by Ratikanta Mohapatra | Jan 5, 2016 | Blog
While decoding IRS lingo and filing taxes may be the ultimate definition of a good time for some people, for most that means hiring a tax preparer or tax consultant to take care of their annual tax returns. But how can you tell if you need the help of a tax consultant? Is there a specific criteria for doing so? As a start, the following questions should help you figure things out. Do you understand the tax process? Although considered mundane, understanding the basics of the return process is important. Regardless of whether you decide to do your own taxes or get professional help, you will be required to collect all the relevant forms including W-9’s, W-2’s and 1099’s among others that indicate your annual income and wages. Your financial institutions, vendors and employers are responsible for sending them to you by the end of January but if that doesn’t happen, you can track them down yourself. In addition to tax forms, information regarding the deductible expenses that you’ve paid for the entire year such as student loan interest, charitable contributions, home mortgage interest etc. A detailed record of expenses and income is also needed from those who started a business during the year. Knowing the required schedules and forms is essential. The tax return process is a straight forward one for people who are full-time employees who don’t have children or families, an additional source of income and don’t own a home. Such people can easily their tax returns on their own or with the help of some of the tax preparation software available in the market. Those...
