June 22, 2007, Newsletter Issue #70: Paid Tax Preparation

Tip of the Week

There are a variety of tax preparation firms available to help you with your in-person income tax returns. The ones mentioned in this tip all charge a fee.

Other paid tax preparers you may be interested in are the following: CPAs. Certified Public Accountants are licensed to practice their profession (public accounting) through various State Board of Accountancy’s. Public accounting firms range in size from small to large, international ones. Or, CPAs can operate private practices. Local CPAs are great for small-to-medium local businesses, and individual taxpayers. The larger international firms handle clients that are out of the scope of our discussion. Before hiring one, check with your local state to ascertain the validity of the license. CPAs derive a great deal of their income from individual income tax preparation. They take continuing professional education in tax laws, are expected to remain current with tax laws, and can help you find a variety of ways to save taxes. Also, they can help you plan for future tax years.

Enrolled Agents. An enrolled agent is the designation given to an individual who has passed an arduous test given by the IRS. This individual knows the tax laws, how to implement them, and how to maneuver around the Internal Revenue Code. As with any tax professional, they must keep up to date with current tax laws. Many Enrolled Agents start their own private practice after retiring from the IRS. All paid tax preparers can be found via networking, in the phone book, online, listed in your local newspaper, etc.

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