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Money Girl
106 MG More Tax Prep Tips & Programs
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Last week, I reviewed the different types of tax professionals that you can employ for help with your tax return. Before you enlist the services of a tax pro, be sure you fully understand how qualified they are to handle your specific needs. Here are eight basic questions you should ask to get to know the company and your preparers' level of experience. Number one, how long have you or your firm prepare tax returns for clients? Number two, who would actually be preparing my tax return? Number three, what licenses and experience would my tax preparer have? Number four, how do you charge for your services? Number five, do you specialize in any certain tax issues? Number six, when could I expect to have my tax return completed? Number seven, what's your policy for doing return amendments if changes or corrections are needed in the future? And eight, how do you help me if I'm questioned or audited by the IRS? If a tax preparer won't sufficiently answer your questions, keep searching for one that makes you feel comfortable. The best tax professionals should also ask you questions to determine if you're qualified for specific deductions and available tax credits to lower your tax bill. A red flag to watch out for is a firm or individual who wants to charge you based on how much refund you'll receive. The fee you pay for professional tax help usually depends on the complexity of your return. Some professionals charge by the number of tax forms you require, some charge by the hour, and some bill a flat fee. A couple more warning signs to note are being asked to sign a blank tax return form or a recommendation that your tax refund be sent somewhere else besides directly to your bank account. After your interview with a potential tax professional, you can do a background check to verify their licensing status and uncover any disciplinary action taken against them. Your state's board of accountancy will provide information about CPAs. The IRS list of disciplinary actions reveals suspensions, disbarments, and censure taken against CPAs enrolled agents and attorneys. And the American Bar Association offers a directory of lawyer disciplinary agencies by state. I'll include links to these websites in the show notes at moneygirl.quickanddirtytips.com. Hey guys, Joel Kimbuster here with a very exciting announcement that I am the newest host of the podcast Bad Dates. I am so excited to be here and sharing all the wildest, most chaotic, and iconic bad date stories with you. I'll be joined by friends like Peppermint, Scott Thompson, Casey Wilson, Ron Funches, and MJ Rodriguez, and we'll hear all about their most notorious bad dates. It'll make you laugh, cry, cringe, and maybe make you feel a little better about your own dating life. You don't want to miss it. Listen to bad dates by subscribing to SiriusXM Podcast Plus on Apple Podcasts or listening wherever you get your podcasts. Want to connect with a family member who doesn't speak your language? Then check out the language learning program Rosetta Stone on desktop or as an app. Rosetta Stone is designed to immerse you in the language you're learning through an intuitive process. Plus, the true accent feature even gives you feedback on your pronunciation. And with a lifetime membership, you have access to all 25 offered languages. Get started today. Visit rosetastone.com/pod50 to get 50% off your lifetime membership now. That's rosetastone.com/pod50 or 50% off. Are you struggling to close deals? Cold outreach is wasting the time of both the buyer and seller at every stage, especially when sellers are using outdated data. Your organization can overcome these challenges with LinkedIn Sales Navigator, the first deep sales platform. Right now, you can try LinkedIn Sales Navigator and get a 60 day free trial at linkedin.com/trial. That is linkedin.com/trial for a 60 day free trial. Let LinkedIn Sales Navigator help you sell like a superstar today. If you want to prepare your own tax return, the most recommended tax programs are TurboTax and TaxCut. TurboTax is offered by Intuit, the company that created QuickIn and QuickBooks, two of the most popular bookkeeping systems for individuals and small businesses. If you use QuickIn or QuickBooks, you can easily import your financial data into TurboTax. And TaxCut is offered by H&R Block, the well-known tax and financial services provider that's been around since 1955. Both companies offer a variety of tax preparation programs suited to the complexity of your situation. Some focus on maximizing deductions, others give special guidance for financial investments, rental properties, or self-employment income, for example. Some programs include consultations, a final review by a tax professional, or even an accuracy guarantee. You can begin online programs with either TurboTax or TaxCut for free. Then you pay at the time you file your return electronically. Online programs range in price from $15 to $100. Both companies also sell downloadable desktop software that ranges in price from $20 to $100. Most tax professionals and tax programs offer integrated e-file and e-pay options. Making your tax payment electronically is convenient, safe, and free. You can authorize a funds withdrawal or pay with a credit or debit card. And if you'll be receiving a refund, here's a tip. You can have those funds paid directly to your existing IRA or to a new one using IRS Form 8888. I recommend getting an early start on your taxes so you can eliminate any last-minute panic or having to file for an extension. Now's the time to start gathering your information and to determine who's going to do your taxes. Whether you or a tax professional complete your return. Always make sure that your name and social security number are correct. Don't hesitate to ask questions about entries you don't understand. And remember that when you sign or submit your return, you are responsible for the accuracy of the information. This is the law, even when the return is prepared by someone else or with the help of an electronic program. I'm glad you're listening. You'll find a transcript of this show as well as my contact information at moneygirl.quickanddirtytips.com. Cha-ching. That's all for now. Courtesy of Money Girl. Your guide to a richer life. Hey, it's Laura Coates, host of the Laura Coates Show on SiriusXM POTUS. When we go beyond the soundbite, we break down everything. Politics and the law and pop culture. It's what you care most about. Listen to the Laura Coates Show at home or anywhere you are. No car required. Download the SiriusXM app for over 425 channels. An ad-free music, sports, entertainment and more. Subscribe now and get three months free. Offer details apply. Are you a professional pillow fighter or a 95 low-cost time travel agent or maybe real estate sales on Mars is your profession? It doesn't matter. Whatever it is you do, however complex or intricate, monday.com can help you organize, work a straight and make it more efficient. monday.com is the one centralized platform for everything work related. And with monday.com, work is just easier. monday.com for whatever you run. Go to monday.com to learn more. [BLANK_AUDIO]