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Procedures in Tax Preparation The US Federal government reports that 60% of individuals who submitted their tax returns where complied with by paid preparers; therefore, tax preparation has entered into a new level of tax return filing courtesy of the quick services of paid tax preparers. If you have decided to require the services of a paid tax preparer, this should be considered the first step in preparing to submit your tax returns and this can be done by asking for a referral from your friends or a lawyer you know or you can check through the IRS link in their website on directory of preparers. As soon as you have acquired a list of preparers, the following should help you be guided on whom to choose in the list: ask for his/her Preparer Tax Identification Number (PTIN), which indicates that he/she is authorized to prepare your federal income tax returns, inquire on the fees, which will actually depend on the complexity of your returns, and if the preparer requires a percentage cut on your tax refund, steer clear of this person; otherwise, there are tips on choosing a preparer which the IRS has provided in its link. The most essential factor in recruiting a tax preparer is the time element, therefore, the sooner you choose a qualified one, the sooner, too, will the tax preparation begins because there are tax incentives that you may avail of, such as being eligible for deductible contributions to IRAs or health savings accounts, in which a tax preparer can determine and can comply with before the tax returns deadline.
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It is important to always check each tax form that you will receive, which is usually provided at the end of January, finding out if the information in the tax form matches your own records. Some of the common forms provided are: Form W-2, if you have a job; Form SSA-1099, if you received Social Security benefits; various form 10992, to report income, like cancellation of debt (1099-C), dividends (1099-D), interest (1099-INT), and nonemployee compensation paid to independent contractors (1099-MISC); new Form 1095-A, to report information from the government marketplace from which you purchased health coverage; various 1098s, reporting mortgage interest (1098), student loan interest (1098-E) and tuition payments (1098-T); Form W-2Gs for certain gambling winnings.
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Take hold of your filed receipts and the more organized you are in filing your receipts, the less time it will take the preparer can complete your tax returns form, which translates into reducing his/her service fees. Also, with all receipts gathered together, the tax preparer can determine which you are of an advantage in terms of claiming your personal deductions as standard deductions or itemized deductions. The tax preparer will also be requiring you on personal information, such as Social Security number; the Social Security number of your dependents, address of your home and that of your other properties; specific dates when you transferred residence; information about properties you bough and sold, including their respective dates and the amounts paid and received.