1. How to select a Tax Professional Part 2
If you missed it, part 1 was a couple of days ago.
You can find it here:
If you missed it, part 1 was a couple of days ago.
You can find it here:
https://twitter.com/roncaruthers/status/1409982339082592258
2. In this part, I'll toss out a few more tips, and then tomorrow or Friday, I'll wrap up with how to avoid getting audited.
Here are a few more questions to ask a tax professional that you're thinking of using:
Here are a few more questions to ask a tax professional that you're thinking of using:
3. Question #11
Are your returns computerized?
Seriously, this isn't the dark ages, and manually prepared returns CAN be more likely to get flagged because people can't do math to save their lives anymore.
So, you want someone who uses computer software to prepare your stuff.
Are your returns computerized?
Seriously, this isn't the dark ages, and manually prepared returns CAN be more likely to get flagged because people can't do math to save their lives anymore.
So, you want someone who uses computer software to prepare your stuff.
4. Question #12 (remember, the other 10 were in the previous thread above, if you're wondering why the numbering is off)
What do you use to ensure that all my deductions and favorable elections are not missed?
The answer you're looking for is checklists.
What do you use to ensure that all my deductions and favorable elections are not missed?
The answer you're looking for is checklists.
5. Maybe it's the pilot in me, but I absolutely LOVE checklists.
We use them for almost eveything, and for the stuff we don't, we're going to create them.
Even pilots with DECADES of experience use checklists to make sure they don't forget something.
We use them for almost eveything, and for the stuff we don't, we're going to create them.
Even pilots with DECADES of experience use checklists to make sure they don't forget something.
6. And I can't remember the name of the book, but it was how a guy went into a hospital, and started having them create and use checklists for their procedures and surgeries,
And patient mortality and botched surgeries dropped like a ROCK
And patient mortality and botched surgeries dropped like a ROCK
7. Pretty sure the guy was a pilot too that wrote the book, anyways, you want your person to use checklists RELIGIOUSLY.
ESPECIALLY if you own a business or real estate.
BTW, my tax course has a ton of them that you can actually take to your person if they don't have their own.
ESPECIALLY if you own a business or real estate.
BTW, my tax course has a ton of them that you can actually take to your person if they don't have their own.
8. Question #13: How do you review my return for accuracy and completeness?
SOMEBODY needs to review your return. Preferably another tax pro in the same office, but we want some sort of outside focus to make sure nothing is overlooked.
SOMEBODY needs to review your return. Preferably another tax pro in the same office, but we want some sort of outside focus to make sure nothing is overlooked.
9. In my office, the EA's check each others work or I do, but there is a second set of eyes on every return.
Question #14: Before you file, will you give me a draft to review?
It's YOUR return and YOUR money.
If someone is unwilling to do this, they suck, and you should run.
Question #14: Before you file, will you give me a draft to review?
It's YOUR return and YOUR money.
If someone is unwilling to do this, they suck, and you should run.
10. Seriously, this is MANDATORY, and look over the return to make sure the math adds up and you're getting every deduction you're entitled to.
How do you KNOW ifyou're getting every deduction you're entitled to?
By learning at least some of how taxes and deductions work.
How do you KNOW ifyou're getting every deduction you're entitled to?
By learning at least some of how taxes and deductions work.
11. Either read a book or go grab my tax course (link at the end) but remember, and say it with me loudly for the people in the cheap seats:
NOBODY cares about your money as much as you.
Literally no one.
NOBODY cares about your money as much as you.
Literally no one.
12. So YOU need to know SOME of this so you can tell if THEY are doing a good job or not.
Finally, last question, well....for now:
Will you give me a copy of the return AND all the 'Back-Up Schedules' (like depreciation schedules) for my own files?
You need to have these.
Finally, last question, well....for now:
Will you give me a copy of the return AND all the 'Back-Up Schedules' (like depreciation schedules) for my own files?
You need to have these.
13. But some preparers do not give these with the idea that you will 'need' to come back to them next year.
In my not-so-humble opinion, it's not just unethical, frankly, it's stupid.
If something happens to them, you need to have these.
In my not-so-humble opinion, it's not just unethical, frankly, it's stupid.
If something happens to them, you need to have these.
14. Some final thoughts:
If you're going to change, do it ASAP.
If they're not working actively FOR you, then every year is costing you money.
YOUR money, not theirs.
Rip the band-aid off and get it over with if they need to go.
If you're going to change, do it ASAP.
If they're not working actively FOR you, then every year is costing you money.
YOUR money, not theirs.
Rip the band-aid off and get it over with if they need to go.
15. Don't necessarily limit yourself to someone local.
To find someone that meets the criteria above, they may not be in your town or ever your state...
With Zoom and everything else, that shouldn't even matter.
To find someone that meets the criteria above, they may not be in your town or ever your state...
With Zoom and everything else, that shouldn't even matter.
16. However, if you are in a state with goofy rules like New York or CA, then you do want someone that is versed in that state's specific rules.
Last thought: if you're NOT happy with your person, start NOW.
They have TIME now that they won't have during tax season.
Last thought: if you're NOT happy with your person, start NOW.
They have TIME now that they won't have during tax season.
17. NOW is when you set up the relationship and start strategizing for this year, rather than waiting until April, when you can only record what happenend.
Remember: you want someone PRO-active, not re-active, so be proactive yourself and get started now.
Remember: you want someone PRO-active, not re-active, so be proactive yourself and get started now.
18. And if you're self-employed or invest in real estate and you do NOT have my Slash Your Taxes course, that WILL save you a ton.
You can grab it for 50% off right here using code cpa
gum.co/MOlFr
You can grab it for 50% off right here using code cpa
gum.co/MOlFr
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