turn to your taxes themselves. Since everything has to be submitted directly to the IRS, you should be able to review your tax paperwork and find the necessary information there. If you choose to use an online service, you might have to review your tax information digitally. 

Working with Professionals

The easiest way to ensure that you know the fine details regarding your taxes is to work with a professional. Trusted experts will know how to find the exact information that you are looking for and will be able to answer any questions that you might have. 

More importantly, these experts will make sure that the information is accurate. This can play a huge role in you getting your payment on time or you sending money over while avoiding fees if needed. It is always easier to let professionals handle your taxes, and any expert you work with will be happy to answer your questions.

The Takeaway

Knowing your tax details is important to ensure that payments are processed correctly, whether you are sending money or receiving it. Make sure that everything is in line by investing in the best tax preparation Wichita, KS, has to offer you. When you work with us, we will manage all of your details so you know that everything is being managed exactly how it should be. If you have any questions about your tax payment details, contact us today to get started!

CPAs play a valuable role in keeping our finances in order—but what else can they do?

Certified public accountants (CPAs) play a vital role in society. They help us to achieve financial wellness, but how far do their skills really expand? Do CPAs only offer help with general accounting, or can they also act as a financial advisor? In this article, we will discuss everything that you need to know about CPAs and their services.

Understanding CPAs and What They Offer

In order to understand how CPAs can benefit your financial wellness, you will need to understand what they are, and what separates a standard CPA from a financial advisor. There are many different roles to play in the world of finance, and both of these professionals can help you to do the most with your finances. Let’s take a closer look at what they do and where they meet.

What Do CPAs Do?

A certified public account is a partner in your financial wellness. They help with general accounting, money management, and taxes. However, they can offer even more services than the ones on this list. Depending on what additional experience and certifications your CPA has, you might just find that the average CPA can offer you quite a bit of help.

What Do Financial Advisors Do?

A financial advisor is another expert and partner in your personal finance journey. They will provide advice pertaining to finances to their clients, offering guidance on how to best manage their finances. This often includes topics like taxes, managing an estate, and also plays a large role in investment strategies.

Can CPAs Be Financial Advisors?

A CPA can be a financial advisor, but that doesn’t mean that all of them are. In a lot of cases, people will work with both a CPA and a financial advisor to ensure that their needs are covered. However, it is possible to find a CPA with more expansive services that can help you to figure out what steps you need to take for your finances.

What Does This Mean for You?

At the end of the day, both CPAs and financial advisors charge for their services. When you explore your options, be sure to consider what makes the most sense for you. Think about what specializations you might need and look for professionals that meet these standards. Finding the right experts can help you to really improve your finances.

The Takeaway

A CPA is a trusted friend and advisor that can play an essential role in helping to determine your financial future. Before you make a decision on who to work with, it can help to sit back and decide what you really need from the person that you plan to work with. If you are looking for a Witchita CPA, contact us today to learn how we can prepare you for your financial journey!

Preparing your tax return is an annual process—find out how to get started. 

Individual tax returns are something that the majority of people file annually each year. These tax returns are a legal requirement in many cases. However, they are not always the most straightforward process. Filing an individual tax return can seem like a daunting tax—but it doesn’t have to be. Let’s explore how you can prepare an individual tax return for the next tax season.

Preparing Your Individual Tax Return

When we say “preparing” an individual tax return, what we really mean is filing one. This is the act of filling out the paperwork and getting it submitted to the IRS by the correct date with any necessary payments. Handling this paperwork correctly is essential to avoid any fees or violations. With the right approach, filing your taxes can be quick and painless, allowing you to just sit back and wait for your refund!

Consider Your Options

The first step when working on tax preparation is to consider your options. As an individual, you have various resources available to you to prepare your tax return. Each approach will come with benefits of its own, allowing you to choose what is the best fit for you.

File it Manually

Your first option is to simply file your tax return manually. In most cases, this is the least popular option. Though the government does provide resources to help guide you through the process to an extent, many people find this approach confusing. However, if you are well-versed in tax law and requirements, you can certainly take this approach.

Use a Dedicated Online Service

Online services are a dime a dozen in today’s world, which is why so many people consider these options—at least for a while. An online service can help to guide you through the tax process and might be able to simplify it for you. These services can be beneficial for filing a very basic tax return, but they may not help you to find the best deductions for your needs and do leave you open to risk in many cases.

Work with Tax Experts Near You

Without question, the best way to prepare an individual tax return is by partnering with a local tax expert. Tax services allow you to simply provide some information and paperwork, then they handle your taxes for you. These experts can find the best deductions, ensure that you are completely in compliance, and help you to receive more money back on your tax return.

The Takeaway

If you are looking for tax services, Wichita, Kansas is a wonderful place to start looking. You will find that local tax experts are well-versed in even the most complicated aspects of tax law. This means that you can trust that your taxes will be handled the right way—offering you a chance to receive more money back and enjoy a stress-free tax season!

Filing taxes is usually not something that you are excited about doing. However, good tax software can make things easier for anyone filing their taxes. Especially if you plan to file online, on your own, you will want easy-to-use tax software at a low cost. These are a few of the best tax prep software.

Turbo Tax Deluxe

TurboTax Deluxe is one of the most well-known options. It is easy to use and simple to navigate. It allows you to understand your tax return and easily put in all of the necessary information. You can also put your tax documents directly into the software. 

There are various tools included in TurboTax Deluxe, such as tutorial videos, questionnaires to understand tax deductions, and reasons for why you may owe taxes in different regards. This is helpful for those who feel comfortable filing their own taxes, but want a bit of aid in doing so. 

The major downside to Turbo Tax Deluxe ​is that they offer many other products and constantly attempt to sell them to you. This can push the price up from the original $59 to $119 plus $49 for each state tax return.

Tax Slayer

TaxSlayer Premium is a program offering a lot of customer service support. For those who need tax filing assistance, this can be very helpful. They offer phone, chat, email, and professional tax assistance as well. The support line has an average hold time of two minutes which is somewhat impressive for a tax software. Users who want extra support at a low price should use Tax Slayer.

Cash App Taxes

Not everyone’s tax situation is complicated. Some people only have one W-2 and basically no deductions. This is where Cash App Taxes is an easy choice. Cash App Taxes is different from other options in that all you need to do is use the software. It is completely free, even if you are self-employed. 

However, you will need to download Cash App and pay from it. It also has pretty limited support services. Basically, there is only one email to write into and you cannot call anyone. Therefore, it is good if you won’t need any help because it is free, but it won’t work for someone who has complicated returns unless they won’t need help.
For anyone who is considering doing their own taxes, sometimes it is better to get help from a professional. Try getting advice from a true Tax Preparation Wichita KS provider. This will ensure you won’t make any mistakes, and you will get things done the right way.

Managing your finances can be difficult. How can you find the best CPA in your area to help?

A certified public account (CPA) can help you to take control of your finances and ensure that you are always in compliance with relevant laws. These trained experts are an invaluable support system when it comes to meeting certain expectations. Even better, they can really simplify the process of managing your own finances—so how do you find a good one?

Choosing a CPA

For most people, an accountant is a powerful ally because they help you to fully understand your finances. Unless you’re an expert in tax law or know the ins and outs of financial best practices, they can provide a lot of valuable information. Even better, they will help you to fill out important documents and can even help you to better manage your personal finances. They offer a long list of services depending on your needs.

Explore Nearby Options

Any time that you set out to find a CPA that will meet your needs, you will want to know what options you have in the market. A simple search will generally lead you to potential options. If you have a specific service that you need, looking for experts who provide valuable resources on these services is a great way to find someone with plenty of expertise.

Consider Their Public Reputation

If the accountant that you plan to work with has a substantial online presence, it can be beneficial to see what other customers have said about partnering with them. You can learn quite a bit from someone else’s experience with that accountant. Glowing reviews and a generally positive reputation can tell you that your accountant is a good option.

Connect with Your Top Options

A CPA is always going to be happy to connect with you to discuss what they offer. You can really gain a lot of understanding by talking with a CPA to ensure that they are going to be a good fit for you. A simple meeting or conversation on the phone or through email can help you to make sure that they are a proper fit.

Look for Expertise

When working with a CPA, you want someone who is highly knowledgeable about their industry. Looking for someone who has great credentials can help you to receive the best services that the industry can offer. Consider years of experience, licensing, and other distinguishing factors.

The Takeaway

Every year, business owners and individuals alike partner with accountants for their financial needs. Working with a Wichita CPA can help you to get your finances under control and can actually save you money in the long run. You go to an expert for other industry needs, so why not trust your finances with a professional? Experts know how to help you save, build your wealth, and stay in compliance with relevant laws.