How to Find a Tax Professional | Finance information

For the 60% of Americans who hire a tax professional to do their taxes each year, selecting the right person is a critical decision that can directly affect your pocketbook. Hiring a good tax pro can translate to tax savings and useful financial advice. Hiring of under-qualified or unskilled per tax could cost you money in lost opportunities or incorrectly completed returns. The process of finding a qualified, skilled professional is not as easy as one would think. Many people are surprised to learn that the tax preparation industry is completely unregulated (only California and Oregon have regulations) ? hence there are no licensing requirements to become a tax preparer. Consequently -. Tax prep varies widely among the skill level of the pool tax preparation providers

Knowing what to look for, where to look, and what questions to ask are the keys to making an informed, confident decision when selecting a tax pro to do your taxes.

Understanding the various categories of tax preparation professionals is the first step in selecting a pro that meets your Particular Need. There are four types of tax professionals you would hire for the preparation Typically a tax return: tax preparers retail, certified public accounts, enrolled agents, and tax attorneys

Tax Preparers Retail .. Storefront retail tax preparers seeking as H & R Block and Jackson Hewitt are popular choices for millions of Americans. H & R Block, the largest retailer, prepares nearly 16% of all tax returns filed in the U.S. retail tax preparation chains Provide fast, convenient service. They also are the least expressive option when choosing a tax professional. It?s possible that a tax preparer at a retail surgery is a CPA ? but not likely. The skill level can vary widely and tax expertise ? it?s basically a crapshoot as to what level of skill you want preparer get. Many employees in a retail chain are seasonal. Some retailers ? like H & R Block ? offer premium services that employ more experienced personnel (though the service has an added fee). People who desire convenience and speed, yet not overly complex tax do have to picture, are good candidates for a retail tax preparer.

Certified Public Accountants (CPA?s) . May or may not CPA?s be experts in taxation ? it depends on their field of study and work Particular experience. To become a CPA, one has to complete four years of college and pass a state exam to become licensed accounting by the state. Typically CPAs have higher tax prep fees than retail tax preparers, but gene rally possess more knowledge than the tax retail shops ? especially in cases where tax situations have higher levels of complexity ? or financial / tax advice and information are desired. To locate and verify a person is a CPA ? go to State Boards of Accountancy (? Nasba.org / nasbaweb / NASBAWeb.nsf / WPHP open form), select a Particular state?s website, then conduct a name search Enrolled Agents (EA?s) . EA?s are federally licensed individuals who specialize in areas of taxation ? including tax preparation. Since they are licensed and trained specifically for taxation ? EA?s are Considered a skilled and knowledgeable resource for tax advice and are most frequently employed for more complex tax situations. Not surprisingly, many EA?s are ex-IRS employees. The easiest way to find an enrolled agent is going to naea.org. Similar to CPA?s, in most cases will cost you more to EA retail tax preparer. Tax Attorneys . Considered the most expensive option for tax preparation, tax attorneys are most often used by wealthy individuals Whose complex financial situation requires specialized skills. Screening Criteria to Find a Qualified Tax Preparation Pro
Do they base their fee on the amount of the tax refund? If so ? avoid at all cost
Avoid any tax pro who claims (without knowing your financial situation) they can get a larger tax refund than a competitor
Ask if they are seasonal tax preparers ? if so, ask what continuing education they have completed
Do they ask a lot of questions ? if so ? good! A tax pro who asks few or no questions is not likely to have a complete picture of your financial picture
Ask if they are affiliated with a professional trade group or agency. Go online to deter mine if the agency has a professional code of conduct
Ask what credentials they have ? for example: IRS certification, trade association membership, registration with a state agency, professional organizations affiliation
For CPA?s ? check your states board of accountancy Particular
If the person is self-employed ? check the better business bureau for adverse actions
It is OK to utilize word of mouth to find a qualified tax pro ? but do not rely Solely on this. Your specific situation is going to dictate what level of tax Largely expertise you feel is necessary. For example, someone who is single, with one job and few assets should most likely not be using a tax attorney. The value you are getting for the skill level, in this situation, usually does not justify the higher cost. Perhaps the single most important screening criteria listed above is to ask for credentials. Do not be afraid to ask this question as it?s a key indicator of their knowledge and skill level.

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Source: http://www.lovefinanceinfo.com/2012/03/how-to-find-a-tax-professional/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-find-a-tax-professional

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