How to Select the Perfect Tax Preparer for Your Small Business
When it comes to hiring a tax preparer to handle your tax returns, you need to consider some factors in order to help you make an educated choice. Here are some tips for choosing the best tax preparer to meet your business needs.
When seeking for a tax prepare, the first thing is to ensure that they have a valid Preparer Tax Identification Number (PTIN). If your tax preparer does not have a current PTIN, you are unlikely to get an excellent tax work. Also, pay attention to their certifications and make sure that they are holding the right certificates that qualify them to be tax preparers. For CPAs, it is crucial that they are licensed and regulated by the state’s board of accountancy. Tax attorneys need to have a degree in tax law or have a tax specialization certification from the state bar association such bill s sefton.
Word-of-mouth especially from other businesses is a great tool when you are seeking for tax preparation services for your business. A referral form a professional organization is also a great way to identify a reputable tax professional. You can also for advertisements in journals and newspapers.
Just like any other professional, it is important that the tax prepare you choose has the extensive experience. Find out the number of business returns the tax preparer of your choice can handle yearly. Any good tax professional should do 100 returns yearly while there are those that do up to 500 depending on the difficulty of each return. Make sure that they have also worked with other businesses that are in a similar industry to yours as they are more likely to understand your unique needs. Finally, with an experienced preparer, you won’t have to worry about the changing tax codes because they will be updated.
Check the availability of the tax preparer before making any informed decision. This will help you weed out firms that close after April 15 and only open during the tax season. They should be easily reachable in case IRS requires some answers about your tax returns or when some amendments needs to be done.
Take your time to get to know their services before making your decision. Some other services offered by tax preparers include, auditing, tax planning, and representing you when IRS calls.
Compare their fees and methods of payment and choose the one that suits your business best. In most cases, the fees for preparing tax returns will depend on how complex the situation is. You may be charged at a flat rate basis or by hours, thus, find out how they bill their services and select the one that is most suitable for you.