{"id":55,"date":"2020-02-04T21:28:43","date_gmt":"2020-02-04T21:28:43","guid":{"rendered":"https:\/\/irs-extension.com\/blog\/?p=55"},"modified":"2020-02-10T19:47:17","modified_gmt":"2020-02-10T19:47:17","slug":"5-things-your-tax-accountant-wont-tell-you","status":"publish","type":"post","link":"https:\/\/blog.irs-extension.com\/?p=55","title":{"rendered":"5 Things Your Tax Accountant Won\u2019t Tell You"},"content":{"rendered":"

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1. Many disastrous returns are prepared by ill-trained preparers<\/h2>\n

Many people tend shop tax preparers by price and not experience. Unfortunately for these people, the old axiom \u2018you get what you pay for\u2019 is often true. Some companies put their newly hired preparers through a six-week, evenings-only tax course, and then turn them loose to prepare returns with very little oversight. The person preparing your return might have been styling hair or selling appliances six weeks ago. Just because someone claims they are a CPA doesn\u2019t necessarily mean they know taxes. Ask about their background, what kind of practice they have, and if they\u2019re familiar with your state\u2019s tax laws.<\/p>\n

2. Organize your papers before your appointment<\/h2>\n

Nothing is more frustrating a client showing up with a box stuffed with unorganized receipts and forms, then say say \u2018prepare my tax return.\u2019 Take the time to organize your tax items into something your preparer can use \u2014like a spreadsheet. At the very least, write everything down so your preparer will know what’s included.<\/p>\n

3. Keep a close record of all donations<\/h2>\n

Many taxpayers either forget to or don’t bother to track their non-cash donations. Those garbage bags of stuff you give to Goodwill can add up at tax time. Be sure to get a receipt and note exactly what you donated: \u201cfive pairs of women\u2019s pants, three button-down men\u2019s shirts, one child\u2019s puzzle.\u201d There are also cell phone apps that can help you determine the value of your donated items.<\/p>\n

4. If you do get audited, never go it alone<\/h2>\n

Getting audited can be scary, but a smart move is to hire an accountant, enrolled agent, or tax attorney who has experience dealing with the IRS. Though the solution to the audit may be a sumple one, it\u2019s best to work with a professional who knows what they\u2019re doing and get it right. This is what IRS agents won\u2019t tell you about tax planning.<\/p>\n

5. Set aside money if you are self-employed<\/h2>\n

It\u2019s critical for those who are self-employed to set money aside for taxes so you\u2019re not slapped massive tax liabilities at the end of the year. It happens all the time. If you\u2019re an independent contractor, setting aside money for taxes equal to 35% to 45% of your gross pay is recommended. Additionally, you should be paying quarterly estimated tax payments for federal and state taxes. The self-employment tax is computed at 15.3% of your net income.<\/p>\n","protected":false},"excerpt":{"rendered":"

1. Many disastrous returns are prepared by ill-trained preparers Many people tend shop tax preparers by price and not experience. Unfortunately for these people, the old axiom \u2018you get what you pay for\u2019 is often true. Some companies put their newly hired preparers through a six-week, evenings-only tax course, and then turn them loose to […]<\/p>\n","protected":false},"author":1,"featured_media":58,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=\/wp\/v2\/posts\/55"}],"collection":[{"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55"}],"version-history":[{"count":3,"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=\/wp\/v2\/posts\/55\/revisions"}],"predecessor-version":[{"id":59,"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=\/wp\/v2\/posts\/55\/revisions\/59"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=\/wp\/v2\/media\/58"}],"wp:attachment":[{"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}