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Navigating Your Accountant: Expert Insights to Simplify Your Taxes

When it comes to working with an accountant, many of us have questions but are too afraid to ask. That’s why we’re launching our new expert interview series, Afraid To Ask, to shed light on these important topics. This week, we’re sitting down with Roseann Moore, a seasoned accountant with 30 years of experience, to get her expert advice on how to navigate working with an accountant and filing your taxes.

Make Your Accountant’s Job Easier

To make the most of your accountant’s services, it’s essential to send tax information in a timely manner and notify them of any important financial changes, whether personal or business-related. This helps your accountant serve you more effectively and get a clearer picture of your finances.

Life Events to Keep Your Accountant Informed About

Some key life events and changes to notify your accountant about include:

• Major investments or asset purchases
• Opting into a retirement plan
• Changes in filing status or dependents
• Change of residency
• Changes in sources of income

What to Look for in a Great Accountant

When searching for an accountant, look for professionals who are:

• Highly proficient in their work
• Licensed as a Certified Public Accountant
• Detail-oriented and organized
• Excellent communicators with effective and timely advice
• Someone you can trust and feel comfortable sharing your financial details with

Important Deadlines and Check-Ins

Key filing dates to remember include:

• April 15th for individuals, Schedule C, and Partnership filers
• March 15th for C Corporations and S Corporations
• Estimated tax payments for federal and state taxes should be paid as scheduled to avoid penalties and interest

It’s essential to maintain open communication with your accountant, erring on the side of too much communication rather than too little.

Moving Out of State or Changing Income

If you move out of state, you don’t necessarily need to switch accountants. Instead, look for an accountant well-versed in multi-state tax laws and forms. If you’re unemployed or a freelancer with fluctuating income, notify your accountant of changes to your income and expenses, as this may impact your estimated tax obligation.

Finding a Great Accountant

Referrals are an excellent way to find a qualified tax professional. You can also use LinkedIn or directories from the American Institute of Certified Public Accountants or your state’s society of certified public accountants.

Why You Shouldn’t Wait to File Your Taxes

Filing your taxes early can help you avoid delays in potential refunds and penalties for filing late. Consider the benefits of filing early and the consequences of procrastination.

Staying Organized for Tax Season

To stay organized, invest in basic office supplies like folders, labels, and a receipt jar. You can also use apps or online tools to track your spending and budget. Keep essential paperwork in one place, and consider using online resources to simplify your record-keeping.

To Use an Accountant or Not?

While online tax software can be cheaper and quicker, it’s only suitable for simple tax preparations. If you have multiple sources of income, investments, or deductions, hiring a professional CPA/accountant is a safer route. They can provide personalized guidance, answer questions, and ensure your taxes are prepared correctly.