Tax preparation is vital for individuals and small businesses alike. It’s crucial to select a tax preparer who is diligent, detail-oriented, and well-versed in the nuances of tax laws. Here are nine key questions to guide you in choosing the right tax preparer:
- Understanding Your Tax Situation: Inquire about taxable income and deductions. A competent preparer will assist in identifying these elements accurately.
- Small Business Qualifications: If you’re a business owner, ensure your preparer knows the intricacies of small business deductions and their implications on your tax return.
- Filing Deadlines: A good tax preparer is up-to-date with IRS deadlines, ensuring timely filing and avoiding penalties.
- Tax Credits Awareness: From small business to personal credits, your tax preparer should guide you through what credits you can claim, such as the WOTC for businesses and CDCC or EITC for individuals.
- Strategies to Reduce Taxable Income: Seek a preparer who can advise on lowering taxable income and maximizing refunds, understanding deductions specific to your filing status.
- Experience with Small Business Taxes: For business owners, it’s essential your preparer has experience with small business taxes, which differ significantly from corporate or individual taxes.
- Knowledge of Recent Tax Law Changes: With the Tax Cuts and Jobs Act of 2023, your preparer should be knowledgeable about new rules and regulations to maximize deductions.
- Professional Credentials: Confirm that your tax preparer is IRS-certified, meeting all education, experience, and ongoing training requirements.
- Transparency in Fee Structure: Understand how the preparer charges for their services, including any potential additional costs.
- Customer Service Policy: Investigate the preparer’s customer service policy to ensure they are reliable and capable of providing the level of service you expect.
WM Accounting & Bookkeeping – Your Tax Experts:
At WM Accounting & Bookkeeping in Northern Virginia, we specialize in assisting small businesses and individuals with their tax needs. We invite you to ask these crucial questions and more to gauge our expertise and commitment to quality service.
Contact WM Accounting & Bookkeeping for expert guidance and ensure your tax preparation is in trusted hands.