4 Things Your Tax Preparers Want You to Know
1. More is better… The more we know, the more we can help you optimize your tax liability. If your CPA gives you a tax organizer – answer the questions! They’re there for a reason, and you may be missing deductions if you fail to fill in the info.
2. Review before filing… The time to review your prepared return is not when you get the notice that it’s been E-Filed. Make sure you review and ask any questions before your CPA submits you return. It will save time and money in the long run.
3. Don’t be afraid of extensions… If you review your return, and realize that you’ve forgotten to tell your CPA about a new piece of equipment, ask about a potential deduction, etc. but it’s close to the deadline, don’t panic! Extensions are easy to file, and more cost-effective than filing a return by the deadline and later finding a deduction.
4. Extensions are for paperwork, not payments... One of the biggest mistakes filers make is thinking that because they filed an extension, that means they don’t have to make their tax payment until their return is filed. Not true. If you’re filing an extension, you’ll need to make an estimated tax payment, calculated by your CPA, and turned in by the filing deadline. If you’ve over-estimated, you’ll get a refund. If you ignore it, you’ll pay a penalty.