Top 5 Questions To Ask Your Tax Advisor Have you ever woken up suddenly at night worrying if you are getting all the tax deductions you qualify for? Don’t worry! Most people are stressed about taxes, tax forms, tax laws, and everything involved. That’s why in the 2020 tax season 74 million people or more than that filed tax returns with help from a tax expert. Here are the top 5 questions you should ask your tax advisor before partnering with them.
What Is Your Tax Preparation Process? It is important to communicate with your tax advisor and learn about the tax filing process. For the discussion, you can set up an in-person meeting or contact them via email or over the phone. It’s important to work with a tax advisor whose process you like and meets your expectations.
How Would You Help Me To Achieve My Tax Goals? Do you wonder whether your taxes are filed correctly or not? You should share your concerns and thoughts with your tax advisor so that they can guide you on a proper path. By knowing their working process you can be assured all your tax concerns are taken care of. Beyond just doing your taxes, a good tax planner will understand your financial goals and help you file your taxes with those goals in mind.
What Information Is Needed to File My Taxes? Sharing your proper information about your finances can help your tax advisor to identify ways to save you money and file your taxes appropriately. You might be asked to share the following information with your tax advisor. Income statements and all your tax forms Identification information Proof of your recent tax returns Proof of your expenses i.e receipts
Can I Contact You For Tax Advice Throughout the Year? It is important to clarify with your tax advisor if they are reachable throughout the year or not. Of course, you definitely don’t want to partner with someone who just appears to file tax returns during tax season and then disappears for the rest of the year. A dependable tax advisor will always be there to answer your questions throughout the year and to clarify any tax-related or financial information.
Will My Side Hustle Affect My Taxes? Are you an independent contractor, freelancer, or small business owner? Then you may have to deal with various types of tax forms compared to a permanent employee. Additionally, you may have to pay selfemployment tax and estimated quarterly taxes on the income you get from your side hustle. Your tax advisor can work with you to guide and inform you before and during tax season while filing your taxes.
Menninger & Associates
https://maaplanning.com/