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Tips to Keep Tax Return Fees in Check

With the complex tax laws this day and age many people need to hire accountants to prepare their tax returns. Even though a fee for the preparation is inevitable, there are steps that the taxpayer can take in order to try to keep those fees from getting too high. Some accountants will charge a flat fee for your return and some will charge by time, by what most accountants have in common is that if you show up to their office with shoe boxes full of receipts, you can expect a higher invoice. The following steps can help keep your tax preparation fees in check:

• Keep accurate records. This means logging all your transactions into software such as Excel or QuickBooks.

• Do not show up to your accountant’s office with stacks of receipts. Some accountants will add up all the receipts for you but will most likely charge an extra fee to do it.

• Include ALL your tax forms when you submit them to your accountant. Many times clients will drop off only a portion of what the accountant needs to complete the returns, the extra time it takes to track down the missing information can add up in some cases.

• Be prompt in returning any calls or emails from your accountant. Time adds up if your accountant has to resend emails or make additional calls to get the needed information.

• Make sure to have all your expenses totaled and categorized prior to submitting them to your accountant. If you use excel, make sure to have each expense category totaled for the entire year.

Following these above steps may help keep you from paying some avoidable fees. Please consult your tax advisor on all of the above information.

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