While choosing an accountant, you must rely on one who suits you and your business. Some of the accountants are specialized in tax returns for individuals or businesses of a specific industry and others in specific areas of tax.
According to a survey, about a third of us hire tax advisors and tax preparers, but hardly have we known much about them and how to find the best tax preparer.
So if you are also looking for help, there are certain tips to find the best tax preparer near you.
TAX PREPARER MUST HAVE A PTIN NUMBER
The person you choose to prepare federal tax return must have a valid 2019 PTIN (Preparer Tax Identification Number) before preparing returns. On your tax return, the preparer’s signature and PTIN must appear. Without PTIN, the tax preparer is not even allowed to prepare the return; this is something that you would not like to get find out at the end. Therefore, ask in advance, you can also check using the Internal Revenue Service (IRS) online PTIN directory.
TAX PREPARER MUST BE READY FOR SPECIFIC CIRCUMSTANCES
All the tax returns are not equivalent. Some of the tax preparers can do the basic form 1040 quickly, while others are good in doing Schedules C or E. There are many variations like forms and schedules. It is common for tax preparers to have a broad knowledge.
Don’t trust anyone who tells you that “they can do all”, nobody can believe me.
If you are having any special circumstances due to your financial investments, residency, or occupation, look for a tax preparer that has got an experience in certain situation. There are certain things to consider while choosing a tax accountant and you must pay attention to these aspects.
In 2018-2019, an average fee, the average fee for the tax preparation that also includes state tax return and Form 1040 with Schedule A, was $294.
The legitimate tax agents charge by the hour, so if you meet someone whose fee is based on the size of the refund, consider it as red flag. According to the National Society of Accountants, if the IRS audits you in person, the tax preparers charge $150 per hour to handle it.
Also, beware of preparers who don’t talk of pricing at all, including the cost to fix any mistake or to file electronically. The tax preparer must not charge extra for a copy of a return when the return is prepared.
REACHABLE AFTER TAX-SEASON IS OVER
I really don’t admire those tax accountants who are available during tax season and then go missing for half a year without any contact information.
Clients many times receive a request from taxing authorities for additional information in October or November. You must make it sure how to contact the tax preparer after the return has been filed.
KNOWLEDGE OF REQUIREMENTS OF STATE AND LOCALITY
There are no boundaries when it comes to localities and states. For business owners, the state or locality could have quirky filing requirements. If you have moved from state to state in a year, it could get more complicated.
You could need special guidance if you own real; estate or business in a state of your residency or you are a beneficiary of trust or estate in another state. You must ensure that your tax preparer can handle those filing requirements.
TAX PREPARER MUST BE ORGANIZED
The sense of organisation is mandatory in the tax preparer. An efficient tax preparer must be able to explain what you require to provide in advance that includes information for special schedules or circumstances.
If the tax preparer is not inclined to perform this with due diligence, it must give you a pause about what other corners the preparer could be willing to cut later. Furthermore, if the tax agent asks for more questions in continuation, it could be a sign that the tax preparer is overwhelmed.
Now how do you figure out all of this?
Although choosing an efficient tax preparer takes many efforts, it’s worth it. The ultimate goal of hiring a tax preparer isn’t to find someone who may fill out a form this year, but you must establish a professional relationship with them. A good taxpayer wants that too, and will not even mind answering you abundant of questions.
If you need any assistance in getting your taxes done, Reliable Bookkeeping Services in Australia adheres to provide you the best taxation services, Contact now @ 1300 049 534