Who should prepare my tax?

The US Tax Code currently contains over 7,500 pages of regulations (and continues to grow!).

Whether you prepare yourself or have a tax professional prepare it for you, you will be responsible for your tax return.

In 2007 there was a one time telephone tax refund. According to IRS, out of the tax returns filed through Feb. 16, more than 10 million taxpayers did not request the telephone tax refund. And nearly half of those returns — more than 4.8 million — were completed by a tax preparer. So, having a tax preparer file your tax return may not always mean you are in good hands.

Only Enrolled Agents, attorneys, and CPAs may represent taxpayers before the IRS. EA's and CPA's have to get continuing education to be able to renew their licenses.

The most important warning we have regarding the tax preparers is to say no to Refund Anticipation Loans (RALs). Paying upwards of 100% APR to get your refund a couple of weeks early is just plain crazy.

Ask your tax pro if your tax return will be prepared in house or, will be outsourced to India or other countries? It's a growing trend to outsource tax preparation services to increase the company profits - not to lower fees you pay!.

If anyone charges you based on the refund you will get, run away!

You should work with a tax professional you can reach year around. Will you be able to reach your tax pro if you have any questions about your taxes?

One last word, while people tend to think of a tax pro as someone to interact with during tax season, you'll get the most out of a tax pro if you're able to talk with him about planning issues outside the crush of the preparation season.

Rebu Financial and Tax Services
Rebu Financial and Tax Services