Tax time always comes at a bad time. Even though you know what day it is, it always sneaks up on people. Your parents may have complained about it before. Now it’s your turn to get your taxes prepared.
Yes, there are a lot of tax prep software makers that say that you can just do it yourself from the comfort of your own home. You usually see their commercials during the Super Bowl. Hmm. Is there a reason it airs so close to tax season? While you can do that, be prepared for more headaches since you are doing it by yourself. It’s better to have a trained professional.
There is a lot to learn about this process. If you are interested in other aspects of tax preparation, this article is an excellent one. Let’s tackle the main question: how much should I pay to prepare my taxes?
Find Someone Reputable
You want to save as much money as possible – you know that the IRS is going to get their share. That means you want to save as much as possible – but you don’t want to cut corners when it comes to finding someone to pay your taxes. It’s important to get someone who knows tax law thoroughly and is up to date with everything.
This means that you need to do your research beforehand. Make sure that they are accredited and have been doing taxes for a while. The last thing you want is for them to make a costly mistake and have you paying more than you would if you had a knowledgeable tax person doing this for you.
There are a number of ways that you can do this. Make sure that they have a Preparer Tax Identification Number (PTIN).You can also make sure that they are a CPA or have a law license. See if they e-file – if they do, that can save you a lot of time and get you your money faster.
Two other things that you should check are that they will sign the return and also that they will represent you if the IRS should come calling. If they say no to either, then you should go look elsewhere.
Make Sure That They Do Everything Properly
Tax preparers, even the best ones, are human. They can mix up numbers on accounts, and maybe even put the wrong date. This is why you need to look over your return carefully when they send it back to you. Ensure everything on there is correct, from your address to your Social Security number to your bank account number. Otherwise, it could delay the processing of your return.
A great way to keep this from happening is to get them the relevant paperwork well before the deadline. A lot of people make the mistake of waiting until the last minute to do this – which means late nights for the tax preparers who are working on multiple returns. If you give it to them early, they can take their time and not be hurried. While mistakes can still happen, the chances of this happening are a lot less if you do this earlier.
The Payment
When it comes to deciding the price, it depends on what kind of return the preparer is making for you. If it is a basic return, then you are going to pay a lot less than if the preparer has to do more work. You can expect to pay anywhere from $200 to $400 or more. The number of people they have to do this affects it too – like if they are doing one for a married couple would cost more than if they were doing it for a single person.
Ultimately, you should look around your area, talk to your family or friends and see who they have hired to prepare their taxes. That way, you can get a firm idea of what you will be paying, what kind of job they will be doing and whether it is worth it to pay any certain person. Then you can go about getting ready to pay the IRS or get a return.
Tax time can be nerve-wracking enough. Don’t add to the stress by not having your return done right. Find the preparer that will do everything you need and that also fits into your budget. Then you can be stress-free … well, until the next year.
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