Options For Getting Your Taxes Prepared

Jul 25, 15 Options For Getting Your Taxes Prepared

If it is the time of the year when you have to file your taxes, you would be looking for various options that are available to make the process easy for you. If you are able to manage your monthly cash flows on your own, then you can also file for your taxes with the IRS on your own too. The process of filing for your taxes with the IRS is very simple. But if your cash flows and monthly financial statements are very huge, then you might look for help to file your taxes. At this point, you can look out for agencies for tax preparation.

Options For Getting Your Taxes Prepared

Whether you choose to do the tax filing on your own or you select an agency tax preparation in Tampa, Los Angeles, New York or anywhere else, you need to do the following steps to ensure that the process of filing your taxes is not cumbersome.

1.  Gather your information returns: Make sure that you get all your documents and bookkeeping for the year in order. Gather all your monthly cash flows, profit and loss statements. Get all your receipts together too. If you have any records about your contributions made to any of the charitable institutions, make sure that you gather this information as well. Some donations and money spent on charitable trusts are exempted from tax.

2.  Make a list of your personal information: Name, date of birth, address and your social security number are very important to file your taxes. During the year, if you have changed your name or address, then you need to get the documents in place. Make sure you have all the documents up-to-date to make the process of tax preparation easy.

3.  Brace yourself for tax law changes: Tax laws get amended quite often. Make sure that you have the knowledge of the latest tax laws. When it comes to taxes- ignorance is not bliss.

4.  Plan ahead for tax-extension: Sometimes, you might require more time to file for you taxes.  You might be waiting for some crucial information which might delay the process of filing your taxes. So, you can file for an extension. But you need to decide it beforehand. File for a tax-extension with the IRS (taxes.about.com/od/taxsoftware/tp/file_tax_extension_fast.htm).

How to choose for a consultant to do the tax preparation for you?

If you decide to file the taxes with the help of an agency/consultant, then you need to make sure to keep the following points in mind, before you go in for a tax preparation.

a.  Choose a preparer: It is very important to zero down on the agency/consultant to do this job for you. Make a list of all the local consultants/agencies who take up this job of tax preparation. Word of mouth helps a lot in finding the right kind of person to suit your requirement.

b.  Background check:  Certification is required for any tax consultant. Make sure that your consultant is registered and has a valid license certificate to do this job. You are entrusting the entire business tax responsibility on that person and sharing important information. Make sure that the person is trustworthy.

c.  Check for the fees:  Some consultants charge exuberantly for the tax preparation. Make a thorough study of all the local agents available. Check for the services offered. Some certified public accountants provide service for tax preparation and also help you with suggestions to reduce your taxes. They also provide assistance after the tax preparation and filing time. Discuss about all the services being offered and make use of them.

d.  Check for e-filing: E-Filing is a very simple option provided by the IRS to file your taxes. Most consultants help you with this, during the process of tax preparation. They file your taxes online for free. Make sure you check with your consultant about this option. Filing your taxes online allows you to pay your taxes online too. Filing for an extension- if required becomes easy too with e-filing.