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Anyone who hates math will dread the end of the financial year. Boiling down a years’ worth of financial gains (and losses) and making all the information relevant, readable and compliant with local tax laws can be a difficult task for the layman. More and more people are turning to the services of a tax accountants to help them get their tax returns in order, however, with more and more accountants offering this service how do you know that you are getting a good deal and how do you know that this accountant is the one for you, well hopefully we can help you stay on the right track.
Some businesses tax affairs are more straight-forward than others, for example, the tax return of a plumber is going to be very different from the tax returns of a real estate agent or a company that deals in stock options and it’s important that the person who is doing your tax returns understands this as well.
Look for an accountant who not only deals with entities of the same level as yourself but also deals with individuals who are of a higher professional seniority than you. This normally means that they have the necessary expertise to deal with higher-end clients. And higher-end clients wouldn’t be using them if they weren’t capable.
For your peace of mind and reassurance that all the work they are doing is compliant with the local tax laws and of a generally good quality, you would want your accountant to possess the relevant licensing from your local authority. This will also ensure that if there is a problem of any kind with your return that the accountant who did it is fully accountable.
The better organized this process is, the less time that the accountant will need to procure relevant information to help you get lower fee’s. Avoid giving your CPA a large amount of difficulty to read materials that they have to spend time reading, remember that you’re paying for this time that he has to spend trawling through the heavy paperwork you’ve given him.
If you own your own business make their lives and their impact on your wallet minimal by sending a spreadsheet or Quicken file that has all income and expenses clearly listed rather than a massive stack of invoices make sure to include all charitable donations in this and to give over all of the information in one go rather than drip feeding it to your accountant.