Disclaimer: Opinions expressed by Ms. Sarkissian are solely her own and do not necessarily express the views or opinions of TaxAct Professional.
Truthfully, when I first heard the term “bank products” I had no clue what it meant. Why would I want to involve a bank in my business of filing tax returns? However, once I learned about what a bank product is and does, and I implemented it into my practice, I found it to be a very valuable add-on service that I can offer my clients. In simple terms, a bank product allows your client to opt out of paying your fee up-front and instead choose to have ...
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The IRS Increased Mileage Rates for Final Few Months of 2022
Due to the rise in fuel costs, the IRS adjusted standard mileage rates for the second half of 2022
Per the IRS, the optional standard mileage rate increased for the final six months of 2022. The deductible costs of driving a car for work or other purposes can be calculated by taxpayers using the optional standard mileage rates.
The standard mileage rate for business travel in the final six months of 2022 is 62.5 cents per mile, an increase of 4 cents over the rate at the beginning of the year. The new rate for relocating or medical expenditure deductions (eligible to active-duty military p...
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Important Information for Next Tax Season!
Important Information for Next Tax Season!
Tax Changes and gearing up for TY22, written by Nyrie Sarkissian, a fellow Tax Professional.
Gearing Up for TY22
By: Nyrie Sarkissian
TY22 is coming. That means it is almost our time to shine! But are you prepared to do your best? Many people ask me how I prepare for the start of a new tax season. My process begins and ends with my checklist, a simple “things to do” list that I can easily go through and complete. I feel confident and prepared once I make sure that I’m ready to hit the ground running when the season starts.
Every year I up...
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2022 TaxAct Professional’s Tax Season Readiness Guide
2022 TaxAct Professional's Tax Season Readiness Guide
This guide will provide a supplemental framework to help you stay informed, save time on planning, and align your team for efficiency.
Whats Inside:
Printable TY22 Checklist
Key Tax Facts for TY22
Important Calendar Dates
What's New TY22 for TaxAct Professional Software
Download this Guide:Interested in accessing the content?Please complete the form below.Click download.Once the form has been submitted, your webpage will be redirected to a link where you can download e...
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Seamless eSignature Integration is Here
Seamless eSignature Integration is Here!
Plus, it's backed by DocuSign.
TaxAct Professional is giving you even more options with Integrated eSignatures.¹ It's easier for you to get the signature you need to e-file and stay compliant with Knowledge Based Authentication (KBA).
Learn More and Reserve eSignatures
eSignatures are as easy as 1-2-3:
Flexible pricing at a discounted rate:
Request - send any document to the client.
Customer Signs - it's secure and only takes a few clicks.
Ready to e-file - once forms are signed, they're ready for the next step.
Pay as you...
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Refund Transfer is Great for Your Business
Refund Transfer is Great for Your Business
Let your clients file for $0 upfront, earn more money from incentives, and grow your business.
What is a tax-related bank product?
Bank Products are services that tax preparers can offer to their clients.1 Refund Transfer allows tax preparation and other authorized fees to be deducted from your client’s tax refund. This product allows taxpayers to use tax-prep services without paying tax-preparation fees upfront.
Direct deposit allows the taxpayer’s refunds to be direct deposited from the IRS or State instead of having to wait for a mailed che...
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Add an Entire Tax Audit Defense Department to Your Firm Today!
TaxAct Professional® has partnered with ProtectionPlus®
Firm-Level Program
Provide Protection Plus benefits to all your clients with the Firm-Level plan option. For only $10 per 1040 return, your clients instantly gain additional peace of mind when they file with you.
Per-Return Program
With the Per-Return plan option, your clients have the option to add Protection Plus at a base price of $44.95. You may also use this as an opportunity to generate additional revenue for your tax business with an optional markup of up to $50.
TaxAct has partnered with Protection Plus to provide compr...
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Did You Offer Your Clients Bank Product Services Last Year?
Look out for our Bank Product Enrollment Email in early September!
Want to continue offering your customers refund transfers and cash advances? Then it’s almost time to re-enroll in TaxAct® Professional Bank Products!1 (Yes, you must enroll every year — don’t worry, it won’t take long.)
It’s easy to re-enroll, at no cost to you, and allows your clients to use tax-prep services without paying all the fees upfront.2
Here’s why you should re-enroll today:
Free Software: Get free software if you file over 400 returns, each with a funded refund transfer.3
Incentives: Sign up for TaxAct...
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Tax Pros are Becoming the Number One Target of Identity Thieves
Tax Preparers are among some of the most targeted professionals when it comes to “identity thieves.” The amount of client information that you have access to is why you must take extra precautions to protect your clients' personal data.
Per the IRS: “Their tactics: using email, the phone, or other means to trick you into giving up computer passwords, e-Services passwords, to steal your EFINs or CAF numbers or even to take remote control of your entire computer system."
"Protecting client data also is the law. Federal Trade Commission regulations require professional tax preparers to create...
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Five Reasons Tax Professionals Should Offer Financial Planning
Five Reasons Tax Professionals Should Offer Financial Planning
Sustainability is Key to a Tax Professional's Growth
Growing a tax and accounting practice can seem daunting because of the 1:1 relationship between the income you earn and the hours you have put in to earn it. Unlike other small businesses that benefit from passive income streams and other economies of scale, the only way to really grow your tax practice is by adding more clients, which either requires even more hours from you or additional staff to take on the work. Either solution can come at a substantial cost, but there ...
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TaxAct Pro + TheTaxBook WebLibrary
Announcing that TaxAct Professional has Partnered with The Taxbook!
Take advantage of a special discount on WebLibrary Plus from TheTaxBook. Now just $229 for TaxAct Professional customers (regular price $319).
TaxAct Professional is teaming up with TheTaxBook to offer you an integrated tax research solution: WebLibrary Plus.
What is WebLibrary Plus?
WebLibrary Plus allows you to spend more time serving your clients and less time searching for tax-related information. It helps you find answers to complex questions with well-written and easy-to-understand explanations and examples.
...
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Avoiding Burnout — Tips to Help
Avoiding Burnout - Tips to Help
Hello, my name is Nyrie Sarkissian and I am the owner of Tax Prep A-Go-Go. You have to say my company name with some pizazz. Tax Prep A-GO-GO! I have been preparing tax returns for over 15 years. It all started when my best friend came to me in 2006 and said, “I haven’t filed a tax return for 4 years”. I sprang into action and here we are today. From learning how to fill out a 1040 manually 15 years ago, to now – using TaxAct®, first-class professional tax preparation software.
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A Few Tips on Collecting Payment from Clients
A Few Tips on Collecting Payment from Clients
Hello, my name is Nyrie Sarkissian and I am the owner of Tax Prep A-Go-Go. You have to say my company name with some pizazz. Tax Prep A-GO-GO! I have been preparing tax returns for over 15 years. It all started when my best friend came to me in 2006 and said, “I haven’t filed a tax return for 4 years”. I sprang into action and here we are today. From learning how to fill out a 1040 manually 15 years ago, to now – using TaxAct®, first-class professional tax preparation software.
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Important Information Regarding the Child Tax Care Credit in TY21
Important Information Regarding the Child Tax Care Credit in TY21
The IRS will be sending out “Letter 6419” to any taxpayer who received advanced Child Tax Credit payments in 2021. This form is VERY IMPORTANT to request from your clients, advise them to look for this letter in the mail.
Do not file ANY returns before checking if your clients/taxpayers received the Child Tax Care credit in TY2021. If you file for your clients and the amount does not match the IRS Database, it will kick that return into review status with the IRS, and clients may have to wait before they get their refund.
...
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TaxAct Professional Client Xchange is Here
A faster, more convenient, and secure way to exchange documents with your clients.In the digital age, being able to exchange information securely, conveniently, and quickly with your clients is important. TaxAct® Professional Client Xchange enables you and your clients to do so from any device with internet access!
Easily upload and download all the tax information you and your clients need to share in seconds — from photos of Form W-2s and receipts to CSV files of stock transactions and PDFs of client organizers and final tax returns. Set up your website, give access to additional users yo...
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