There is a common misunderstanding that only affluent people need the services of a tax accountant. You do not have to be an owner of a huge business to hire a tax advisor. Even small businessmen are aware that tax matters quickly become too complicated to handle by non-professionals.
Business owners often find themselves at crossroads and must decide whether or not to hire a qualified tax accountant. Experienced tax preparers help businesses save thousands of dollars over the years. A lot goes into finding the right tax advisor and never trust the wrong person with your tax matters.
Tips For Finding the Right Tax Accountant
Vetting a tax accountant is quite easy when you know what to consider. Find someone who is experienced in handling tax matters and passionate about saving hundreds of dollars for the client.
Not all tax accountants can be good for your business, find someone who specializes in particular areas. It is best to hire an experienced accountant that has handled an audit before. Ask friends, family members, financial planners, lawyers, and other businessmen to find the right match. A majority of people file taxes, therefore, you can collect referrals from people you know. Working with a local tax accountant is also a good idea as they are familiar with local laws and regulations. If you live in Toronto, look for a reputable Toronto tax accountant who has a good track record in handling taxes for small businesses. You can also search online to find certified and licensed professionals in your area.
Take into Account Their Qualification
Qualification and experience determine the legitimacy and credibility of the tax accountant. Have an in-depth understanding of the expert candidate’s profile and a few qualifications to take into account.
- Certification – Ensure that they are state Certified Public Accountants and have sufficient knowledge and experience in tax laws.
- Experience – The tax advisor must have handled complicated tax matters for small to medium-sized businesses. Inquire about their expertise and know if they would be the right fit.
- Business Requirements – Specialized tax advisor with ample experience in tax law will assist businesses to save money. Determine if the tax accountant is required for filing tax returns or long-term tax planning.
Determine their Trustworthiness
When you have narrowed down the search to a few tax accountants, do research before the interview. Request PTIN to know they can file the federal tax return. They have undergone recent training and have awareness of the changes in tax laws and ethics.
Go through their website and read reviews, however, do not rely on reviews when hiring tax accountants. Make sure that they are a member of the National Association of Tax Professionals. This indicates their credibility and knowledge of the evolving laws.
Ask the Right Questions
After doing all the research, ask the right question to determine their credibility, skills, and experience. Inquire about how they stay atop recent tax laws, what software they use, and when did they recieve their license. An interviewer can also ask about their expertise, the sizes of businesses they have worked with, and former clients.
Interview multiple professionals and keep searching for the right fit. Hiring the wrong tax accountant would be costly for the business, therefore, be patient, you will most likely find the tax accountant that suits your requirements.