Tax Preparation Services: An Overview
Tax preparation involves the process of compiling and filing income tax returns for individuals and businesses. Professional tax preparers help ensure accuracy, maximize deductions and credits, and maintain compliance with federal and state tax laws. In Tennessee, while there is no state income tax on wages, residents still need to file federal returns and may have complex situations involving business income, investments, or multi-state issues.
Types of Tax Professionals
There are several types of professionals who can prepare your taxes:
Certified Public Accountant (CPA): Licensed professionals who have passed the CPA exam and met state requirements. They can prepare taxes, represent you before the IRS, and provide comprehensive financial advice.
Best for: Complex tax situations, business owners, and those needing year-round financial guidance.
Enrolled Agent (EA): Federally licensed tax practitioners who have passed an IRS exam or worked at the IRS. They specialize in taxation and can represent taxpayers before the IRS.
Best for: Tax controversy, IRS audits, and specialized tax situations.
Tax Preparer: Individuals with a Preparer Tax Identification Number (PTIN) who can prepare and file returns. Credentials and expertise vary widely.
Best for: Straightforward returns with W-2 income and standard deductions.
Top 3 Tax Preparation Services in Nashville, TN
1. Glover & Glover CPAs
Best For: Full-service tax preparation, IRS tax resolution, and personalized accounting services for individuals and small businesses.
Philosophy: Glover & Glover CPAs combines the expertise of larger firms with a personal, one-on-one approach. They specialize in IRS tax resolution and helping clients navigate complex tax situations.
Services:
Individual Tax Preparation: Personal income tax returns with maximized deductions.
Business Tax Services: Corporate, partnership, and S-Corp tax filings.
IRS Tax Resolution: Help with back taxes, audits, liens, and payment plans.
Tax Planning: Year-round strategies to minimize tax liability.
Retirement Planning: CFP-certified guidance for retirement and estate planning.
Bookkeeping & Payroll: Ongoing accounting support for businesses.
Location: 206 Wilson Pike Circle, Brentwood, TN 37027 (serving greater Nashville area)
Contact: (615) 373-1001 | gloverandglovercpas.com
Credentials: Byron Glover, CPA, CFP | M. Lawrence Glover, Partner
Pricing: Contact for personalized quote. CPA services typically range from $200 to $500+ for individual returns depending on complexity.
2. Puryear & Noonan, CPAs
Best For: Small businesses, nonprofits, and individuals seeking a top-20 locally owned CPA firm with comprehensive services.
Philosophy: One of the largest locally owned CPA firms in Nashville, Puryear & Noonan specializes in making accounting, taxes, and compliance easy for small businesses, nonprofits, and individuals.
Services:
Tax Preparation: Individual, business, and nonprofit tax returns with strategic planning.
Audit & Assurance: Independent audits, reviews, and compilations for organizations requiring financial statement verification.
Bookkeeping Services: Ongoing bookkeeping, sales tax, and business tax compliance.
Business Consulting: Due diligence for mergers and acquisitions, exit strategy planning.
Payroll Services: Full payroll processing and compliance.
Locations:
Green Hills: 40 Burton Hills Blvd, Suite 170, Nashville, TN 37215
Franklin: 830 Crescent Centre Drive, Suite 320, Franklin, TN 37067
Contact: (615) 296-0500 | pn-cpas.com
Hours: Monday to Friday: 8am to 5pm
Pricing: Contact for quote. Services vary based on complexity and scope.
3. TriStar CPAs (Tristar and Associates Tax and Business Solutions)
Best For: Proactive tax planning, small business bookkeeping, and quarterly tax advisory services.
Philosophy: TriStar goes beyond tax compliance by proactively recommending tax-saving strategies to maximize after-tax income. They have served Nashville clients since 2014 with a family-operated, locally owned approach.
Services:
Individual Tax Preparation: Personal returns with thorough deduction analysis.
Business Tax Services: Small business, self-employed, and nonprofit tax filings.
Quarterly Tax Advisory: Proactive planning, compliance, and filing throughout the year.
Bookkeeping & Payroll: Full-service accounting support so you can focus on your business.
Tax Planning: Strategic planning to legally reduce tax liability.
Locations: Nashville, Hendersonville, Brentwood, and Germantown areas
Contact: (615) 891-7269 | tristarteam.tax
Credentials: CPA-led team with experience in public accounting and tax advisory
- Pricing: Contact for personalized quote based on tax situation and service needs.
Frequently Asked Questions (FAQ)
1. When should I hire a professional tax preparer instead of doing my own taxes?
Consider hiring a professional if you have self-employment income, rental properties, investment accounts with capital gains, multiple income sources, experienced a major life event (marriage, divorce, home purchase), own a business, or have received an IRS notice. The cost of professional preparation is often offset by additional deductions found and reduced audit risk.
2. What documents do I need to bring to my tax preparer?
Common documents include: W-2 forms from employers, 1099 forms (freelance income, interest, dividends, retirement distributions), Social Security number for you and dependents, last year’s tax return, mortgage interest statement (Form 1098), property tax records, charitable donation receipts, medical expense records, business income and expense records, and investment account statements.
3. What is the difference between a CPA and a regular tax preparer?
A CPA has passed a rigorous national exam, met education requirements, and maintains continuing education. CPAs can prepare taxes, represent you before the IRS at all levels, and provide broader financial services including auditing and consulting. Regular tax preparers may only have basic training and cannot represent you in audits beyond limited circumstances.
4. Does Tennessee have a state income tax?
Tennessee does not have a state income tax on wages or salary. However, until 2021, there was a tax on interest and dividends (Hall Tax), which has been fully phased out. Tennessee residents still must file federal income tax returns and may need to file in other states if they earn income there.
5. How much does professional tax preparation cost in Nashville?
Professional tax preparation costs vary based on complexity. Simple individual returns (W-2 income, standard deduction) typically cost $100 to $200. More complex returns with itemized deductions, self-employment, or investments range from $200 to $500. Business tax returns and comprehensive services can cost $500 to $2,000 or more depending on the entity type and complexity.