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HOW TO PICK A TAX PREPARER
April 15th, the deadline for individual income tax returns, is approaching. While many of us fill out our own forms, some of us can't bare it and would rather that somebody else bear the burden. If you are planning to hire a professional, THAT MONEY SHOW and guest Ellen Murphy, Director of Taxpayer Education and Communication for the IRS, have some tips to help you find a good tax preparer.
To hear Ellen's exact words, click on the video clip to the right. Select 56K if you have a slow connection to the Internet or T1 if you have a fast connection. Below is a summary of Ellen's tips.
- First and foremost, you must be an informed consumer. Although somebody else may be dotting the I's and crossing the T's, you need to understand your tax forms inside and out. This will help you talk with potential accountants, remember, you, and only you, are ultimately responsible for the information that you submit. It's up to you to be able to explain it.
- Finding a good tax preparer is the same as finding a good financial advisor or lawyer. You want reliability and someone you can trust. Word of mouth is always helpful so try to find people who are recommended by those whom you trust.
- You want to have an accountant who is always available. It's one thing to have the forms submitted on time, but if there are any questions, you want an accountant who won't be on vacation when the G-men show up at your door.
- Communication. Remembering that being an informed consumer is the first step. Be sure to find a tax professional who can explain the details and nuances of taxes to you in a straightforward and matter-of-fact way. You need to understand everything, and if you leave the office feeling confused, you may want to look elsewhere.
- Look for a certified professional. It seems obvious, but besides being qualified, certified professionals generally must keep up to date with the latest practices and regulations in order to stay certified. Knowing the latest rules can save you a lot of money.
- Don't accept any guarantees. Stay away from anyone who says they can get you a refund before asking any questions about your financial background. This is impossible to guarantee without knowing anything about you, and the type of person to make such claims may be more willing to put something inappropriate on your returns.
- And finally, before you sign on the dotted line, make sure the information is correct and that you are absolutely comfortable with everything.
Finding a good tax preparer can help you reduce headaches and your taxes. But its just one step. Don't forget to be organized and on time when dealing with your tax returns.
For more information about your tax returns, check out the IRS Web site at http://www.irs.gov.
For more information on how you can achieve your financial goals, visit our archive, and read:
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