Tax returns filing has become less burdensome due to paid tax preparers who offer their services to individuals who have to submit their tax returns on time and this service concept has helped much to fast-track the submission of tax returns, helping the government increase in its revenue.
If you have decided to require the services of a paid tax preparer, this should be considered the first step in preparing to submit your tax returns and this can be done by asking for a referral from your friends or a lawyer you know or you can check through the IRS link in their website on directory of preparers. Once you have a listing of preparers, be guided with the following: ask for his/her Preparer Tax Identification Number (PTIN), which indicates that he/she is authorized to prepare your federal income tax returns, inquire on the fees, which will actually depend on the complexity of your returns, and if the preparer requires a percentage cut on your tax refund, steer clear of this person; otherwise, there are tips on choosing a preparer which the IRS has provided in its link.
Time element is an essential factor in recruiting a tax preparer, because the sooner you choose a qualified one, the sooner, too, will the tax preparation begins, such that if there are any tax incentives that you may enjoy, such as being eligible for deductible contributions to IRAs or health savings accounts, it will be the tax preparer who can determine and can comply with before the tax returns deadline.
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Normally, by the end of January, you will be receiving different types of information returns, such that for each form, check if the information matches your own records. Some of the common forms provided are: Form W-2, if you have a job; Form SSA-1099, if you received Social Security benefits; various form 10992, to report income, like cancellation of debt (1099-C), dividends (1099-D), interest (1099-INT), and nonemployee compensation paid to independent contractors (1099-MISC); new Form 1095-A, to report information from the government marketplace from which you purchased health coverage; various 1098s, reporting mortgage interest (1098), student loan interest (1098-E) and tuition payments (1098-T); Form W-2Gs for certain gambling winnings.
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Get your receipts together and the more organized you are in filing your receipts, the less time it will take the preparer can complete your tax returns form, which translates into reducing his/her service fees. Also, with all receipts gathered together, the tax preparer can determine which you are of an advantage in terms of claiming your personal deductions as standard deductions or itemized deductions.
The tax preparer will also be requiring you on personal information, such as Social Security number; the Social Security number of your dependents, address of your home and that of your other properties; specific dates when you transferred residence; information about properties you bough and sold, including their respective dates and the amounts paid and received.