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Consulting With An Income Tax Advisor
Doug Smith

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A tax advisor can help you through the very aggravating income tax filing ordeal. Most U.S. citizens that meet certain income levels are required to file a yearly federal income tax return by April 15 of the following year. For most people, preparing their own tax return is a nightmare jumble of papers, numbers, and receipts. If you have an advisor for tax purposes, however, calculating your deductions, fees, and refund can be much easier to do.

The entire tax filing process is further complicated because it is a legal requirement with a strict deadline. Filing delays, failure to pay your tax bill to the Internal Revenue Service or IRS, or even just innocent miscalculations on your Form 1040 can bring penalties from a warning letter, to fines, to imprisonment. On the other hand, if you have retained a tax professional as an advisor for your personal or business taxable obligations, the preparation and filing can be much easier.

Tax financial advisors can be found in the phone book, on the internet, or by a referral by one of their existing clients. Tax advice can be given during a personal meeting, or even by a simple phone call, depending on the amount of tax assistance needed. Sometimes the entire matter can be solved quickly and securely via your tax professional's website.

Get the best possible advice from your tax accountant by submitting your financial records, deductible receipts, and Forms W-2 and 1099 as early as possible. You are not his or her only client, and he or she will be advising multiple tax clients simultaneously. You get the best value from your tax advice fees by giving your advisor everything needed to file your returns in a timely manner. This also gives your income tax professional time to take advantage of last-minute tax law changes to increases your refund.

Carefully choose the financial professional who will be advising you on tax matters. While almost any tax attorney, lawyer, or agent is better than filing your returns by yourself, you need to be comfortable with the person who will be handling your most intimate financial and economic details. Check with appropriate state offices to determine if your advisor is properly licenses. Research your tax professional with the Better Business Bureau. Ask for references from former and current tax clients. You need to feel 100% confident about the tax consultant who will be delving into your sensitive money issues.

A good income tax consultant can save you much time and headache. Not only can these financial professionals file your federal returns, they can help you plan ahead to the next year so you can hopefully pay even less taxes and get higher refunds while still complying with the law. Don't forget - the fees you pay to your tax advisor just might be deductible, so ask about that too.

Copyright 2008 by Doug Smith.  All Rights Reserved Worldwide.  Unauthorized Duplication Prohibited.  Not Intended to be Professional Advice.

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