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Between collecting all your tax forms and trying to make sense of all these present-day tax legislations, and waking up in the middle of the night thinking if you have filed your taxes correctly, it’s evident that most folks are stressed about the tax season. A recent study reveals that around 74 million tax returns were filed with the help of a tax planner during the 2020 tax season. Having a tax planner that you turn to year after year to help file your taxes can be really great. But there is a possibility that you are not taking full advantage of the wealth of skill and knowledge that they have to offer. In this blog, we will find more about tax planners. Later, we will browse some major questions to ask these experts. 

Who Is A Tax Planner?

A tax planner is a person who is a financial expert holding specialized tax law and accounting knowledge. Moreover, in complex financial cases, the services of a tax planner are generally retained to reduce the tax payable while staying compliant with tax laws. These individuals are sometimes also referred to as tax advisors, tax consultants, licensed agents, and many more. 

Tax planners can work either for an agency or can be self-employed. They must find effective methods to bring down the tax liabilities for clients legally at both places. Furthermore, they estimate taxes on different investment portfolios, find the right relevant deductions and credits, etc. 

They can also write tax returns for their clients and file them. For a taxpayer who has faced a major life event such as marriage, death of a family member, divorce, childbirth, or you want to save taxes, it would be prudent to seek a tax planner’s services. 

Top 7 Questions To Ask Your Tax Planner

No one can recommend the perfect tax planner for you. The truth is that only you can find the ideal tax planner for your business. However, we can offer a few tips that may help you figure out the best tax planner. Therefore, let us find some major questions every taxpayer wants to ask your tax planner during the tax season and beyond. 

What Does Your Tax Planning Process Look Like?

This is where you and your tax planner get on the same page about how you both wish to communicate throughout the tax-filing process. Are you more of a person who sets meetings online, or you rather talk completely through email? You may need to find the perfect way that works for you. Moreover, it is quite significant to set those expectations from the beginning and find who will work with your preferences and schedules. 

How Can You Help Me Achieve My Tax Goals?

Everyone wants to make sure that their taxes are done right, so the Internal Revenue Service (IRS) doesn’t come and knock on your door. It becomes crucial to share your tax goals and worries with your tax planner and ask how they plan to lead through the tax-filing process. Knowing how your tax planner works and having them share their process with you could help get rid of your deepest-darkest fears during the tax season. 

Related – Tax Planning: Common Mistakes Small Businesses Should Avoid

What Can Be Done To Improve The Tax Situation?

No one wants a giant tax bill during the tax season, right? The perfect tax planners won’t just help you file your taxes, collect fees, and then disappear. But, they will be constantly available after you file to answer your questions about your situation. Moreover, you can ask them to show you how to adjust tax withholdings. 

The perfect tax planner can suggest making some tweaks in numerous areas of your finances. They will let you know how investments are taxed, the tax implications of selling or buying a house, and when it’s the perfect time to include your side hustle into a small business. 

Based On Current Situations, What Other Things Can Be Tried?

In the famous movie Ferris Bueller’s Day Off, a quote goes like this: “Life comes at you fast.” It is true when it comes to taxes, as you don’t want to stop and look around as you could miss out on some huge tax breaks. 

Did you recently get married or have a baby? Such major life changes can affect the course of your tax situation. However, your tax planner can help you understand what those changes mean for you. Moreover, your tax planner could also recommend taking a few steps to help protect your assets or progress your financial goals. 

Can I Contact You Throughout The Year For Advice?

Would you want to work with a tax planner who just files tax returns during tax season and then disappears for the rest of the year or a tax planner of HRMB Associates LLC who will be there to answer your calls and queries throughout the year? I guess that is a pretty easy choice. 

How Will My Side Hustle Affect My Taxes?

If you have started delivering pizzas or working as a part-time employee to pay off debt faster or turned a hobby into a thriving small business, it is quite possible that your side hustle may complicate the way you do taxes. 

If you are one of those freelancers, small business owners, or independent contractors around the country, you may have to deal with different sorts of tax forms than a typical employee. Furthermore, you may need to pay quarterly and self-employment taxes if you make money from your side hustle. However, your tax planner will sit down and work with you and guide you during the tax season to avoid problems. 

What Other Services Do You Provide?

Many of us generally don’t know that a tax planner has more to do than just filing tax returns. For instance, if your tax planner is a certified public accountant (CPA), one of the major questions to ask your CPA at tax time would be whether you provide bookkeeping and payroll services? These individuals are considered the swiss army knives of the tax planning world. Thus, do your research before making any decision. 

Why Choose HRMB Associates LLC?

After knowing some major tax preparer questions for clients, you must be eagerly waiting for the perfect tax planner for your small business. Moreover, if you outsource tax planning to us, you will get many benefits, such as proper data collection and top-notch security. Our tax experts are well-versed in tax laws and provide the best accounting services. 

HRMB Associates LLC has been providing tax planning services for several decades. Apart from this, we offer a wide range of services such as data entry, HR consulting, bookkeeping, and many more at the most affordable prices. Head over to our website to read more about the end of year tax questions.

Top 7 Questions To Ask When Choosing A Tax Planner
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