Benefits of Hiring a Tax Preparer

March 15, 2021

Tax season is right around the corner, so both individuals and companies will have to fulfill their tax obligations for 2020. As we know, last year was marked by the Covid-19 pandemic, which affected social and financial dynamics on a worldwide scale.

Nevertheless, each citizen with US residency will have to pay for their corresponding taxes and file their tax return according to the type of taxpayer they represent and the incomes accrued within the taxable year.

For many taxpayers, this season is filled with anxiety and concerns. This happens because people are unfamiliar with the financial procedures involved and unaware of some of the problems they may be facing due to the impact caused by Covid-19 on the country's economy.

The Internal Revenue Service (IRS) introduced some adjustments into the tax legislation that you can use to your advantage with the help of a professional tax preparer, especially when you consider potential credits, deductible fees, and reimbursements.

If you tend to leave certain tax obligations to the last minute, it's important to note the benefits that come with hiring a tax preparer to help you organize all your financial information while identifying all the instances where you can reclaim a credit or a refund.

What Are the Services Entailed in a Tax Preparer's Work?

A professional tax preparer understands the tax legislation to its last detail. This means that you will be walked through every step of the process by a seasoned professional in the area. Your tax preparer will help you file your documentation, point you towards the forms that match your financial status, and find deductions that you could qualify for during your tax return. Your tax preparer will also contact the people or entities responsible for withholding taxes and request recovery credits when the circumstances allow it. Lastly, your tax preparer fills out the corresponding forms according to which type of contributor you are.

Individual taxpayers can use the expertise of a tax preparer to fill out the W-2 form electronically properly. This form is important for individual taxpayers because it lists all federal and state taxes, along with taxes corresponding to the salaries and wages received during the taxable year.

If the taxpayer has multiple employers throughout the year, the tax preparer will contact each of these employers to request the information that the client must file on their tax returns.

Types of Tax Preparer

There are two types of tax preparers according to the representation rights designated by the client: Limited representation rights and unlimited representation rights. Taxpayers will determine the type of tax preparer that suits their needs relying on the preparer's abilities for accounting and tax services.

Limited representation rights: This refers to preparers responsible for organizing tax returns -this also entails placing the corresponding tax forms for each type of taxpayer- and signing said tax returns for the client once they are ready to be filed.

Unlimited representation rights: Referring to tax preparers who are allowed to represent their clients during audits, payment issues, appeals, and other tax-related matters that the clients might be involved in. These responsibilities would be added to the tax preparation duties described above.

It is important to make sure that your choice tax preparer is an accounting professional, and if they specialize in tax preparation, it will be even better for your own peace of mind. Professional tax preparers have a wealth of knowledge concerning all the procedures and regulations entailed in the process of filing taxes, so it's imperative to hire a licensed tax preparer with the right credentials to back up his work.

What to Look for in a Tax Preparer

We just talked about the importance of checking for the right credentials before trusting a tax preparer with your/ your company's financial records. Let's expand on this topic with the following recommendations:

Become acquainted with your preparer's professional background when it comes to tax matters.

The professional fees you pay for their management will represent a profitable option that will ensure a flawless process and save you potential inconveniences.

Make sure to provide all your information, as well as your records listing all paid and withheld taxes. This way, your tax preparer can document the process accordingly.

Refrain from signing a blank tax return. Make sure to enlist your preparer's help to verify that your tax forms' information is accurate before signing.

If you follow these recommendations, you'll secure a beneficial transaction and a proper process of filing your taxes.

Hire the Best Tax Preparer in the Industry

United Tax & Accounting Group offers renowned tax preparation professionals and provides all the benefits entailed in hiring a tax preparer for your tax return. You'll be able to file your taxes in a timely, efficient manner because we count on IRS-certified professionals to help you with your tax preparation duties. Our tax preparer takes care of planning, preparing, and filing your tax returns while ensuring that the documentation corresponds to the Internal Revenue Service's standing regulations. You'll get the guidance and representation to file your individual and business taxes efficiently and without delay.

Don't take unnecessary risks! You can hire our tax preparer to secure a successful tax return for you and your business. Don't hesitate to call (786) 431-5576 or fill out our website's contact form, and our tax specialists will be happy to assist you with all the information you need.