Folks:
Just a recommendation.
In many jurisdictions, the criteria to qualify individuals as ‘tax preparers’ are loose, minimal or even non-existent.
Much of my own tax practice centers on representation and remediation when one of these ‘tax preparers’ (including the ‘big box’ chains) has given markedly incorrect advice. Some of these mistakes run into 6-digit ($100,000+) tax liabilities and cost 5-digits ($10,000+) to resolve.
I strongly recommend a credentialed tax preparer, holding either a PA/CPA license, issued by a state government, or an Enrolled Agent credential, which is issued by the US Treasury/IRS, In addition to the knowledge requirements, both credentials involve examination(s), background investigations, and continuing education requirements.
Credentialed practitioners are also held to a higher standard, enforced by disciplinary action, substantial civil penalties and/or criminal prosecution.
These licensed professionals also can represent taxpayers in audits, examinations and collection actions.
When dealing with more advanced topics (i.e.: those that require research) the difference is even more striking.
With the proliferation of good tax software, some offered without cost, those with simpler returns may want to consider self-preparing their returns. Many of the packages will walk the taxpayer through a step-by-step interview to complete their return, and may offer access to tax professionals by telephone or web conference.
Finally (and perhaps, most importantly) notaries should remember to keep clear, organized records of income and expenses (which may include records and receipts for transportation, office supplies, telephone, computer equipment, training, certification and many other items).
Copies of travel logs, substantiation of large or uncommon expenses and other documentation should be filed away with the return and retained for at least 3-7 years; with the ability to scan documents and destroy the original, electronic copies may be held permanently.
It’s much easier to prevail at an audit or examination with adequate substantiation of the items on a return.
HWB.