Do You Really Need a Tax Accountant?A tax accountant has a very important job. In fact, business owners and individuals rely on them to file their tax return each year. The job of this tax professional is to accurately fill in the correct tax return and file it by the deadline. One mistake can raise a red flag, which can lead to a tax audit. In other cases, you might be owed more money than your tax accountant has claimed because of errors. For this reason, you want to find a reputable tax accountant who has been certified and educated according to your state’s standards. To find a good one, visit or call local accountants in your area or ask a friend for recommendations. See what kind of associations he belongs to and designations he has received. Ask questions before signing any agreement. Who will be preparing the actual tax return? Is that person as qualified as the tax accounting specialist in that office? As a general rule, you should stay away from a tax accountant who makes exaggerated promises like a larger refund than you’re owed or someone who guarantees a certain amount. As well, you should avoid tax preparers who charge more than competitors or takes a certain percentage of your tax refunds as a fee. Once you find the right tax accountant, take all your receipts, 1099’s, W2’s and other documents with you to his or her office. A responsible tax professional will look over every receipt you bring in. When he or she asks additional questions or reiterates certain amounts on your documents, don’t be offended. This shows that the tax guy has your best interest at heart and wants to file the most accurate tax return possible. Even though your tax accountant is responsible for preparing and filing your tax returns, you are solely responsible for the accuracy of the returns. It is extremely important that you check over the tax return and compare it against your W2’s, 1099’s and deduction receipts. Also, make sure that your tax accountant has accurately filled in your personal information such as your name, address and social security number. Once you have gone over all the details, sign and date the return to validate the information on the returns. Your tax accountant should also sign and date your returns in the tax preparer section. In addition, those who are filing the form, 1040, will have to make the decision whether the accountant can be contacted on your behalf. If you decide to allow your tax accountant to take calls from the IRS regarding your tax return, make sure you check the authorization box. When all is said and done, every form should be signed and dated and your tax accountant should hand you a copy to take home with you. Make sure you get your original documents back and ensure that she keeps copies of the documents in case the IRS contacts them to verify the information stated in your tax return. If you suspect that your tax accountant was a fraud or that he or she has tampered with your tax return, promptly fill out form 3949-A. This form is available at IRS.gov and is used to file a report of tax fraud. A tax accountant who participates in fraudulent activities may face severe fines. |
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