As employees receive W-2s and independent contractors receive 1099s, many will be anticipating a refund and others may owe money. The connecting bottom line is that taxes must be filed in a timely manner.
Those expecting a refund usually will rush to file as soon as possible. While those expecting to owe the Internal Revenue Service (IRS) will frequently wait until the April 15th deadline.
Many years ago, there were only a few major tax preparation firms, along with accountants, that prepared taxes. Now, small businesses dedicated solely to tax preparation have sprung up all over the Mid-South. These businesses are thriving and experiencing tremendous growth with a business model based on operating only a few months of the year.
- Written by Carlee McCullough