Established corporations and companies likely have an accounting firm already in place to handle the details of filing tax forms. If you’re a new business owner or are considering becoming one, however, navigating the paperwork of tax forms can be daunting, especially with all the changes and new laws that apply each year.
The Internal Revenue Service advises that you should consult with a professional whose job it is to know these things and who is most appropriate for your particular business needs. Here are a few important things to consider when searching for a tax preparer:
- Do they have expertise in the area that is relevant to your business?
Not all businesses are created equal so look for someone who knows what you’re all about and has experience in that field.
- How many years of tax preparation do they have?
Remember, this is your livelihood you’re talking about so it’s best to leave it in the hands of someone with experience.
- Are they licensed?
Although it’s technically not required, someone with licensed credentials is a better choice when it comes to preparing your tax returns.
- Who will actually work on your tax returns?
If you choose a large firm with multiple employees, make sure you know — and are comfortable with — the person who is going to be working on your account.
- Will they provide references of current clients?
If so, don’t hesitate to check them out before you sign on as a client. If not, keep looking.
- What kind of fees will you be charged?
Ask up front and get it in writing so there are no surprises.
- Will they represent you if your business is audited?
No one likes to think about it, but it happens. Ask up front. If your tax advisor backs off the issue, go elsewhere.