| 4 Critical Things You Should Demand From
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| | approximately three months out of the
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| A Tax Professional
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| | year and spend the balance of the time
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| 1.COMPETENCE AND CREDIBILITY
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| | preparing books, records and financial
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| It is very important that you research
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| | statements. This makes it very difficult
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| the credentials of the person you have
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| | to keep up with the ever-changing tax
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| preparing your taxes. Look for
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| | law, especially on a part-time basis.
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| credentials such as enrolled agent or
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| | Between February 1st and April 15th, the
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| CPA, which will give you some assurance
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| | average tax preparer completes about 480
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| that the preparer has had adequate
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| | returns. With this overwhelming workload
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| education and meets ethical standards.
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| | it is nearly impossible for an
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| Also, make sure that the tax preparer
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| | accountant to take the time during tax
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| you choose can and will take the time to
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| | season, to thoroughly evaluate your tax
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| research any issues they may not be
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| | situation and find all the latest tax
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| familiar with. They need to be able to
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| | laws and guidelines that can be applied,
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| call an expert, or have access to
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| | to help reduce your tax liability.
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| technical resources that can help answer
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| | Find a tax expert that not only keeps up
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| any questions they may have.
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| | with current tax laws and changes, but
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| In addition, use a reputable tax preparer
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| | also is not under the same time crunch
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| that signs your tax return and provides
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| | and pressure. This way they can take the
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| you with a copy for your records. Also,
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| | time to closely scrutinize your tax
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| consider whether the individual or firm
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| | situation and aggressively look for
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| will be around to answer questions about
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| | every deduction that can be applied.
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| the preparation of your tax return,
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| | One of the best ways, however, to ensure
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| months, even years, after the return has
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| | that your tax preparer is doing the best
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| been filed.
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| | possible job for you, is to get a
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| 2.TECHNICAL EXPERTISE AND EXPERIENCE
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| | qualified second opinion from a 'tax
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| While most tax preparers know a little
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| | expert" who specializes in reviewing
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| about tax laws, many know almost nothing
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| | taxes and looking for areas where you
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| about technical issues. They need to
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| | may be overpaying.
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| have the technical knowledge to even know
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| | "The March of Tax Changes in Recent Years
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| where to look, and the experience to
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| | Has Made It Easier to Err, and the New
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| know what to look for.
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| | Tax Law Will Only Aggravate the
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| CPAs, accountants, and bookkeepers,
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| | Problem."(US News and World Report)
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| without a tax specialty, may not have
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| | Taxes may be one of the things you can be
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| the time, experience, education, insight
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| | sure of in life, but the same can't be
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| or technical skill to deal with the
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| | said of tax laws. They change
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| technical analysis and identification of
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| | constantly. The recent tax law changes
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| issues necessary to effectively prevent
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| | include the most sweeping changes in 15
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| avoidable tax overpayments.
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| | years. The new legislation makes 441 tax
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| It is important that the tax expert you
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| | law changes spread through 189 sections
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| choose not only has a number of years of
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| | of the Internal Revenue Code.
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| experience tackling technical issues,
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| | "In June 2001, for instance, President
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| but also a good technical knowledge base
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| | Bush signed into law the Economic Growth
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| to draw from.
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| | and Tax Relief Reconciliation Act of
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| 3.THOROUGH KNOWLEDGE OF THE LAW
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| | 2001. The Act significantly alters the
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| In this industry, it is what you don't
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| | tax treatment of several major financial
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| know that costs you money! There are
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| | issues, including income, retirement
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| literally volumes and volumes of laws
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| | savings, educational savings and estate
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| that can potentially affect the amount
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| | planning. It's a complex law that amounts
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| of taxes you end up paying - and those
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| | to over $1 trillion in tax cuts, but
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| laws change constantly. What most
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| | most of those cuts are being phased in
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| taxpayers don't realize is that even
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| | (and in some cases phased out) over a 10
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| small changes can affect your taxes in a
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| | year period, and the entire act itself
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| big way. Money Magazine's tax test has
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| | will end in 2010. Between now and then,
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| shown that unfortunately, very few tax
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| | however, Congress may pass other measures
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| preparers actually take the time to
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| | that either extend provisions in the Act
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| learn the hundreds of new tax laws
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| | or eradicate them once the law sunsets."
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| released every year.
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| | (money.cnn.com/Personal Finance, Oct.
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| This is a total disservice to the
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| | 2002)
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| taxpayer because the result is a
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| | Now, It's More Important Than Ever To Get
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| representative who is unable to identify
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| | A Second Opinion On Your Taxes to Ensure
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| a tax issue, tax law, or fact that could
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| | You Are Not Cheating Yourself and Giving
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| support and justify a reduced tax
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| | Uncle Sam a Windfall.
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| liability. For this reason, the tax
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| | A second opinion will not only give you
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| expert you choose should have thorough
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| | the peace of mind that your tax preparer
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| knowledge of current laws and stay
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| | is doing the best possible job they can
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| continually educated on all new and
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| | for you, but more importantly will ensure
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| updated tax laws and guidelines.
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| | that you are not paying one penny more
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| 4.ATTENTION TO DETAILS
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| | than your fair share.
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| Most CPAs prepare tax returns for
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