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Tax Tip: Read this before choosing a Tax Preparer
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The IRS recently issued TAX TIP 2009-07 that addresses the single greatest point as to why, if you pay someone to do your tax return, you should choose wisely. The reason, despite popular belief, is that you are legally responsible for what's on your tax return even if it is prepared by someone else. Read the tip for more information but a few of the good points you should consider.
- Only use a tax professional that signs your tax return and provides you with a copy for your records.
- Avoid tax preparers that ask you to sign a blank tax form.
- Before you sign your tax return, review it and ask questions.
- Does your preparer have credentials like Certified Public Accountant (CPA), Attorney or Enrolled Agent.
These simple steps can save you a lot of time and money should you ever receive an inquiry.
Tax preparers do not need to be licensed in the State of Maryland. However that may be changing. Senate Bill 817 "Maryland Individual Tax Preparers Act" seeks to require anyone that prepares taxes for a fee to be licensed with the Maryland Department of Labor and Licensing. Definitely a step in the right direction.
I bet you didn't know the IRS gave out tax tips. Subscribe to the IRS Tax Tips.
Tom Taylor, CPA is a fee-only Financial Planner and Certified Public Accountant and can be contacted at Thoma Capital Management in Towson, MD. He is a member of NAPFA and the MACPA.
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