Why the IRS Encourages You to Work with a Professional for Your Tax Preparation in Oklahoma City, OK

November 26, 2018 8:49 pm Published by Leave your thoughts

Did you know that more than 50 percent of all American taxpayers hire a professional to take care of their tax prep needs for them? This makes sense, considering many Americans lack the time or knowledge to get their taxes done themselves. However, even if you do not prepare your own Form 1040, you are still legally responsible for all of its contents.

Therefore, it’s extremely important you choose a professional you can trust to handle your tax preparation in Oklahoma City, OK. Not only does this person get access to all of your most personal financial information, but they are also completing all the paperwork the federal government will look at as it decides whether or not it will audit you.

With this in mind, here are some tips from the IRS to consider as you choose a tax preparation specialist this year:

  • Make sure they’re authorized to do tax returns: Any professional providing tax prep services should have an IRS Preparer Tax Identification Number (PTIN). Anyone without a valid and current PTIN is not eligible to prepare federal tax returns.
  • Credentials: Simply being authorized to perform tax returns is probably not everything you’re going to want to know about your potential tax prep service before making your decision to work with them. Make sure they’re professionally credentialed, regularly attend continuing education classes and stay up to date on the various changes to tax law and provisions of major federal acts.
  • E-file: Check to see if your preparer offers IRS e-file. Having your return submitted to the IRS electronically cuts down on the amount of time it takes for the IRS to receive your information and is a safer and more accurate way to file the return.
  • Service fees: Check to see which type of service fees you’ll be responsible for paying up front. You aren’t going to want to work with a service that charges fees based on percentages of your refund—this could well result in you paying more than you should based on market averages for these services.
  • Review: Even though you’re trusting your tax return to a professional, it’s still a good idea to review it for yourself before it gets officially submitted and before you sign off on anything. Make sure you ask questions if there is anything you’re unsure about—you should be completely comfortable with the accuracy and contents of the return when it gets sent off to the IRS.
  • Give the preparer thorough documentation: You should provide as many records and receipts as possible to the person handling your tax prep. A good tax prep specialist will ask for this paperwork, and will also ask you questions to help determine your total income, potential tax credits and deductions and other information that is important for your tax return. If the tax preparer doesn’t ask these types of questions, this is generally a red flag.

For more information about choosing a specialist for your tax preparation in Oklahoma City, OK, contact Chrisman & Chrisman Financial Services today.

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