You should completely evaluate your client’s circumstances to see if an OIC is a good option. Your client must file all required returns to get into an IRS agreement. If your client does have a tax lien, once he or she pays off the balance, you can use lien-withdrawal procedures to help remove the tax lien from your client’s credit and public record. In the past year, the IRS has made improvements to its online payment arrangement tool on irs.gov. That’s largely because setting up the agreement with the tool was much quicker than waiting on IRS phone lines or waiting for a paper response from the IRS.

• Taxpayers who pay by check are three times more likely to default on their agreement.
• When you pay a professional to do your taxes, you are getting the added benefit of numerous other services, including accounting, record-keeping, tax consultation, and auditing.
• If your client needs a collection alternative, it’s essential that your client file all required tax returns for the past six years.
• Finding a nearby CPA that fits your needs can be done with a combination of online research and telephone interviewing.
• You can lower your tax liability and avoid fines connected with erroneous files if you do so.
• Deducting premiums and leveraging Health Savings Accounts (HSA) can yield big tax savings.

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Calling in a CPA could make sense if you have complicated questions or need extra help. Certain life events — such as marriage, divorce, death, retirement, a home purchase or working with new types of investments — can make filing taxes more complex. Many small-business owners often choose to work with CPAs because of the nuance required to fill out their returns. There’s no golden rule about when (or if it’s necessary) to graduate from a do-it-yourself approach to working with an accountant. Some people may never need anything more than quality tax-prep software or another type of tax preparer to complete their annual returns.

What documents will my accountant need to prepare my tax return?

You may also want to use your network of friends and colleagues to find a CPA in your area. Your banker, financial advisor, and even your workplace may be able to recommend someone right for you. Ask a question about your financial situation providing as much detail as possible. Our writing and editorial staff are a team of experts holding advanced financial designations and have written for most major financial media publications.

Finding a CPA for your taxes

When dealing with the IRS and state tax agencies, their experience can be crucial. See how much you can save when a TurboTax expert does your taxes, start to finish. All features, services, support, prices, offers, terms and conditions are subject to change without notice. Simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and student loan interest). The IRS requires CPAs who prepare taxes to register with the IRS and have a Preparer Tax Identification Number (PTIN).

In the cases of both tax and financial advisors, you’ll want to look for licensed professionals. Financial advisors, for example, should be licensed by the financial regulator in their state, as well as the Financial Industry Regulatory Authority (FINRA). Financial advisor is a generic term used to describe financial professionals who are licensed to provide financial planning and investment advice. Great accountants are an invaluable asset helping you navigate the complex and ever changing world of taxes. So you’ll need to normal balance find an accountant that’s a valued member of your financial team, not a paycheck player.

• The directory allows you to search by professional qualifications to find, say, an attorney or a certified public accountant (CPA).
• Dock David Treece is a former licensed investment advisor and member of the FINRA Small Firm Advisory Board.
• The cost of hiring a professional accountant to do your taxes varies based on several factors, including your situation, what tax forms you are required to file, and your geographic location.
• If you are not comfortable with tax laws or forms, or if your tax situation is particularly complicated, hiring an accountant can be a wise decision.
• However, it’s essential to stay updated with any changes to ensure you’re filing your taxes correctly and taking advantage of any deductions and credits that you’re eligible for.
• This could be especially true if your tax situation is pretty simple or you feel reasonably confident about your taxes.

You answer them, and the program completes your return based on your responses. Accountants at local tax firms are often more than helpful and knowledgeable when it comes to simple tax preparation. You’ll want to at least consult with a professional so you’ll understand what you’re facing if your situation has changed significantly, even if you don’t ultimately ask them to prepare your return. If you have tax issues or want to maximize your tax status, consider hiring CPA Woodlands TX – a trustworthy partner in your financial path. These services are invaluable how an accountant can help a business succeed for small businesses, especially in their first year of business when they’re more focused on running the company and growing it into a profitable venture. CPAs are licensed by individual states, so before hiring one, you can search their records with your state’s board of accountancy.

Next, call each accountant on your list and ask for high-level solutions to your question. Some CPAs may want to do in person only, however it’s up to you if you want to spend that extra time. I’ve interviewed accountants over the phone to save time and they were very understanding. Be sure to take extremely detailed notes on everything and ask about their pricing. Given that you should probably already have an accountant anyway, I’d encourage you to find one now.

Whichever plan you choose, you’ll get you taxes done with 100% accuracy https://www.facebook.com/BooksTimeInc and your maximum refund, guaranteed. The IRS lists several reasons why you should e-file your federal tax return. Chief among them is to ensure better accuracy and completeness for your return, but also because it adds safety and security for your information and results in faster refunds if you’re due one. While all CPAs are credentialed prior to offering their services, CPAs with several years of experience will more likely have a deeper understanding of the tax code than a newly certified individual.