How Many Years Do You Need To Keep Tax Returns latest 2023

You are searching about How Many Years Do You Need To Keep Tax Returns, today we will share with you article about How Many Years Do You Need To Keep Tax Returns was compiled and edited by our team from many sources on the internet. Hope this article on the topic How Many Years Do You Need To Keep Tax Returns is useful to you.

Do You Need a Tax Preparer or a Tax Consultant?

As tax season approaches, almost everyone (I hope) gets ready and schedules appointments to prepare and file their tax returns. Good for you. With the speed and convenience of retail franchises like HR Block and Liberty Tax or even free online software, most people don’t have to worry too much about where and how they’ll shop. tax returns before the filing deadline. But then, there are those who dread tax season because:

  • They have more than one source of income, such as having a two-income household;
  • They run a business;
  • They make a lot of money;
  • They have more than one type of income such as salary from a job, income from a side business, retirement income or even income from investments;
  • They own personal or professional assets that they could have sold or given away during the year

So… what are these people doing? Better yet, what could be better: a tax preparer or tax advisor? Let’s talk…

A trusted advisor

Although most preparers are reputable, they are mostly available during tax season (January through April). For those working in retail tax franchises, they work part-time and have limited accessibility beyond the time they prepare taxes. Tax advisers are usually available year-round because preparing and viewing tax returns is their full-time job. Another advantage of being available for the whole year is that you can consult tax advisors on transactions that could cause you to pay too much or not enough tax.

Thorough knowledge of the tax code

It is generally the norm for consultants to have a thorough and thorough knowledge of the tax code. Most of them have professional designations such as Enrolled Agents (EA), Certified Public Accountants (CPA) or certifications obtained through accredited programs such as the National School of Tax Training and other institutions. professionals. In addition, they typically have many years of experience, either working with clients or through previous jobs related to tax preparation or consulting. Why is this important? It’s not about sounding like a tax nerd and talking in jargon that’s too hard for anyone to understand. Absolutely not. Unlike preparers (not all, but most), consultants rely on their knowledge of the code to offer strategic options to reduce your tax bill in a legal and fair manner. Plus, it saves you time because they’re often able to locate the necessary reference in code to take a certain deduction or exclusion without much effort or research.

If you’re looking for speed, convenience, and the lowest possible prices, opt for a preparer at one of the retail franchises or maybe even file your own claim online. However, if you are looking for a trusted advisor with deep knowledge of the code and available year-round, choose a tax advisor. You will not regret it.

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