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What You Need to Know About Tax Preparation Services

Updated: Jul 20, 2022


Tax preparation services can be of great help when it comes to filing your taxes, whether you’re an individual or a business owner. However, it’s important to choose the right tax preparation service that will deliver on its promises and give you the results you expect. If you’re not sure how to find such a service, here are some things you need to know about tax preparation services that can help you make a good decision.


What an Accounting Firm Can Do for Your Business


Accounting firms are not just for accountants. Many accounting firms have a range of services that are designed to help business owners save time and money. Among these services: are tax preparation, bookkeeping, and accounting services. Here are what you need to know about tax preparation services: Tax Preparation Services for Small Businesses with limited resources may find tax preparation a major challenge. If you run your own business, you already have enough on your plate without having to worry about learning how taxes work. Fortunately, there are plenty of ways to get help with your taxes without going broke in the process.


The Best Time to Hire a Tax Preparer


Unless you’re a CPA with a small side business, you probably don’t enjoy doing your taxes. That means that hiring someone else to do them for you is probably in your best interest. When should you make an appointment with a tax preparer? Tax pros have different opinions on when it makes sense to hire them; what they all agree on is that most people should hire someone early in the tax season—as soon as January 1st or so. The best time for you to set up an appointment depends on how much work you want to be done and how complicated your situation.


How Can you Choose the Right Tax Preparer?


To make sure you get your maximum refund on your tax return, you must choose a tax preparation service that has experience in preparing tax returns for people like you. Many people who file their taxes may have a specific area of expertise they want their return prepared in; such as a highly complicated itemized deduction, or something unique like an investment property.


If you are unsure about what type of preparer would be best for your situation, consider asking friends and family members if they know someone who had a good experience with a tax preparer. Also, look at online reviews and see if there is any information available about how long each preparer has been in business and how many years, they have been preparing taxes. If possible, ask them if you can speak with one of their clients to learn more about their services. When choosing a tax preparer, it is also important to make sure that they are licensed by the IRS because unlicensed preparers can put you at risk for fraud or identity theft.


How Many Forms Will I Need from a Tax Preparer?


One of your main tasks when meeting with a tax preparer is to determine exactly how many forms, you’ll need them to file. A good rule of thumb is that if you file as married filing jointly, you’ll also want a copy of your spouse’s returns. Likewise, if you and your spouse have had any dependents in prior years, bring those forms along too. If you filed for bankruptcy in previous years or are expecting income from a large one-time event (like an inheritance), it might be worth bringing that form along as well—depending on whether or not it will impact your income for current year taxes.


When Should I File My Taxes?


When you need to file your taxes depends on your tax situation. There’s no hard-and-fast rule for when you should file, but here are some questions that can help you decide Do I owe money? If so, how much? Are there any deductions or credits I might be able to take advantage of? Do I expect a refund? How quickly do I want my refund in hand? The answers to these questions will determine whether it makes sense for you to file now or wait until later. But if there’s one thing we know about taxes: they never go away! So, if you think you might owe money and don’t want to risk an audit, it might be better to get it over with sooner rather than later.


Where Should I Go If I Have Questions About My Taxes?


Not sure what to do if you have questions about your taxes? If you are planning on hiring an accountant or tax preparation service, find out ahead of time how they handle customer support and follow-up. Do they provide a personal touch, or leave it up to other members of their staff? Make sure they are accessible by phone as well as email—most people prefer contact via email since it’s so convenient. There is nothing worse than being in limbo during tax season because you can’t get answers from your preparer!


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