What to Consider in a Tax Specialist?
Tax Specialist Framingham
If tax preparation is a complex task, finding the right tax specialist is even harder these days. You can find tax preparers and agents with no qualifications and experience offering tax consultation services. You can hit the google with a search “tax specialist near me” and see the results in thousands. Not all of them are qualified though, it’s hard to differentiate between them.
You can file your business taxes by yourself, but it will take enormous time and effort that you should spend on the business activities otherwise.
Here are a few important points to check before you hire a tax specialist for your business taxes.
Check Credentials of the Tax Specialist
First thing first, you should always check the credentials of your tax specialist. Do not shy away from asking the tax service provider whether they have any legal authenticity to file your taxes or not.
A simple tip is to ask for the IRS Preparer Tax Identification Number (PTIN). Temporary and volunteer tax preparers do not get the PTIN. A tax specialist with a PTIN will be a professional doing the work as a serious business.
Check Qualifications of your Tax Specialist
Do not rely on the search results of “tax specialist near me” only. A tax preparer can have a PTIN, and yet may not be fully qualified as a professional. Check the qualifications of your tax specialist. A qualified tax specialist with a CPA or a Law Associate can be a better option.
One advantage of partnering with qualified professionals is their continuing education requirements. IRS also needs these professionals to stay abreast of the latest tax regulations and changes. A professionally qualified tax specialist can work with different business models. Their professional qualification and training let them handle different tax preparation challenges.
Ask for References
Not every specialist can be experienced, someone starts the journey someday. If your tax specialist is experienced, it is an added advantage. There is no reciprocal of experience in any field, as well as in tax advisory services.
One way of compensation for the lack of experience is to present the references genuinely. Ask for references from your specialist. A tax specialist with experience will provide key references straight away. Even a young professional wouldn’t hesitate to provide some qualified references. Remember, professionally qualified CPAs require work experience to complete their qualifications.
Compare the Fees – Packages
Tax advisory services can’t be offered through a one-fits-all solution. The IRS regulations and tax deadlines are the same for everyone though. Yet each business comes with unique needs for tax preparations.
Do not hesitate to ask for the prices from your tax advisor. They know you’ll hit the search of tax specialists near me right after talking to them. However, a professional will keep the fee structure transparent. They’ll not keep you in grey areas. Moreover, they’ll be open to offering you a customized package for accounting, bookkeeping, and tax consultation services.
Will your Tax Specialist Represent You?
One key advantage of a qualified specialist is the IRS representation. General tax preparers with PTIN cannot represent you against tax audits. Not all tax specialists will offer the services of audit representation either.
Even if you hire a tax professional, you may receive an audit mail from the IRS. Tax regulatory changes and errors can lead you to wrong tax filings. It will give you peace of mind to check with your tax specialists if they’ll be at your back with audits.
Professional tax specialists will lead you through the tax preparation, filing, refunds, and follow-ups. They will be available at your call even after the tax season to answer your queries.
Tax Specialists as an Advisor
A key trait of good tax specialists is their long-term approach to tax planning. They’ll keep the business strategy and objectives at the core of their tax strategy. Often a solution to a tax problem can be conflicting with the business strategy.
For example, you started a business as an entrepreneur without any partner. A tax preparer will advise changing the entity structure to save taxes. From a business point of view, it might not be the best solution as you’ll need at least one partner. A professional tax specialist will create a balanced approach with the tax strategy.