Even though you want to save money (and we encourage you to do so!), it is important to work with an accountant, especially when it comes to your business tax return. Not only will it save you time, it will be a lot less stressful. You won't have to worry about mistakes, plus your returns are more likely to be done correctly than if you tried to do them yourself.
If you own a business or you have a complicated tax situation, you need to have an accountant for your taxes. They can also help you prepare for the future by giving you valuable advice that you couldn't get anywhere else.
Here are some tips to help you choose the best accountant for your needs!
#1. Ask some of your colleagues.
Referrals can be the best and easiest way to find a trusted accountant. By asking friends, family, and other business owners, you can get a lot of valued information, such as who to hire, who not to hire and what pricing models look like.
You might even consider asking your financial advisor. They already know your financial situation and tax needs so that they will be able to point you in the right direction.
#2. Look at local firms.
Franchises like H.R. Block and Jackson Hewitt are often a popular choice for filing taxes, but local firms can give your taxes an extra advantage.
You will often find that local firms have the expertise to take care of your taxes, especially as they relate to your state.
In Oklahoma, many will have a few items on their tax returns that may not be applicable to other states, for example:
- Oil & gas royalties (and the taxes that go with them)
- Landman taxes
- Earnings from gambling
A local tax expert can help you with both federal and state tax returns to maximize your savings and prevent you from overpaying.
#3. Meet the accountant in person before choosing to hire him or her.
You need to trust your accountant so it is important to meet him or her in person. You should use this time to ask a few questions so that you can get a feel for the accountant's style and personality.
You need to make sure that he or she understands your taxes and your situation to ensure that he or she can handle your unique tax needs. It's really important to see if you "click" with one another, especially as you will be taking advice from him or her.
#4. Ask the right questions.
You should ask what types of licenses or designations that they have, as well as their experience. You want to know how long they have been in business, as well as what their specialties are. Don't hesitate to ask about their fees and the length of time that it will take to get your taxes done.
You may want to talk to them about your future plans. Will they give you advice and help you get set up better for next year?
#5. You might make a mistake on who you chose, and that's okay.
Many people struggle to make a decision because they think that they are stuck with the company forever. However, that is not true. If you aren't happy with the results, you can always look around for someone else. Don't let your fear keep you from hiring an accountant.
Hiring someone to file your taxes is a big decision and it should not be taken lightly. Even though they are responsible for your tax returns (not you), you still need to do everything that you can to make sure that your accountant has the experience to do your taxes correctly!
Contact us for all of your bookkeeping and accounting needs. We would be happy to help your business, both at tax time and throughout the entire year! We will also help you so that you are more prepared for the future.