Felix G. Cincotta CPA & Consultants

One of the first decisions you have to make as a new business owner is what type of legal entity your company will be. The decision between a sole proprietorship, partnership or corporation – and there are other choices – carries financial implications. An accountant can help you to make the best choice.

The IRS distributes an estimated 8 billion pages of instructions and forms each year. If these were to be laid end to end, they would stretch around the world 28 times.

Moving to a new home? The IRS requires that you file a written change of address. If you don’t, you may not receive refund checks or official notices. Ask your accountant whether you need to file IRS Form 8822 (or 8822-B if your business has moved).

We recognize that the first year you’re in business for yourself can largely be a year of trial and error. While this approach can work well for things like marketing and promotions, it’s usually best to hire a professional to handle your tax return so you know it will be right the first time.

Which movie included the lovable accountant, Andy Dufresne? a) Bull Durham, b) Shawshank Redemption, c) Schindler's List, d) The Producers. Answer: B. Tim Robbins brought the beloved Andy Dufresne to life in "Shawshank Redemption."

You’ve got a number of credit cards with fairly large balances. What’s the best way to try to pay off your debt? An accountant can explain that it’s usually best to focus on one card at a time – often the one charging you the highest interest – and then move on to the next card when that one is paid off.

Did you know that the history of enrolled agents actually dates back to 1884? At this time Congress authorized the Enabling Act of 1884, giving the Secretary of the Treasury the authority to regulate who can represent individual citizens in their dealings with the Treasury Department.

Do you know the difference between 1040, 1040A and 1040EZ tax forms? The differences can often confuse people--especially when complicated tax terminology is involved. A thorough study of the rules can give you a better understanding on this.

When looking to hire an accountant, ask them how they would handle situations relevant to you. This tests their skills and lets you determine whether they are a good match for you.

If you own a business, are self-employed, and/or have active rental properties, then hiring a tax accountant is going to be a smart move. Your accountant can identify opportunities to minimize taxes by depreciating assets and logging expenses.

When it comes to your taxes, you have two options – you can do them yourself, or you can work with experts in the field. The most significant drawback to doing taxes yourself is if you make errors, you have to stand alone. When you work with an Enrolled Agent, you have an expert licensed by the IRS to represent you.

In 2010, the IRS processed 230 million tax returns and documents. $2.3 trillion was collected. In 2011 alone, 100 million federal tax returns were filed electronically, accounting for three-fourths of all individual returns filed that year.