River Valley Coaching

The tax season is looming ahead, which can be a major stressor for small businesses. What are you doing to prepare for the tax season? Do you have a CPA (Certified Public Accountant) or other Tax Professional that does your taxes for you or do you do it all your self?
If you are a small business, it would be a great idea to consider utilizing someone who knows tax laws to get your taxes done this year. CPAs eat, sleep, and dream about taxes. Letting them help you will allow you to spend time on building your business rather than worrying about taxes.

1. Does the CPA/tax preparer claim that they can obtain larger refunds than other preparers? Avoid CPA/tax preparers who make extreme statements to win your business.
2. Is the CPA a reputable tax professional who will sign your tax return and provide you with a copy for your records?
3. Will the preparer and/or firm will be available to answer questions about the preparation of your tax return months, or even years, after your return has been filed.
4. Remember, no matter who prepares your tax return, you are ultimately responsible for all information on your tax return; therefore, never sign a blank tax form.
5. Always review your tax return before you sign it and ask questions on things that you don’t understand. If your CPA/tax preparer doesn’t have the heart of a teacher, fire them!
6. Avoid preparers whose fee is based on a percentage of the refund amount.
7. Don’t cheat! Tax evasion is a crime, a felony, punishable by five years in prison and a $250,000 fine.
8. Ask for the CPA/tax preparer’s credentials. Are they an Accredited Tax Preparer, Enrolled Agent, CPA, Licensed Public Accountant, or Tax Attorney? Only CPAs, attorneys, and enrolled agents can represent taxpayers before the IRS in all matters, including audits, collections, and appeals. Other return preparers may only represent taxpayers for audits.
9. Is the preparer affiliated with a professional trade organization that provides members with continuing education and resources? Are they held to the organizations code of ethics?
10. Ask questions. Ask for referrals from previous clients. Were they satisfied with the service they received?

Article by Kirk Anderson, Financial Counselor :: As a Personal and Business Coach, Kirk helps others take control of their most powerful wealth building tools, their income. Business, Financial, and Personal Coaching may be exactly what you need to get out of debt, plan for retirement, build wealth, and enjoy life. For more information on gaining control of your financial future, contact us at www.rivervalleycoaching.com for your FREE 30 minute consultation.