Tax season is arguably one of the most stressful and difficult times of the year for many adults. Between navigating the tax forms and understanding the ever-changing tax laws, it can be hard to get it right. Not to mention, your lack of expertise could cause you to inadvertently miss a valuable deduction that could save you significantly. That's why many people opt to work with a tax preparation professional. Here's a look at what you should know as you prepare for your first tax season with a tax preparation professional's help.
Choose The Right Support
The first thing you need to consider is ensuring that the tax preparation professional you're working with is the right one for you. If you have a unique tax situation, such as self-employed, 1099 work, or anything else that's out of the ordinary, make sure that the tax professional you work with has experience in this situation. He or she may even be able to give you insight into other options for deductions and credits that you didn't know about.
Additionally, you should always choose a tax preparer who stands behind their work. Many tax preparers will include audit support as part of their service. These preparers will attend an audit with you and help you navigate the process, should it happen to you.
Be Completely Honest
One of the biggest mistakes that people make when they're working with a tax preparer, or filing taxes on their own for that matter, is not being completely honest. Remember that the IRS gets copies of your W-2s, your 1099 forms, and all sorts of other information, so they are aware of your financial situation and how much you owe. Trying to alter that situation into your favor by not providing your tax preparer with all of the relevant information could leave you facing an audit and tax penalties from the IRS.
Make sure that you provide your tax preparer with all of your financial documents for the current tax season, including interest statements, 1099 forms, and pay stubs. Also, include receipts and statements to support every expense that you claim. That way, if anything is called into question, you can show documentation.
Working with a tax preparer can take hours of work off your hands and save you from potentially costly rookie mistakes on your taxes. With these tips in mind and a little bit of research, you can find the right tax preparer in your area to get your taxes done professionally this year.
To learn more about tax preparation services, contact a business in Tucson, AZ.