Hay muchas opciones cuando se trata de preparar su declaración de impuestos que puede ser bastante abrumador. El método que es el más adecuado para usted se basa firmemente sobre lo complicado o sencillo de su situación tributaria, así como lo bien informado que esté sobre los impuestos en general.
Tax Attorneys: Tax attorneys are lawyers who specialize in the field of tax law. Tax attorneys are best for handling complex, technical, and or possible legal situations. Some examples of people that may consider hiring a tax attorney are: People who need advice on complex estate planning; People who need counsel on company tax structure; People involved in international business and anybody that is being investigated by the I.R.S. Finding a tax attorney with a Masters of Law Degree (LL.M) and a background in accounting is advisable.
Certified Public Accountant (CPA): A CPA is a qualified accountant that has passed the Uniform Certified Public Accountant Examination and has met additional state education and experience requirements, including licensing in their respective state of operation. We recommend you find one that specializes in the tax industry, and that is a member of the American Institute of Certified Public Accountants.
Enrolled Agents (EA): An enrolled agent is a person that has passed a three-part comprehensive IRS test covering individual and business tax returns, or has experience as a former IRS employee. Individuals, who obtain EA status, must adhere to ethical standards and complete 72 hours of continuing education courses every three years. Be sure that any EA, you hire, is a member of the National Association of Enrolled Agents.
National Tax Preparation Chains: These are the storefront properties you see that are often found in shopping centers and strip malls. Places like Jackson Hewitt and H&R Block are decent choices when you have a cookie cutter tax situation that is simple and straightforward.
DIY Programs: Do-it-yourself (DIY) software programs or websites like TurboTax and TaxACT will easily lead you through filing taxes yourself. They are fairly inexpensive, straightforward and easy to use. There are a lot of options out there so be sure whoever you choose provides the support you need for questions and IRS investigations and audits.
Free Tax Prep: These are places that offer free tax preparation for low to moderate-income individuals. Some examples are the AARP Foundation Tax Aide and IRS Free file.
No matter which method you choose, it’s a good idea to ask these seven basic questions to ensure you are hiring a good tax professional that meets your individual needs.
1. What are your credentials?
This should be a standard question for any professional you are thinking of hiring whether a doctor, a lawyer, a nanny or a tax professional, it’s important to know their education and experience history.
2. Do you have a preparer tax-identification number (PTIN)?
Anyone who prepares or assists in preparing federal tax returns for compensation must have a valid PTIN.
3. Do you belong to a professional membership organization?
A tax professional that belongs to an organization such as the American Institute of Certified Public Accountants or the National Association of Enrolled Agents is held up to a higher standard of excellence and keeping an active membership shows dedication to their profession.
4. What kinds of clients and tax returns do you specialize in?
Some tax professionals specialize in returns for specific professions (i.e. commercial fishermen, active investors, or the self-employed). When seeking to hire a tax professional, be sure they are experienced in your particular situation.
5. Can you give me a price estimate?
Just like your tax preparation options, prices vary greatly among tax professionals. Nothing is more disappointing than finding out that a quarter of your return is going to preparation fees. A good tax professional will gladly give you an estimate.
6. Do you provide audit support?
Although audits are rare, they can happen to any taxpayer. It’s important to know that your tax professional will provide support for something as simple as providing requested tax documents to as complex as representing you in front of an IRS examiner.
7. Are you available all year for questions or concerns?
Some tax professionals only work during tax season (between Jan 1 and April 15th). If you need advice or have questions during the rest of the year, you need a tax professional available year round.
Organized Documents Make Easy Taxes
Having a well-organized filing system to deposit all of your receipts, invoices, expenses, and important transactions in can save you weeks of stress and anxiety during tax season. There are many solutions with varying degrees of complication, but the important thing is that it’s simple to use and that you can easily find the documents when you need them. We recommend using a filing system with the following categories or something similar.
Important files:
This is where you keep documents such as birth certificates, adoption decrees, social security cards, tax IDs, and previous year’s tax returns.
Income file:
This is where you will keep the paperwork on all your taxable income. You can break it out into subcategories such as:
- Earned Income: This is where you will keep your W2 from your employer or your 1099 if you’re an independent contractor as well as all paid invoices if you’re self-employed.
- Capital Gains: A capital gain is essentially any profit you make from a capital asset. This file is where you will keep paperwork from any assets (i.e. stocks or property) that you have sold that made a profit (or loss).
Expenses file:
This is where all of your business expenses throughout the year are kept. You can break them out into subcategories such as: Home Office, Automobile, Utilities, Interest Paid, Insurance, Taxes Paid, Medical Expenses, and Charitable Contributions. It is essential to keep a place of temporary deposit in your car or purse. A simple standard mailing envelope or a plastic accordion-style coupon holder (available at any office supply store) works well. The reason is simple, if it isn’t easy to access, it won’t be consistently used. Chances are; you won’t be home when you are buying supplies, getting gas or buying office supplies, so your organization system must travel with you. Empty your temporary deposit envelopes into your permanent home organization system weekly, to keep the paperwork from piling up.
Your smartphone can also be a powerful tool, with mobile apps like PaperBox, XpenseTracker, and Shoeboxed; you can stay clutter-free, organize receipts, track mileage, and complete expense reports with ease. Another option is a desktop receipt scanner with software that will scan, extract and organize your receipts and expenses. If these are not an option, we recommend keeping a ledger and totaling your receipts every month, so that when tax time comes, you have a total expense amount. If you simply give a box of receipts to your tax professional, you can expect to pay $50 an hour or more for them to go through it and total it up for you.