April 15th is quickly approaching. You may personally do your taxes every year and wonder if you submitted all of the deductions that you eligible for. Regardless of whether you are preparing your personal taxes or corporate taxes, the process can be stressful. If you are ready to seek a professional Tax Preparer this year there are some important things you need to keep in mind.
One of the most important things to ask for is credentials. Starting in 2011, it is now a Federal law that any person you pay to submit your taxes has a current Preparer Tax Identification Number, or PTIN. It is also important that this person is involved with some sort of professional organization that offers continuing education, and holds them to certain standards. Let's face it, tax laws change all of the time and you want to be reassured that the person you are hiring is knowledgeable and meticulous in preparing your tax return.
It is smart to do a little research and investigate the preparer's history. Check online and see if there are reviews or ask for references. It is important that you are handing over your financial information to a trustworthy person with an excellent reputation. After all, even though this person is filing your return for you, YOU are ultimately responsible should any questions arise or your return is audited by the IRS.
You also want to ask what the fee is for preparing the taxes and if that fee includes filing. These factors usually just depend on whom you are considering to do your taxes. A CPA is not allowed to charge a percentage fee of the amount of your refund. Some may charge a flat fee and some even bill by the hour. Sometimes extra services are offered at an additional cost. You want to make sure you know exactly what fees the preparer is expecting, so be sure to ask questions.
Be prepared to provide the tax preparer with all necessary receipts and paperwork. Whether you have a simple return or not, you should be able to hand the professional proof of your income and information regarding expenses or deductions that you are expecting to include on your tax return. You want your preparer to be equipped with all of the vital information in order to insure that you taxes are filed correctly.
Once the return is completed make sure you review the work. Make sure you are aware of everything that has been entered on the return and that the information is correct. Should any questions come up in the future, you want to know exactly what you filed. The preparer must also sign the return and include their PTIN number, which is stipulated by law. You should be provided with a personal copy of the return to keep for your records.
For many people, filing your taxes can be an overwhelming and tedious task. The good news is that there are experts out there that are educated, helpful, and eager to help. Explore your options and do your homework. You want to make sure that you have found an honest and credible professional to aid you with your tax return preparation and filing.
One of the most important things to ask for is credentials. Starting in 2011, it is now a Federal law that any person you pay to submit your taxes has a current Preparer Tax Identification Number, or PTIN. It is also important that this person is involved with some sort of professional organization that offers continuing education, and holds them to certain standards. Let's face it, tax laws change all of the time and you want to be reassured that the person you are hiring is knowledgeable and meticulous in preparing your tax return.
It is smart to do a little research and investigate the preparer's history. Check online and see if there are reviews or ask for references. It is important that you are handing over your financial information to a trustworthy person with an excellent reputation. After all, even though this person is filing your return for you, YOU are ultimately responsible should any questions arise or your return is audited by the IRS.
You also want to ask what the fee is for preparing the taxes and if that fee includes filing. These factors usually just depend on whom you are considering to do your taxes. A CPA is not allowed to charge a percentage fee of the amount of your refund. Some may charge a flat fee and some even bill by the hour. Sometimes extra services are offered at an additional cost. You want to make sure you know exactly what fees the preparer is expecting, so be sure to ask questions.
Be prepared to provide the tax preparer with all necessary receipts and paperwork. Whether you have a simple return or not, you should be able to hand the professional proof of your income and information regarding expenses or deductions that you are expecting to include on your tax return. You want your preparer to be equipped with all of the vital information in order to insure that you taxes are filed correctly.
Once the return is completed make sure you review the work. Make sure you are aware of everything that has been entered on the return and that the information is correct. Should any questions come up in the future, you want to know exactly what you filed. The preparer must also sign the return and include their PTIN number, which is stipulated by law. You should be provided with a personal copy of the return to keep for your records.
For many people, filing your taxes can be an overwhelming and tedious task. The good news is that there are experts out there that are educated, helpful, and eager to help. Explore your options and do your homework. You want to make sure that you have found an honest and credible professional to aid you with your tax return preparation and filing.
About the Author:
Want to find out more about Nancy Froelich, CPA? Visit www.texasquickbookshelp.com and learn about how she can help you with Tax Preparation.
