There are many reasons to hire a tax professional for your tax return preparation. Below, we list some of these benefits.
A tax professional will be able to work quickly and efficiently and save you not only time but the unavoidable headache that is sure to follow.
Own a business? Have a complicated tax return? Hiring a federally licensed and qualified tax professional to file your tax returns is always in your best interest. He/she will have the education, knowledge, tools, and expertise to efficiently review your tax information and file your return(s) correctly. Doing so can help you avoid costly mistakes as well as prevent trouble with the IRS.
A tax professional will know all of the possible deductions that you can take – deductions that you may have overlooked or possibly never even thought of. This can wind up saving you anywhere from a couple of hundred to a couple of thousand dollars.
By hiring a licensed tax professional, he/she can work with you to organize any necessary paperwork and can deal with the IRS directly on your behalf, ensuring that you are well represented. Sometimes using a tax professional, that can represent you in front of the IRS, and who also prepared your tax return, can help streamline things with an audit.
There is no doubt that having your tax return prepared by a professional is more convenient than doing it yourself. Not only is it less time consuming, it can ease anxiety over making sure you remembered to do everything correctly.
Before you schedule your appointment for tax return preparation, know what to bring with you. The following is a helpful checklist of items that you should have for your first meeting with your tax professional.
Personal Information for Each Family Member
Date of Birth
Social Security Card/ITIN/ATIN
Last Year's Tax Return
Income and Tax Information
Interest (1099-INT or substitute)
Dividend Slips (1099-DIV or substitute)
Stock Sales (1099-B or Broker Statement)
Self-Employment Income and Expenses
Sale of a Personal Residence
Rental Income and Expenses
Sale of any Business Assets
Gambling or Lottery Winnings (W-2G)
State Income Tax Refund (1099-G)
Pension Income (1099-R)
Estimated Taxes Paid
Social Security or Railroad Retirement (SSA-1099 or RRB-1099)
IRA or 401(k) Distribution (1099-R)
Unemployment Compensation (1099-G)
Miscellaneous Income (1099-MISC)
Child Care Provider/Address and Employer Identification
Retirement Savings Contributions Credit
Real Estate or Personal Property Taxes
Charitable Contributions (cash and non-cash)
Employee Business Expenses
Traditional IRA Contributions
Higher Education Expenses
Student Loan Interest