Preparing your taxes can be overwhelming and intimidating. How do you know if you are doing everything right? Are you getting the maximum amount of money back with your tax return? Are you writing off everything that you can? A tax professional can help you get the most out of your tax return.
There are many options when looking for someone to prepare your taxes, so it is important to choose wisely:
- Use a reputable tax professional who will sign the tax return and give you a copy.
- Check the person's credentials. Only attorneys, certified public accountants (CPAs), and enrolled agents can represent taxpayers before the IRS.
- Avoid preparers who charge a percentage of your refund, instead of a flat fee.
- Consider whether the preparer or company will be around to answer any questions you or the IRS might have about the tax return in several months or years. Find out if the preparer is affiliated with a professional organization.
- Use a preparer who wants to see your receipts and asks questions to determine whether your expenses, deductions, and other items qualify. (This will help you avoid penalties, interest, and additional taxes that could result from an IRS investigation.)
Finding the right person to prepare your taxes can be quick and easy. Start by asking friends and family for referrals and take these tips into consideration when making your final decision. With help from the right tax professional, you can save time and money this Tax Season.
The above materials are suggestions and for informational purposes only and not intended as expert advice. For questions on budgeting and money saving ideas, please contact a financial planner. For questions on tax, please contact your tax advisor.