10 Steps To Tax Return Preparation Services

Hiring paid Tax Return Preparation Services has become a popular phenomenon. But selecting the right tax preparation services is not a simple process. This article offers some important tips which need to be followed while selecting tax return preparation services:

·         Select the preparer- In order to select a tax preparer you can consult your friends and advisors. You can also consult an attorney. You must make sure that the tax preparer possesses the Preparer Tax Identification Number (PTIN) which is essential to getting authorization to preparation of tax return services. Anyone who demands a share of your refund must be dispelled immediately.

       

·         Fix an appointment- The tax returns have to be filled within a specific period of time. So it is necessary to fix the appointment with the tax preparer immediately. Some tax preparers have a busy schedule. So it is necessary to fix the appointment accordingly.

·         Keep a proper record of your receipts- You must calculate the extent of your itemized reductions and equate it with your normal deduction amount. You must collect receipts of medical expenses not shielded by insurance cover, property taxes, investment expenses etc.

·         Keep a proper record of charitable ventures- Write-offs are available on donations made to charitable organizations. You must get a written acknowledgment from the charitable organization regarding your donation. You must also get a record of the fact that you did not get anything in return.

·         Keep an eye on the changes in tax laws- You must keep an eye on the changes in tax laws. Otherwise there is always a chance of your being caught napping. You might not be able to take advantage of the new exemptions given by the government.

·         Keep a proper record of your personal information- You should keep a proper record of social security numbers of yourself and your dependents. Other information that should be kept is property purchased and sold.    

   

·         Make the decision of whether you require an extension or not- If you think that you will be unable to pay the tax amount by the due date then you can apply for extension. This will help in avoiding the late payment penalties.  

·         Keep a copy of last return- If you possess a copy of the last years return, it will be helpful to the tax return preparer.  

If you keep all the above mentioned factors in mind, then you will be able to avail the Tax Return Preparation Services properly.