Filing tax returns is required of every individual and every business. This is a responsibility that we do every year. Filing your tax returns, however, can be a very tedious and confusing task. This situation makes it more convenient if a tax preparation professional can do the tax return computations for us. Today, there are many professionals offering their tax preparation services during tax season.
Licensed professionals like attorneys, certified public accountants and tax preparation agents offer their services of preparing tax returns for their clients. Since tax preparation is complex and confusing, these professionals will take the burden off your hands and prepare the tax return for you. You benefit from hiring a tax preparation professional since the tax code has plenty of stipulations or requirements that only professionals can completely understand. Besides, there are also many changes being implemented in the tax law that professionals are well aware of but we are not. If you do your own tax returns without considering the changes in tax law, then you might just end up with an inaccurate document which can be questioned by the authorities.
Hire a tax preparation service that is easily accessible even after your tax returns have been filed. After the tax return is filed, you may still be questioned on some items so it is good that the tax preparation service is easy to locate. It has happened time and again, that the tax services can no longer be found after tax season.
You need to provide the tax preparation professional all your records and receipts so that the tax preparation service can do it more accurately. They can also determine your eligibility for deductions from your records.
Check the tax preparation service itself. Make sure that it is reliable service. The status of their license with regulatory boars should be checked.
Ultimately, you are still responsible for the accuracy of the information that is included in your tax return even if the paid tax preparer will sign the return and include his PTIN.
Never sign blank documents, whatever your tax preparer might say, because this is not only unethical, but it is illegal as well.
When the tax preparer hands you the prepared tax return, review it well. Ask questions on the items that are not clear to you and don’t sign the document until you are sure that you have understood it. You only sign the document when everything has been made clear to you.
If the tax preparation service asks for a percentage of your return, don’t agree, since this will tempt him to increase the values in your return so he can profit from it. Make sure you know what the standard fees for tax preparers are.
With a reliable tax preparation service, you will have a more convenient way of filing your tax returns.