Tax Season is quickly approaching! If you personally prepare your taxes each year, you know it can be a stressful process. Are you declaring all of the deductions you are entitled to? Have there been changes to Tax laws that you are not aware of? Regardless of whether you are filing individual taxes or corporate taxes, when you are ready to leave the job to a professional, keep these things in mind.
Make sure that you ask for credentials and that the person you are paying has a current PTIN, or Preparer Tax Identification Number. As of 2011, it is required by Federal law that the PTIN number is current and registered. The potential tax preparer should also be active in a professional organization that offers continuing education for tax purposes and holds them to a certain standard. Tax laws are modified every year and you want to hire someone who is educated on these changes and meticulous when preparing your return.
Do some research and investigate the prospective preparer online. Read reviews and ask for references. You want to make sure that the person that you choose to review all of your financial information has a great reputation and is trustworthy. Even though you may be paying a professional to file for you, YOU are ultimately responsible should there be any questions in the future or your return is audited by the IRS.
Make sure that you are aware of all of the fees involved. Does the fee for tax preparation include filing? Different preparers charge different rates. They may have a flat fee or charge by the hour, although, a CPA is not allowed to charge a percentage of your return. There may be additional services offered at an additional cost. You want to know exactly where you stand when your return is completed, so ask questions.
Be prepared to hand the tax preparer all of the necessary information that they will need, including receipts and paperwork. Regardless of the complexity of your return, you should be able to show the professional proof of your income and any information concerning expenses or deductions you are expecting to include. This information will help insure the return is filed correctly.
Once the return is complete you must review the work. Make sure you are aware of all of the information and that it is correct. The preparer must sign the return and include their PTIN number, stipulated by law. You should be provided with a copy of the finished return to keep for your personal records.
Doing you taxes can be overwhelming and tedious. The good news is that there are people out there who are eager and licensed to help. Do your research and look at all of your options. You want to make sure you find a credible and honest professional to help you prepare and file your return.
