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Tips on finding right person to prepare your tax returns |
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Written by Mark Schwanhausser, McClatchy-Tribune
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Sunday, 25 February 2007 |
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Increasing numbers of taxpayers are turning to affordable software to guide them through the tax thicket. An estimated 70 percent of Americans even qualify to use free online software through the Internal Revenue Service's Free File program.
Still, more than 60 percent of Americans hire a professional tax preparer. The best reason is because your finances have grown so complicated that you're not confident you can do it correctly on paper or with software.
For example, it could be time to hire an expert if you've bought or sold a home, swapped real estate, cashed in stock options, opened a small business, tapped retirement accounts or are snared by the alternative minimum tax.
Keep one thing in mind if you expect to tread into gray areas of tax law: Only certified public accountants, enrolled agents and tax attorneys can represent you in an audit.
Here's an overview of the two types of professionals who prepare tax returns:
CERTIFIED PUBLIC ACCOUNTANTS: CPAs must pass a state exam and acquire a range of accounting experience. Many specialize in tax preparation and financial planning, but others focus on consulting, audits or finance.
How to find one: Search at directory compiled by the American Institute of Certified Public Accountants http://pfp.aicpa.org/Community/Find+a+CPA+PFS+Near+You.htm.
ENROLLED AGENTS: EAs are licensed by the IRS. They either worked for the agency for at least five years or passed a comprehensive IRS exam.
How to find one: The National Association of Enrolled Agents (www.naea.org) has a directory that can be searched by geography or specialty. | Only registered users can write comments.
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