Tax season is almost here and a lot of you may be wondering about preparing your taxes properly. Whether you are a small business owner, an individual, or a corporation, timely tax filing is essential to comply with tax regulations and laws. You need to hire the right professionals for tax preparation services. However, with so many options available, choosing the right one can be a daunting task.

Financial Planning & Tax Office offers the best tax preparation and bookkeeping services. In this blog, we will discuss some crucial tips that will help you find the right tax professionals. Let’s explore more below.

Tips To Help You Find A Tax Preparation Service

Check the credentials and reputation

The first thing you should look for is the credentials and reputation of the tax preparer. The only requirement to prepare a federal return is that the person has a current IRS preparer tax identification number (PTIN), which shows they are authorized to prepare federal income tax returns. However, preparers have different levels of skills, education, and expertise. You need to find the one who is vetted by the IRS or a state or regulatory board and offers the right tax and business solutions.

Some of the common credentials that you check include:

Certified Public Accountant (CPA): A CPA is a licensed professional who has passed a rigorous exam and met education and experience requirements. They can handle complex tax situations, such as business taxes, audits, and appeals.

Enrolled Agent (EA): An EA is a tax professional who has passed a comprehensive exam and background check by the IRS. They can represent taxpayers before the IRS and handle any type of tax return.

Annual Filing Season Program Participant (AFSP): An AFSP is a tax preparer who has completed a voluntary program of continuing education and ethics training by the IRS.

Compare the fees and services

Consider the fees and services they offer. The cost of tax preparation depends on the complexity of your tax situation, the type of forms you need, and the level of service you require. This will help you avoid overpaying or getting surprised by hidden fees. You should ask for a clear and upfront estimate of the total cost before choosing tax preparation services.

Look for a tax preparer who is accessible and communicative

The last thing you should look for is accessibility and communication. You need to find someone who is available throughout the year, not just during the tax season.Check whether you can communicate with the tax professional clearly, openly, and often.

A good tax preparer should be able to:

Explain the tax rules and concepts in a simple and understandable way.
Answer your questions and address your concerns promptly and thoroughly.
Provide you with a copy of your tax return and explain the calculations and results.
Inform you of any tax law changes, issues, or opportunities that may affect you.
Follow up with you after the tax season to ensure your satisfaction and offer ongoing support.

Choose the Right Firm for Tax Preparation Services

These tips will help you choose a tax preparer who is qualified, and reliable. Remember, your tax return is your responsibility, so you need to choose the right one who can help you comply with the tax rules and minimize your tax liability. Financial Planning & Tax Office is the right choice if you’re looking for efficient tax and business solutions. We also offer same-day service if required which sets us apart from others. You can also count on us with your books.

As a leading firm in Houston, we have served hundreds of clients successfully and ensure achieving maximum customer satisfaction. Schedule a consultation with us for affordable tax preparation services.

Tax reparation is an important part of financial planning for both businesses as well as individuals. Missing any important details can prove to be costly. We suggest hiring a professional company with relevant experience in handling taxes and books of accounts. Financial Planning & Tax Office Inc. can be your trusted accounting partner. We can help you with complete tax preparation services in Texas.

Preparing a checklist of the steps and documents you need can make the process easier and smoother. Here are some tips that can help you in your tax preparation. Let’s explore more about the subject in this blog below.

7 Crucial Tips to Prepare You For this Tax Season

Find out your filing deadline and status

The deadline for filing your federal income tax return for the 2023 tax year is April 15, 2024, unless you request an extension. The deadline for filing your state income tax return may vary depending on your state, so check with your state tax authority or visit the Tax Foundation.

Your filing status determines your tax rates, deductions, and credits, as well as whether you need to file a tax return at all. You can choose from five filing statuses: single, married filing jointly, married filing separately, head of household, or qualifying widow(er) with dependent child. Your filing status depends on your marital status and dependents as of December 31, 2023.

Gather your personal and dependent information

The next step to prepare your taxes is to gather your personal and dependent information. You will need information like name, date, Social Security number, address, etc. for yourself and anyone you claim as a dependent on your tax return.

Collect your income documents

You will need to report all the income you received in 2023, such as wages, salaries, tips, interest, dividends, capital gains, retirement distributions, unemployment benefits, alimony, and more. You may receive various forms from your employers, payers, or financial institutions that show your income.

You should receive these forms by January 31, 2024, or February 15, 2024, for some forms. If you don’t receive them by then, contact the issuer and request a copy. You should also keep track of any income that is not reported on these forms, like cash income, self-employment income, rental income, gambling income, etc.

Gather your expense and deduction documents

You may be able to reduce your taxable income by claiming various deductions and credits, like standard deduction or itemized deductions, child tax credits or earned income tax credits, education expenses or credits, retirement savings contributions or credits, charitable donations, medical expenses, mortgage interest and property taxes, business expenses, alimony paid, and moving expenses.

You will need to have receipts, statements, invoices, or other records that show your expenses and deductions. You may also receive some forms that report your deductible payments.

Choose your filing method and software

You can file your taxes either electronically or by mail, but the IRS recommends e-filing as it is faster, safer, and more accurate. You can also choose from various tax software or online services that can help you prepare and file your taxes. You should compare the features, prices, and reviews of different tax software or online services to choose the one that suits your needs and budget. However, with FPTO at your service, you can rest assured of the best tax preparation services in Texas.

Review your tax return and sign it

You should check your tax return for any errors, omissions, or inconsistencies, and make sure all the information is correct and complete. You also need to verify your calculations and compare your tax return with your previous year’s return for any significant changes or discrepancies.

You should also sign your tax return, either electronically or by hand, depending on your filing method. You can also hire us for the same and let us help you with our expertise.

File your tax return and pay your taxes

You should file your tax return by the deadline, which is April 15, 2024, for most taxpayers, or October 15, 2024, if you request an extension. You should also pay your taxes by the deadline, or as soon as possible, to avoid any penalties and interest. You should also keep a copy of your tax return and payment confirmation for your records. Don’t forget to track the status of your tax return and refund using the IRS Where’s My Refund?

Hire the Experts

Financial Planning & Tax Office Inc. is the ideal choice if you’re looking for efficient and affordable tax preparation services in Texas. You can also count on us for same-day service and refund advance. Schedule a consultation with us today and let us help you with your tax planning.

Tax Preparation Services: Qualities You Should Look For

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