How to Pick the Right Tax Professional
 | (NewsUSA) - It takes a certain kind of person to understand complex tax codes and breeze through credits and deductions without chewing a fingernail or two. The rest of us call a tax professional and heave a sigh of relief as the weight is lifted for another year.
Hiring a tax preparer is a solid investment, but first you should know what to look for. All enrolled agents specialize in taxation, unlike CPAs and attorneys, many of whom focus in other areas. In fact, enrolled agents are the only federally licensed tax practitioners who specialize in taxes and also have unlimited rights to represent taxpayers before the IRS, which is especially pertinent since audits have jumped exponentially. "Enrolled agents, America's tax experts, make sure their clients take advantage of all the credits and deductions they're entitled to, and minimize their tax burdens," says president of the National Association of Enrolled Agents, Frank Degen -- also an enrolled agent and U.S. tax court practitioner. "And, with IRS's increased emphasis on enforcement, it's more critical than ever to have an EA making sure your taxes are done right." Degen also points out that the status of enrolled agent is the highest credential awarded by the IRS. For adults who are at the beginning of their career, expenses are relatively straightforward, and filing taxes is generally simple. But, as adults have children, start their own businesses, buy homes and make investments, tax codes get much harder to decipher. Even if you manage to get a handle on your state's tax code, next year is bound to bring a wave of changes. Or, what if you relocate to a different state? That's another perk of working with an EA. Enrolled agents are federally licensed so they can practice anywhere in the country. Other tax specialists, like CPAs and attorneys, are licensed by the states. EAs are also required to take continuing education courses every year. One last tip about hiring the right tax professional -- someone who specializes solely in taxes has the best chance of saving you money and preparing your finances for next year. Let this year's April 15, 2013 deadline start percolating now so you'll be better prepared. Learn more about enrolled agents, including how to find one locally, by visiting www.naea.org. |
More Resources
Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting
More Taxes Information:
Related Articles
Donating Cars To Charity - New Tax Rules
On June 3, 2005, the IRS released guidance on charitable deductions for donated vehicles. The American Jobs Creation Act (AJCA) radically changed the amount of the deduction taxpayers can claim for their donated car.
Access to E-records by Taxing Authorities: A Case for Pakistan (Part II)
All tax authorities to e-commerce transactions should investigate the record retention requirements of each other's respective jurisdictions.In September 1998 Revenue Minister Dhalinal of Canada;"?Interpretation Circular 78-10RS and 779R (Book and Record Retention/Destruction) will be revised to explain the Department's views with respect to the electronic environment.
About Income Taxes; Tidbits
1812The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt.
Fraudulent Tax Shelters - KMPG Goes Down Hard
In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars.
Highlights of IRS List of 2005 Tax Scams
Each year, the IRS lists various scams taxpayers get caught up in. The top 2005 scams include several that manipulate laws governing charitable groups, abuse credit counseling services or rely on refuted arguments to claim tax exemptions.
Six Urban Myths About Taxation
Six Urban Myths - Taxation"I am proud to be paying taxes? I could be just as proud for half the money." - Arthur Godfrey Temporary Taxation in Canada In 1917, the Income War Tax Act (7-8 George V, Chap.
Tax Time Tune Up
Excerpted from the new book, "How to Do Space Age Work with a Stone Age Brain" TMThe complete article with pictures and sample Auto Log is available at www.organize.
Car Donation: An Easy Way to Support Your Favorite Charity and Get a Tax Deduction
Most people look forward to getting their tax return, but one of the downsides to filing taxes is that you may find yourself owing the taxman come April 15. What do you do when you realize that you not only owe money, but you owe more than you can pay at the time?The answer is: charitable deductions.
Home Based Business Tax Deductions
Running a home based business reaps many wonderful tax deductions that other businesses some times may not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small business deductions that are available.
The Seven Deadly Tax Sins: Commonly Missed Deductions
It's that time again, the April 15 tax deadline is looming large. If youre like most people, you havent gathered all of your tax records, let alone filled your return.
Some Folks Pay A Lot Less Tax Than Others On Very Same Income-Did You Pay Too Much Tax In 2004?
Someone once remarked, "Next to being shot at and missed, nothing is quite so satisfying as an income tax refund." There's no question that saving money in taxes is high on everybody's list of financial priorities, especially small-business owners.
Business Tax Loophole: Leasing Assets To Your Corporation
While there are many equally valid reasons to incorporate, saving money on taxes is a consideration that can yield relatively immediate results. Leasing assets to your corporation is a tax strategy you should absolutely consider if you already have a corporation or are thinking about forming one.
Understanding Basic Tax Terms
If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around.
IRS Offer-in-Compromise, Hype or Hope?
"Settle for Pennies on the Dollar! IRS debts settled for $20Wipe out the Penalties with an Offer"-such is the language of Offer-in-Compromise promoters. What they fail to tell you is that one has to qualify for an Offer and few taxpayers will be able to meet the tough standards for an OIC.
Tax Investigation - What You Need To Do
The knock on the door from a Tax Inspector is something that every taxpayer fears. Your immediate thoughts will be "Have I been honest with my tax returns or not".
Back To School - Educators Deduct School Expenses
As teachers and students head back to school following a glorious summer, it's time to remind teachers to organize 2004 school expenses. Under a temporary tax code change, teachers can deduct certain school-related expenses from adjusted gross income.
What Is Tax Law?
The federal tax code is complex. This complexity generally arises from two factors: the use of the tax code for purposes other than raising revenue, and the feedback process of amending the code.
Tax Records - What You Should Keep And For How Long
Many taxpayers are confused about how long they should keep tax records. The term "tax records" refers to your tax returns and the documents that support the information in the returns.
How to Reduce the Estate Tax Using the A-B Revocable Living Trust
In a past article I relayed the plight of the widow who stated:"I didn't realize what an A-B Revocable Living Trust meant and that it had to be divided between the survivor and the deceased spouse and that I am limited as to what I can use from his share."She told me that she only learned of this after her husband passed away.
How to Check the Status of Your Tax Refund Online
So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The question for most taxpayers expecting a return is, "Where is my refund?"Check Your Refund Status OnlineThe easiest way to check on your refund is to ask the IRS through IRS.