It is not necessary that you hire a tax accountant only when you are rich or own your own business. You may have to prepare your own taxes, or it may be too stressful or confusing for you, or you may face problems such as filing taxes, paying tax debt, or fighting an IRS audit. Yes, if you know how to do it, it is not necessary to find the right professional tax accountant.
Where to Look for a Tax Accountant
Some accountants are experts and others specialize in certain fields. You would never want to appoint someone who has never been audited before. Therefore, make sure that whenever you want to file your taxes or get it done, you should hire a professional tax accountant.
Asking for a referral can be a good bet whenever you hire a tax accountant. You can ask business owners, financial advisors, and attorneys or you take a reference from the same tax accountant for whom you have worked before this
Do not hesitate to tell the firm or accountant if they have the expertise to handle your taxes if something unusual happens to your situation.
Always keep in mind one thing; you should always be wary of an accountant who promises you a huge refund from the very beginning before analyzing your personal financial situation.
If you are not satisfied or comfortable with their services, you can leave them, you are not committed. Even if you are going through this process and the tax time limit is reduced. You can instead request an extension of time to file your return by submitting IRS Form 4868.
Interact with your tax accountant:
You will never want to share the financial data of your personal business with someone who has never met you. So before discussing your situation, you should ask your tax accountant some questions related to their work experience such as “What companies have you worked with before, what problem have you encountered before”. They can tell you a lot about the answers to these questions.
Choose Bookkeeper/ Certified Public Accountants
There are lots of Chartered Accountants who are qualified from the Institute of Chartered Accountants of India. They are equally qualified as CPAs in the US.
CAs / CPAs pass rigorous examinations and are licensed by the Board of Accountancy in the state where they work as well as have an accounting degree from a university or college.
CAs / CPAs specialize in most accounting fields and some specialize in tax accounting, but not all CAs / CPAs handle tax issues. Apart from this, there will be more tasks in the field of accounting such as bookkeeping, payroll, recalculation, AR / AP and much more.
You can get prepare your personal and business tax returns through tax and bookkeeping outsourcing firms like Mindspace Outsourcing Services Limited and Mindspace Space Outsourcing Services Pvt.