Types of Tax Return Preparers
Tax return preparation can be time-consuming, complicated, and downright exasperating. When there is other work to finish, taxes seem to never get removed from the to-do list. Nevertheless, getting such taxes filed is a need, and the safest way around it is to hire a tax professional. Keep in mind that even minor errors can be costly and troublesome; but with an expert, you can avoid them.
The question is, which one must you hire? There are many different types of professionals out there who are more than happy to help you with your taxes. Below is a quick rundown of the most popular designations you will see:
Certified Financial Planner (CFP)
A CFP should meet particular education requirements, pass a test, be experienced in finance, and satisfy other specific qualifications. Some CFPs know much about filing taxes, but others don’t. If you are looking at someone who has this designation, find out more about their tax filing experience before you hire them.
Certified Public Accountant (CPA)
As their designation indicates, certified public accountants are people who have been certified by the government to work as public accountants. It is the sole licensed qualification in accounting. Depending on certain state requirements, most people need to meet certain educational requirements besides passing a number of exams. CPA services include accounting, financial planning, business evaluation and auditing. Some CPAs are exclusive tax specialists.
Enrolled Agents (EA)
An enrolled agent is someone who has passed a three-part IRS exam or worked as a former IRS employee. EAs are required to complete ongoing education courses to remain updated on tax law changes, and must follow strict ethical standards. This is the highest credential the IRS can award a tax preparation professional.
JD (Law Degree) and LLM (Master of Law)
Any person with these degrees may have a taxation specialty, but this is not true in all cases. If you must work with any legal professional, make sure they focus their pratice on taxes and not a whole range of areas. The attorney who helped you with your divorce or personal injury case is most likely not the best choice for your taxes!
Volunteer Income Tax Assistance Volunteer
A VITA volunteer is an IRS-trained tax preparer who prepares basic returns. If you own a business, however, this is probably not the right individual to approach.
Finally, If you look further, you will find that there are also many bookkeepers, accountants and unlicensed tax preparers out there who are good but do not have formal qualifications. It does not mean you should not consider them. But you may have to spend more time learning about their tax preparation-related education and experience.
Successful Tips on Tax Returns
It is very important to have the best team of advisor in order to have your financial goals achieved faster than you thought possible. Every year, the single most expensive that every person has to pay is taxes. Which is why it is very important that you find the right team to prepare for your correct taxes.
Finding the right tax preparer for you
Not all tax preparer are the same and that you should remember. I have calculated the average savings that are often found in annual tax saving minus the professional fees and audit assessment and here are the total savings:
$23,750 yearly tax savings
Audit defense savings $5,000
$10,000 reduced audit assessment
$50,000 reduced legal fees
$3,000 reduced tax return preparation fees
$91,750 is your average total savings. It only shows that your tax preparer do make a lot of difference. How much could you do with this savings?
What is important to you the tax preparer depends on it.
How to make your tax return successful
Here some of the basic questions that you can answer and your answer to these questions will greatly have an effect on what type of tax preparer you may need for your team. Clients, prospects and colleagues are some of the people I have asked these questions. I have also complied all the popular answers to these question as well as what it means when you find a tax preparer.
Paying the least amount of tax legally
Tax preparer has to:
Needs to know the tax law well and know how to be creative legally.
In order to know your current situation and your goals, always ask your tax preparer a lot of questions.
There should be at least one person who will review your tax return separately for you to know how to reduce your taxes legally.
Questions that you can ask your tax preparer
Can you tell me what other industry you serve?
:it is very important that the tax preparer will know what tax laws that will fit to your situation. If they have the same client in your industry or investments the tax preparer will know what tax law that will impact you.
Who will be working with your tax return?
It is no surprise that these tax preparers have their own staff who will be working your tax returns. You simply want to ensure that your tax returns is being handled by an expert with the same level as that of a tax preparer.
When you hire a tax preparer you have to be very patient and selective. You can save over $90,000 if you hire a good tax preparer.
Source: online tax return
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