People say that nothing changes like the weather, but tax laws surely rival the weather when it comes to change. You'll need to stay current on the latest federal tax publication updates.
All tax professionals need to know the latest law changes, but they also need to know about the latest version of taxation software too. A great way of staying up to date with changes is to subscribe to some tax magazines. Here are just a few of the things a tax magazine can do for you:
1. Tax magazines will explain the importance and relevance of new tax legislation and court rulings in easy to understand language.
2. Tax magazines give valuable hands-on advice and information on new technical and professional techniques to improve your business.
3. Tax magazines can give you ideas on how to cut taxes in your personal life or for your clients.
These are just a few of the benefits you can receive by subscribing to a tax magazine. In addition, you may be able to deduct the cost of the subscription on your taxes as a business expense.
Read professional tax publicationsDon't just subscribe to the professional tax publications. Subscribing takes minimal effort, but you will only glean the benefits by actually reading them.
Visit the IRS for your federal tax publicationsThe IRS is a wealth of knowledge for all of your IRS tax publications needs. There is no greater source for free information than the IRS.
IRS website is very user-friendly and easy to navigate and they have an area just for tax professionals. Sign up for free tax tips from the IRS too.
Attend a taxation conference to obtain tax publication resourcesParticipating in taxation conferences is a great way to pick up tax publications resources. Often conference attendees get discounts on the various tax publication resources so be sure to look for any freebies you can find. In addition attending a taxation conference is a good way to network with others in your industry.
Purchase a book on taxesTax books are handy for quick look ups so you'll want to keep a few on hand for when you need a fast answer.
- Visit your local library to look at their tax magazines before paying for a subscription. The library is a great way to try before you buy any tax publications.
- Join a taxation trade association such as the Federation of Tax Administrators or the National Association of Tax Professionals (NATP) to network and learn the latest on federal income tax publications.