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Don ’ t Get a TAX Headache ! Here ’ s the
One of the most important things in preparing your personal taxes ( if you don ’ t prepare them yourself )
Is choosing an ethical and competent tax professional . Your finances can be compromised if you don ’ t protect yourself . When you sign your tax return you are signing that YOU are responsible for everything claimed on the tax return . Without studying tax law all year to feel comfortable doing this , how do you protect yourself ? Here are several tips :
• Check the preparer ’ s qualifications . IRS has a directory of qualified preparers go to IRS . gov / chooseataxpro n RED FLAG ! Your preparer has no designation ( CPA , EA ) and no PTIN ( registered with the IRS )
• Ask about Fees and E-filing . n RED FLAG ! The preparer bases their fees on a percentage of your refund – this causes the preparer to “ find ” deductions to increase THEIR fees .
• Make sure the preparer is available . You should be able to contact your preparer after April 17th . Ask about office hours , or return call times . n RED FLAG ! You never get a return call from your preparer after your tax return is filed .
• Review your tax return . Your preparer should review your return with you before you sign . n RED FLAG ! Dropping off your tax return and picking it up without your preparer asking you questions to see if your situation has changed , or you could benefit from new tax laws .
What if you don ’ t use a professional , but file your own tax return online ? Most of the tax programs are designed to make tax preparation easier . However , some of the questions can be misinterpreted or you may have a question on what the information means . You can do your own tax research at IRS . GOV and use the search bar to ask your question . DO NOT USE THE INTERNET ! Go directly to the source ( IRS ) to get the correct answer .
• What if you owe money to the IRS after you complete your own tax return ? Go to IRS . GOV – on the main page there is a button called “ Pay your Tax Bill ”. It will take you to a page full of information about the many ways you can pay your taxes , and now the IRS even has payment plans !
• What if you get a big refund this year ? Help your financial future by using that money to :
✔ Pay off debt
✔ Start an emergency fund
✔ Start a retirement fund ( after you have an emergency fund ) Taxes cause many people headaches and heartaches , especially if they are done incorrectly ! Use this information to help give you peace of mind .
Tracy Burnside is an Enrolled Agent ( EA ) with an MBA from Gannon University . If you have a tax question , send her an email at tracy . a . burnside @ gmail . com .
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MILLCREEK ❘ SPRING 2018 69