Keep What You Earn Questions You MUST Ask Your Accountant Before Signing a Return
Nobody is talking about this right now, and they should be! It's not a tax strategy, it's a series of questions that can help you avoid costly mistakes when it comes to your taxes. Avoid all kinds of headaches, mistakes, and fallouts by doing these things with your tax pro, ideally before hiring them.
First, you want to check your engagement letter, it's the contract outlining which things are your responsibility and which are your tax pros. Ask questions if you have any!
Here are additional questions you need to be asking:
1. Will you be offering any tax planning during the year to help me minimize the financial impact of my financial decisions?
2. Will you provide support in the event that my return is audited and will you cooperate with my representative if they ask for information?
3. Will you explain the risks of the tax positions we take and how I can best position myself to defend those decisions?
At the end of the day, understand that when you sign your tax return, you assign responsibility to yourself. You're saying, I agree with everything on this return and I'm prepared to defend it. You need to make sure your tax pro truly has your best interest in mind before hiring or signing.
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.