Summer Tax Series Part 4: Find a Tax Professional
The summer offers both taxpayers and tax professionals an opportunity to revisit their tax situation. In the last part of the ongoing series, I will highlight the best way to find a tax professional that suits your needs.
If you are in search of a new tax professional, or looking to hire one for the first time, the summer is the best time to make initial contact. Tax professionals often determine the capacity for the upcoming tax season before the end of the year. If you start your search now, it will give you enough time to determine which is the best fit for you. Below are things to consider when beginning the process:
Determine Your Needs - Are you looking for tax compliance only? Or would you prefer working with a tax professional that will help with tax planning and offers other services throughout the year?
Provide Tax Overview - Be prepared to offer a brief outline of your tax situation. This includes your income sources, typical deductions and presenting your previous year return for review. This will allow the preparer more insight into your tax situation and allow you to determine if the preparer has the experience needed to guide you through the process.
Responsiveness - Send out inquiries to prospective tax professionals you are interested in working with to see their response time and the manner in which they communicate. This can help set your expectations moving forward. If there is a delay in response during the slower summer months, then similar (or longer) delays could be expected during busy season.
Fee Structure - Make sure you are aware of the fee structure. Some professionals charge a monthly fee, while others charge separately per engagement. Be aware of what is included in the fee so you do not receive any unexpected invoices throughout the year for work you believe was covered in a previous engagement.
Niche Fields - If your tax situation requires a specialist, such as in the real estate or gambling space, you should target those tax professionals that are well-versed in that area. You want to work with someone that has experience in your field of need.
Be Selective - Your tax return and overall compliance is important. You must feel comfortable with your tax professional and any positions taken on your tax return. You also want to feel like there is an open line of communication to address any concerns as they arise throughout the year.
It may take some trial and error, but if you are up-front about your needs and goals, you will be able to find a tax professional that is best suited to not only keep you in compliance, but proactively guide you through the process.