Question: What can an accountant do for me?
Answer: A good accountant can do more than just prepare your tax return. He or she can assist you with –
- accounting and recordkeeping
- income tax planning
- business planning and problem solving
- computer selection and use
- estate tax planning
- bank loan assistance
- your other tax, business, and financial concerns
An accountant can provide you with year-round planning for your tax, financial, and business affairs. Such planning is essential if you want to realize your financial goals.
Question: Why do I need a tax professional when I can buy tax preparation software?
Answer: Tax software producers claim their products can prepare complex returns, but you may want to think twice before relying on software for all your tax and financial guidance. Although software may help you make choices on your tax return that result in the lowest tax this year, you should consider the long-term effect of your choices in order to pay the lowest tax over a number of years.
With a professional tax preparer you get more than just a tax return. An established relationship with a tax professional who is familiar with your finances, your family, and your goals can prove to be invaluable.
If you prepare your own returns, it’s a good idea to let a professional preparer review your returns at least every three years. That’s because you only have three years to amend a return to change any items of income, deductions, or credits that were reported in error or omitted on your original return.