Tips for Finding a Quality Tax Preparer

Executive Summary About Tips for Finding a Quality Tax Preparer By Roni Deutch

False Guarantees

Tax Preparation

If a tax preparer promises you a big refund before looking at your financial information then you should go running the opposite direction! As you can imagine, you need a lot of training to become a tax preparer.

Unfortunately it does not stop there.

Each tax season bring a set of newly expired tax laws as well dozens of new deductions, credits, and regulations. Most tax preparers will enroll in some sort of update training before each tax season, but not all. Make sure your tax preparer is up to date on all tax policies.

If the IRS sends you a notice or query, will your tax preparer be able to help you solve the problem or at least recommend you to someone who can?

Other Businesses

If you are a business or small business owner, having a business-tax-savvy preparer is a must. There are separate deductions, credits, and guidelines for business owners.

In order to take advantage of every business deduction you can and prevent from breaking any rules, you need a highly trained tax professional to help you with these sorts of tax returns.

When interviewing a potential prepare, ask if they have other business clients and see if you can get any reviews from said clients in advance.

E-File
With modern technology, there is no reason to hire a tax preparer that does not file electronically. Perhaps the best advantages of filing electronically is that your return is likely to come much faster, and as soon as your preparer files it, you have proof that it has been filed.

Check Reviews
If your tax preparer is well established, it should be no problem finding at least a few reviews on their services online. You can also ask friends, family, neighbors, and coworkers who they chose to prepare their taxes.

Some tax preparers even have a list of testimonials from previous clients available in their office or online.

Questions
Last but not least, your tax preparer should be eager and willing to know every financial aspect of your life. A good tax preparer will ask you dozens upon dozens of questions to get you the best quality of service, which you deserve

Tax Preparation Tactics – How to Work With Your Accountant

Executive Summary About Tax Preparation Tactics – How to Work With Your Accountant By George Angelo

“Work with” is the operative phrase; do not assume your accountant knows everything he or she needs to know in order to prepare your taxes.

Make an appointment with your accountant after the peak tax preparation season. The six most dangerous words to your financial wealth regarding your income tax preparation, “My accountant handles all of that.”

Remember, it is your income which is affected by your tax preparation not your accountant, so take an active role in your tax preparation.

For instance if you are responsible now for the care of your or your spouse’s aging parents, let your accountant know, there may be tax deductions you can take.

You may know about the attorney-client privilege. Whatever you say to your attorney is privileged information. Your accountant can be compelled in a legal proceeding to reveal his conversation with you.

Further, understand your accountant’s liability to the IRS regarding his preparation of your business income tax return.

According to the Small Business and Work Opportunity Tax Act of 2007:

An income tax preparer who prepares a return with respect to which there is an understatement of tax that is due to an undisclosed position for which there was not a realistic possibility of being sustained on its merits, or a frivolous position, is liable for a first tier penalty of $250, provided the preparer reasonably knew or should have known of the position…An income tax preparer who prepares a return and engages in specified willful or reckless conduct in respect to preparing an income tax return is liable for a second tier penalty of $1000.

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