How to Get a Good Tax Return Preparer for Your Company
Preparation and filing an income tax return is both a challenging and demanding job. If you know you cannot do it, then it would be advisable to just hire someone who can. But if you have to pay someone else to do the critical task for your company, you have to be very careful in making a choice. Remember that the Internal Revenue Service will hold you liable for the mistakes of your tax return even if you are not the one preparing it. A lot of companies are playing safe with choosing their tax return preparer. They go for individuals who are professional, experienced and honest. Below are some guiding points in hiring a tax return preparer.
Check the Qualifications of the Preparer
The Internal Revenue Service has a new regulation which necessitates all individuals who are paid to prepare income tax returns for companies to acquire a Preparer Tax Identification Number or PTIN. It is also important to know that aside from having a PTIN, your chosen person is affiliated with a legitimate and professional organization in your area or state. It also matters if your preparer is pursuing continuing education to give you assurance that he is aware of every new regulation on tax preparation the IRS is giving. Even more, tax return preparers who are not a CPA, enrolled agent or attorney are demanded to pass a new test requirement. The passing of said test will render one a Registered Tax Return Preparer.
Assess Your Preparer’s History
Before you decide to hire a specific individual to be your income tax return preparer, it is important that you take time to check his history. Check if the person you are eyeing at comes with a questionable history with the BBB or Better Business Bureau. You may also check the licensure status of the preparer and if he has had disciplinary actions from the IRS office of enrollment, state board of accountancy and state bar associations.
Know About their Service Fees
Tax preparations may come with different methods for charging companies. But to be safe, you must not select one who charges fees on the basis of your refund percentage. Do not even choose someone who claims that he has gotten larger refunds than other tax preparers. It is also important that the preparer sends the tax refund directly to an account name of your company instead of personally.
Source: Tax Return
What You Need to Know Regarding Online Filing of the Tax Returns
You need to understand that income taxes must be filed in a certain period of time so that you can avoid the unnecessary penalties as well as issues. Taking care of the taxes is one of the issues that should be done in the right way. You have to deal with various documents, receipts, forms for the entire year as well as other things. To be able to avoid the complexities, then you may consider going the filling of taxes online through the use of the software programs that you can use.
During the tax season, so many accounting firms have that heavy and huge workload. You can also see that the certified public accountants are quite busy with their paperwork. By going for the online tax return and e-filing option, then you can be sure that things are made much easier as well as faster to handle. There is no longer the requirement of looking for an accountant to ask for guidance. You may do this easily and conveniently through the use of the software. With the use of the internet facilities, you may also contact and talk to a good accountant and have the tax details sent through the internet.
You can come across various websites that are offering online income tax preparation and also e-filing. You should save your time and money if you choose to do the task online. A lot of the online tax filing companies offer the facility of estimating and also calculating the right amount of taxes that need to be filed.
Also, you must know that preparing and filing the tax return on the internet is not just easy but this is also free. You can go to the IRS website so that you can benefit from using the free file software when it comes to filing the income tax return. If your AGI income is less than $57,000 then you may use this file option. When you are not qualified to use the software, then you can have the free file fillable forms so that you can prepare and then file the return forms electronically. So many of the firms for tax preparation as well as e-filing provide services at cheap rates. It is now quite easy to compute the tax amount with the use of the online calculators and filing the return.
There are other kinds of information that you can get so that you will know more about how this is done. Once you know the method, then you should try this route so that you can take advantage of the convenience that it provides.
Source: online tax return