If you’re like most people, tax season is a time of stress and anxiety. Of course, you want to ensure you’re getting the most out of your return, but you also want to avoid overpaying or underpaying the IRS.
The best way to ensure a successful tax season is to ask your tax preparer some key questions.
By doing so, you can better understand their actions and why and feel confident that your taxes are being done right. Here are 6 of the most important questions to ask your tax preparer:
1. How long have you been preparing taxes?
A lot can change in a year, including the tax code. To ensure that your taxes are being prepared correctly, it is essential to ask your tax preparer how long they have been doing their job. An experienced tax preparer will be up-to-date on all of the latest changes and deductions, and they will be able to maximize your refund.
You can also include a question about how long they practice accounting in a state where your business is registered.
2. Do you have experience preparing taxes for businesses in my industry?
If you own a business, it is essential to ask your tax preparer if they have experience dealing with companies in your industry.
Every industry has its own unique set of rules and regulations regarding taxes, and it is crucial to find someone familiar with those rules. For example, San Diego is home to many tech startups. Suppose you are the owner of a tech startup. In that case, you will want to ensure your tax preparer in San Diego has experience dealing with tax returns and is familiar with all business deductions available only to business owners from San Diego.
A tax preparer with experience in your industry will be able to help you take advantage of all the deductions and credits that you are entitled to.
3. What type of training or certification do you have?
Like any other profession, there will always be tax preparers who specialize in certain areas. This could be anything from self-employed individuals to those with rental properties. If your tax situation is complex, ask your tax preparer if they have any specialties that could benefit you.
Before some questions, you need to research first. First, you should know that an accountant can’t be just anyone. To be an accountant, they must have a degree in accounting or another related field. Many accountants also have a master’s degree in business administration (MBA) with a concentration in accounting.
While education is critical, there are other factors to consider when choosing a tax preparer. Check for professional credentials as well. The most common credential in the tax preparation industry is the Registered Tax Return Preparer (RTRP) credential, administered by the IRS.
Remember to ask for testimonials or references from other clients, too. A great accountant should have no problem providing you with a list of happy clients who are willing to vouch for their quality of work.
4. Who will deal with my tax return?
The tax preparer you choose can significantly affect how much you pay in taxes and how smoothly your return is processed. Therefore, when interviewing potential candidates, ask who from their team will handle your return.
You want to make sure that you’re comfortable with the person who will be handling such an important task. You should also ask about their experience and qualifications.
Find out if they have any specialties or expertise that could benefit your situation. Choosing a qualified and experienced tax preparer is essential to getting the most out of your tax return.
5. How can I reach you if I have questions after filing my return?
First, your tax preparer may make a mistake on your return. If this happens, you’ll want to be able to reach them so that they can correct the error. Second, even if everything is done correctly, you may still have questions about your return later.
You may want to know how to take advantage of certain deductions in the future, or you may have questions about how your tax situation will change if you get married or have a child.
Whatever the case may be, it’s crucial to have a way to reach your tax preparer so that you can get the answers you need.
6. Do I need to provide any documentation or information?
Tax time can be a confusing and stressful period for many people. With so many forms and deadlines, it’s easy to make a mistake that could cost you money. That’s why it’s essential to ask your tax preparer this straightforward question: Do I need to provide any documentation or information?
By gathering all the necessary information upfront, you can help ensure that your tax return is filed correctly and on time. You can also take advantage of certain deductions or credits you would otherwise miss.
So ask this vital question before the last minute. Then, your tax preparer will thank you and your wallet too.
