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Procedures in Tax Preparation The US Federal government reports that 60% of individuals who submitted their tax returns where complied with by paid preparers; therefore, tax preparation has entered into a new level of tax return filing courtesy of the quick services of paid tax preparers. If you have decided to require the services of a paid tax preparer, this should be considered the first step in preparing to submit your tax returns and this can be done by asking for a referral from your friends or a lawyer you know or you can check through the IRS link in their website on directory of preparers. Once you have a listing of preparers, be guided with the following: ask for his/her Preparer Tax Identification Number (PTIN), which indicates that he/she is authorized to prepare your federal income tax returns, inquire on the fees, which will actually depend on the complexity of your returns, and if the preparer requires a percentage cut on your tax refund, steer clear of this person; otherwise, there are tips on choosing a preparer which the IRS has provided in its link. Time element is an essential factor in recruiting a tax preparer, because the sooner you choose a qualified one, the sooner, too, will the tax preparation begins, such that if there are any tax incentives that you may enjoy, such as being eligible for deductible contributions to IRAs or health savings accounts, it will be the tax preparer who can determine and can comply with before the tax returns deadline.
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It is important to always check each tax form that you will receive, which is usually provided at the end of January, finding out if the information in the tax form matches your own records. Some of the common forms provided are: Form W-2, if you have a job; Form SSA-1099, if you received Social Security benefits; various form 10992, to report income, like cancellation of debt (1099-C), dividends (1099-D), interest (1099-INT), and nonemployee compensation paid to independent contractors (1099-MISC); new Form 1095-A, to report information from the government marketplace from which you purchased health coverage; various 1098s, reporting mortgage interest (1098), student loan interest (1098-E) and tuition payments (1098-T); Form W-2Gs for certain gambling winnings.
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It makes a difference if you have organized well your filing of your receipts because this translates into faster time for the tax preparer to complete your tax returns form and that the less time he/she prepares the tax returns, the lesser will be his/her asking fee. Also, with all receipts gathered together, the tax preparer can determine which you are of an advantage in terms of claiming your personal deductions as standard deductions or itemized deductions. Your other personal information will be asked by your tax preparer, such as: Social Security number; the Social Security number of your dependents, address of your home and that of your other properties; specific dates when you transferred residence; information about properties you bough and sold, including their respective dates and the amounts paid and received.