Category: Accounting

How can I be successful in accounting?

Success in a program of study is a student’s number one priority, but it is easy to become distracted from the goal. Accounting is a field that especially needs both the theory and the practice to perform easily and confidently on a daily basis. Overall the accounting industry has a wide variety of jobs; Corporate accounting, public accounting, tax planning, etc. Whichever industry you choose, applying these concepts can help you have a great career.

Organization

Students have heard this time and time again, but they must apply it. Being organized is a huge key to the success of a student. This is true for all students, but especially accounting majors. An organization can be as minuscule as remembering class supplies — like calculators and pencils — to more critical practices, such as documenting information on spreadsheets and keeping exam dates saved in a planner. Accounting students need to juggle a lot of data for several classes, so don’t get mixed up! Adopt good organization habits early on.

Learn the Field

When taking the initiative to proactively learn about a particular field, students will be more familiar with the market. This will likely prove to be beneficial when it becomes their turn to enter the field — they will know more than students who neglected to do so.

For example, understanding the business of a client is the most important aspect of the job. In the case of auditing, understanding a client’s business quickly is critical because you are assigned to a particular client for only a few weeks and need to go through a full year’s worth of financial records. You have to figure out how they operate and what it is they’re trying to achieve. As you go from client to client, you don’t have time to sit them down and have them explain how every piece of their business works. It’s your job to take initiative and figure things out on your own. However, this idea does not just apply to auditors; it applies to most accounting fields.

Reasoning and Analytical Skills

Plenty of courses like algebra, statistics, and quantitative methods prepare students for the math involved with accounting, but being good with numbers also means being good with managing numbers as well. The world of accounting is intricate and detail-oriented and students should be able to understand and analyze numbers to the exact digit. Endless financial statements and ledgers and taxes will require plenty of brain power to solve and correctly resolve any issues, which is why reasoning and analytics play a major role in becoming a better accounting student.

Ethics and Morality

Accountants are held to a high standard because they handle the world’s money. You may have to take some law classes to understand the ethics of finances and what is legal and illegal to do. Major financial decisions that large corporations make come down to ethics and how accountants are advisors of what to do an not to do. This is why accountants are so important for the business world today.

Technology

In the 21st century, plenty of jobs are becoming obsolete because of technology providing the same service a person could do at half the cost. The trick is to learn technology and use it to your advantage. Everything runs on computerized data, so it makes sense to take a few courses relating to computer and maybe even computer programing. Students will not only have a complete understanding of the data, but also have new tools to work with to make your job a bit easier.

Skills You Need To Succeed In Accounting

Identifying the skills that lead to success in accounting will not only increase your job satisfaction, but also make it easier for you to build towards your long-term career goals.

Here are the top  skills that will help you to stand out as an egg-cellent accountant. We’ve included some tips to help you start developing these skills while you’re still in school, but don’t be afraid to look for other opportunities as well!

Time management

Good time-management skills go hand-in-hand in with strong organizational capabilities. A system for managing your workload is only effective if you also know how to budget your time. As an accountant, you’ll need to manage competing priorities and juggle myriad tasks – while completing everything on time.

The ability to work within deadlines and to continually re-prioritize your to-do list will take you far. Not only will it impress your boss, co-workers and clients, it will also help you to maintain a healthy work/life balance and keep your day-to-day productive.

Adaptability

The accounting industry is highly dynamic, so accountants who are able to adapt quickly and easily are at a distinct advantage. In addition to being able to provide better services to their clients, adaptable individuals are more likely to learn and grow in their careers because they see each new challenge as an opportunity to learn and test their skills.

Embrace change – learn to make the most of every curveball that your work throws your way.

On a related note, it’s also great to be proactive. Although it takes a bit of extra effort to be informed about changes as they happen, it definitely pays off: it will keep you on the cutting edge of the industry, earn you the respect of your peers and ensure that others look to you when planning ahead.

Adaptability

The accounting industry is highly dynamic, so accountants who are able to adapt quickly and easily are at a distinct advantage. In addition to being able to provide better services to their clients, adaptable individuals are more likely to learn and grow in their careers because they see each new challenge as an opportunity to learn and test their skills.

Embrace change – learn to make the most of every curveball that your work throws your way.

On a related note, it’s also great to be proactive. Although it takes a bit of extra effort to be informed about changes as they happen, it definitely pays off: it will keep you on the cutting edge of the industry, earn you the respect of your peers and ensure that others look to you when planning ahead.

Innovation

Accountancy has been an indispensable tool of business since day one. No project can get off the ground without a tight control and solid method applied to the numbers. Innovation is needed because, as the business world evolves, so too does the accounting requirements that go with it. Often, recruiters will be looking for candidates with fresh ideas – poised to make an impact on the future of the accounting universe.

Understanding

Hand in hand with a need for innovation is the need to understand the field in which you will be working. Assimilating new information and data, project management or meeting new clients forms the backbone of daily tasks. As such, understanding information quickly is essential and it is through asking well thought out questions that you can get settled in no time.

Commercial Awareness

It’s perhaps a little surprising that people forget about this. While certain skills are basically offshoots of common sense, the need for commercial awareness is crucial. Commercial awareness is, in essence, the knowledge of how and where your business fits in the market – how it is affected by economic, social and political movements and how it can forge ahead and evolve. It is about knowing your craft.

5Enthusiasm

As with any role, enthusiasm is a key component that recruiters will look for. The ability to bring positive energy to a team and truly believe in what you are working towards is crucial. Enthusiasm is contagious; it demonstrates that you are willing to learn your trade.

Initiative

Closely aligned with understanding and enthusiasm, initiative is a must have. It proves that you can work on your own, that you are an independent thinker and in turn, it will lead to you being trusted with more responsibility. It is particularly important if you decide to become a freelance accountant at a later stage of your career.

Tips For A Successful Career In Accounting And Finance

1. Have a good mentor – mentors can provide advice based on first-hand experience to help develop leadership abilities, as well as leveraging off their connections and networks to help advance your career.

2. Have a broad skillset – Keep your work duties varied so you do not get pigeon-holed into one area of finance. Having a broad skill set will add to your marketability and mitigate risk in an ever changing business environment, especially with continual advancements in technology.

3. Be tech savvy – Use technology effectively to improve processes and create efficiencies is vital to add value in your day to day finance role.

4. Be a team player – Develop your skills into senior positions, having experience managing people is vital and becomes more important the more senior you become. It is also essential to be able to demonstrate the ability to business partner with non finance colleagues.

5. Embrace change – Today’s ever changing business environment requires finance professionals to adopt an informed and forward thinking approach to decision making.

By adopting continual learning processes and looking out for latest insights, you will be able to embrace change in a proactive way.

6. Expand your knowledge – Be proactive about your own learning and development. Research the latest developments and qualifications in the accounting and finance sector to ensure that you remain competitive.

What is tax planning and types?

Tax planning is an activity that responsible tax paying individuals, businesses or organisations undertake to maximise the use of available deductions, exclusions, rebates and allowances to reduce tax liability. In other words, it is a legal way to reduce your tax liability by leveraging approved government tax saving investments and related options.  Tax planning thus keeps individuals and organisations control their finances more efficiently and achieve their financial goals with greater ease.

Objectives of Tax Planning

Tax planning ensures savings of taxes while conforming with the legal obligations and requirements set by the Income Tax Act, 1961. The following are the key objectives of tax planning in India:

• Reducing Tax Liability: Possibly the most obvious objective of tax planning is to help an individual or business reduce their tax liability by taking advantage of available tax deductions and benefit options.
• Strengthening Investment Portfolio: A key part of tax planning for individuals and corporations is related to investing in various notified instruments and asset classes that offer tax exemptions under the Income Tax Act 1961. Tax planning allows them to find different avenues where they can invest their money and get great returns.
• Facilitate Economic Growth: When white money circulates in the market, it benefits the economy of the country and its citizens. Tax planning ensures that citizens grow economically and white money circulates in the market.

Types of Tax Planning

There are three main types of tax planning:

• Permissive Tax Planning: This is one of the most common types of tax planning since it is made exactly as per the provision of the Income Tax Act.
• Purposive Tax Planning: When a taxpayer wants to plan taxes with a particular financial goal in mind, it is known as purposive tax planning.
• Short-range/Long-range Tax Planning: If a taxpayer plans investments and savings based on the exemptions, benefits, allowances and deductions laid out in the tax laws, with a short-range or long-range goal in mind, it is known as short-range or long-range tax planning. In India tax-saving investments are available with a multi-year lock-in period during which redemption is not allowed. Currently ELSS (equity linked savings schemes) have the shortest lock-in period of 3 years.

Benefits of Tax Planning

Tax planning should not be taken lightly. It can offer plenty of benefits to an income tax assessee including the following:

• Ensure Good Cash Flow: Tax planning helps you find ways to diversify your investments and generating savings in a sustainable manner that ensures good cash flow round the year. This in essence ensures that you invest and also cover other key expenses without breaking the bank.
• Cushion against Uncertainties: No matter how good your life is right now, uncertainties can never be ruled out. By planning your finances, you can create a cushion against uncertainties and live your life stress-free. This is of course true for both tax planning investments as well as non-tax planning investments too.
• Take Advantage of Tax Savings Allowed Under the Income Tax Act: One of the main reasons to recommend tax planning with short/long term goals is that it helps you take advantage of the various deductions, allowances, rebates, etc. offered under the various sections of the Income Tax Act.

Tips assist in saving tax on income

Medical bills

One can hold all the medical receipts of their medical expenses. To use them for saving tax year end. An amount up to Rs 15000 is non-taxable on medical expenses for them and their dependent family members.

House rent allowance

Can claim House Rent Allowance to save tax on one’s house rent. Though, this is relevant only when they are staying in rented accommodation.

Equity mutual funds

Investment in equity mutual funds is a vast approach to make profits 100% non-taxable. Still, it is prudent not to trade one equity shares before a period of 1 year as anything less than 12 months may acquire tax on profits.

Make donation

It is a great way to save tax on income. Section 80G of the Income Tax Act allows a person to claim deductions up to a particularised limit. For donations made to charitable organizations or NGOs. This choice will save taxes as well as bring some way.

Buying of health policies

Premium paid on health insurance policies is recognised as a deduction from total income. In reference to the to Section 80D of the Income Tax Act. Deduction up to Rs 15,000 is possible for insurance of self, spouse and dependent children. This is 1 of the greatest options and can be an element of tax planning.

Why Every Person Needs Tax Planning ?

Tax Planning is resorted to maximize the cash inflow and minimize the cash outflow. Since Tax is kind of cast, the reduction of cost shall increase the profitability. Every prudence person, to maximize the Return, shall increase the profits by resorting to a tool known as a Tax Planning.

How is Tool of Tax Planning Exercised ?

Tax Planning should be done by keeping in mine following factors :

• The Planning should be done before the accrual of income. Any planning done after the accrual income is known as Application of Income an it may lead to a conclusion of that there is a fraud.
• Tax Planning should be resorted at the source of income.
• The Choice of an organization, i.e. Taxable Entity. Business may be done through a Proprietorship concern or Firm or through a Company.
• The choice of location of business , undertaking, or division also play a very important role.
• Residential Status of a person. Therefore, a person should arranged his stay in India such a way that he is treated as NR in India.
• Choice to Buy or Lease the Assets. Where the assets are bought, depreciation is allowed and when asset is leased, lease rental is allowed as deduction.
• Capital Structure decision also plays a major role. Mixture of debt and equity fund should be balanced, to maximize the return on capital and minimize the tax liability. Interest on debt is allowed as deduction whereas dividend on equity fund is not allowed as deduction

How To Find The Perfect Accountant For Your Small Business

Everyone wants their small business to succeed, which means everyone needs a small business accountant. Yes, even if you use accounting software and do your own bookkeeping, a professional accountant is indispensable.

In this post, we’ll provide five easy steps for finding an accountant for your business. We’ll teach you where to look and how to tell a good accountant from a bad accountant. We’ll also give you the top tips and tricks for choosing the perfect accountant

Know When & Why You Need An Accountant

Sure tech-savvy business owners can use accounting software to manage their own bookkeeping, but when it comes to actual accounting, you’ll want the many advantages of having an expert onboard. As a small business owner, you should do everything you can to set yourself up for financial success; the best way to do that is to hire an accountant.

Accountants do so much more than just help you file your taxes. An accountant can give sound business advice when you’re setting up your business, analyzing your cash flow, trying to improve efficiency, facing an audit, and much more. Read our full post When Should You Hire An Accountant For Your Business to learn every instance when an accountant can help.

For example, if you just want tax advice and help filing your tax returns, you may want an enrolled agent (EA) instead of a full-on accountant. If you want business advice and tax advice, a certified public accountant (CPA) with expertise in your business industry may be a better way to go.

How to choose an accountant for your small business

Choosing the right accountant for you and your small business is imperative. An accountant can be like a partner, a trusted colleague who will provide guidance, especially regarding taxes as they can be quite complicated. In order for your business to grow, you are going to need a good accountant to offer advice and give you facts about your finances.

If you are paying for their service, you will need your accountant to make you a priority as and when you need them. As hiring an accountant is a significant business decision, you will need to carry out due diligence to help you decide on the right person.

An accountant is essential to most small businesses, small business owners have a large work load and most don’t have time to keep on top of taxes. An accountant ensures that you are meeting all your tax deadlines and take that extra work load away from you. Failing to comply with the tax laws and making mistakes when dealing with taxes can be problematic and costly for small businesses therefore, you will need a good accountant. Here is how to choose the right accountant for your small business.

Initial contact

The process of choosing an accountant for your small business can be simple. When you finally decide that you need an accountant, seek recommendations from your contacts. If you are a small business owner, then ask others in your position to recommend their accountants, or any other advice they can offer. After you have a couple of options, shortlist them and then you can begin looking at the individuals in details. Don’t hesitate to contact the accountants to get to know them to see if they are a good fit.

Services

Accountants will offer different services, and you can choose which services you will need from them. For example, they may offer a bookkeeping service, but if you opt to use online accounting software, then you may not need their assistance for that particular service. You will need to figure out what is it that you need from the accountant, is it only some services or do you need them to handle the majority of your business finances? Keep in mind that the more time your accountant takes carrying out your tasks, the higher the fees. That is why accounting software can be great, as it can help you reduce your accountant costs. Your accountant can also help you suggest good accounting software as they will need to work with the system.

How to Choose an Accountant For Your Small Business

If you’ve finally decided to take the huge step of becoming an entrepreneur and starting your own business, you may need to start thinking of hiring an accountant. Whether you choose to go for a full-time accountant or enlist the services of a professional accounting firm, choosing your accountant is a crucial milestone for your enterprise

First and foremost, the right accountant will make sure that your business is compliant with HMRC and Companies House, and also assist you to reduce tax bills, avoid unnecessary penalties and fines as well as help you to grow your business. But, many small businesses do just fine without hiring an accountant to handle their books. The decision to hire a professional accountant solely rest on you and whatever you decide will ultimately affect the survival and success of your business.

Establish Your Needs

The first step in finding the right accountant for your small business is to establish your needs. Ideally, you should ask yourself what do you need an accountant for? Is it to consolidate your annual accounts or manage your payroll, or file tax returns or simply manage the books. Whatever it is, you should identify what your business needs and then proceed to look for someone who can best meet these needs.

Do Some Due-Diligence

A report by Oxford Economics revealed that were more than 500,000 individuals who practiced as professional accountants in 2016. Why does this statistic matter to you? Well, first and foremost – it tells you that are plenty of professional accountants to choose from which is a good thing. But, because there are so many people to choose from, it can be difficult to find the right professional for your small business.

Ensure That They Are Familiar With Your Niche Industry

The best accountant for you is one who’s aligned with your business and niche industry. Look at the specific industry you’re in and check to see if an accountant has experience dealing with other businesses and companies in your niche. For instance, if you are a tech startup, you will want to hire an accountant who is also tech-driven – preferably, they should leverage different types of accounting software like FreeAgent or Xero when working for you. However, if hiring an accountant who is familiar with your industry is not a top priority for you, you can still opt to go with a traditional and all-round accountant.

How to Choose the Right Accountant for Your Business

Accounting firms are unique, and selecting the right one is crucial for your business.

Accountancy is an essential tool in the small business arsenal. Without good financial practice, the foundations of a stable brand simply cannot be built. While some microbusinesses may opt to manage their own finances, many larger firms require support from experts as their economic structure becomes more complicated. From managing payments to dealing with government obligations and taxation, accountants can provide a backbone on which the rest of a business is supported.

Similar to all facets of the modern business operation, opting for the right person or firm for the job is essential for developing the best opportunities. This is because accountants have specialties with particular skills, strengths and weaknesses. They have unique experiences and varied qualifications/accreditations. While many may offer the same basic services, it is how they offer these services – along with the special knowledge they have – that is so important to achieving your business’s specific development goals.

Understand your own business needs.

You can’t choose the right accountant for your business if you don’t understand both your financial and growth needs.

Consider that your accountant is like a piece of sports equipment. You wouldn’t invest in a tennis racket without first considering things like grip size, weight, strings type and durability, for example. What are these based on? Your needs as a player and an individual.

So how do you identify the core needs of your business as they relate to accountancy? Well, start by thinking about the basics:

What does your business do?

What industry does it operate in?

What is the turnover?

How many people do you employ?

How many clients/customers do you work with?

How much can you afford to spend on an accountant?

How to find the right accountant for your needs

No two accountants are the same, which means you’re likely to find one in your area perfectly suited to your needs. First, consider the following five points before setting out to find the right accountant for you.

Understand your needs

Get clear on what your needs are before you start looking for an accountant, so you can narrow down options. Understand what services you need someone to handle for you, and if there is a particular level of expertise or experience that will be required.

Check qualifications

Obviously you must check the qualifications of everyone you consider, too. Depending on your needs, you might be searching for a Chartered Accountant or a Certified Practicing Accountant (CPA), or it may not matter to you which body the accountant is certified by.

Find a specialist

You can hire a general accountant who handles a variety of jobs, or you might decide to choose a specialist for one or more areas. There are tax accountants who focus on the preparation of individual or company tax returns, and who can help you to structure your business in the most tax-effective way.

Consider location

Years ago, everyone pretty much just chose an accountant that worked in their local area. Today, thanks to technology, things have changed and it’s possible to hire an accountant from anywhere around the world. If you need to find a specialist but there isn’t one in your city, it’s really helpful to be able to go elsewhere to find the right person.

Tips to Find a Good Tax Preparer

This tax season is the first time many Americans will see how the new Tax Cuts and Jobs Act affects them. Some may be pleasantly surprised by big refunds, and others may have to reach deeper into their pockets to pay Uncle Sam.

If you decide to turn to a professional to help you with your returns, your first step is to identify the type of tax preparer you need. Regardless of whether you choose a tax expert in private practice or a storefront tax-prep company, you’ll want someone who has the right experience for your particular needs and can work at a price you can afford.

Check the Tax Preparer’s Credentials

Anyone with a preparer tax identification number can handle and file your taxes, but it’s best to find someone who also can handle audits, IRS collections, and appeals, says Ann-Marie Long, a CPA and tax manager at SKC & Co., a CPA firm based in Boonton Township, N.J. Only a certified public accountant or an enrolled agent—another type of tax professional—can represent you before the IRS in those situations, she notes.

The IRS’ Directory of Federal Tax Return Preparers is a good place to find tax pros with credentials and select qualifications. If you live in California, Maryland, or Oregon, ask the preparer to see a current license, which is required by law in those states.

It’s also a good idea to look for a preparer who’s a member of a professional organization and who attends continuing education classes. The American Institute of Certified Public Accountants helps consumers find a CPA; it also links to state sites, some of which have search engines to find local CPAs

How to Find the Best Tax Preparer for You

Types of Tax Return Pros

You can have anyone—your uncle, your neighbor, or your best friend—prepare your tax return. But if you’re paying for this service, the person must be registered with the IRS and have a current preparer tax identification number (PTIN), which is an IRS number issued annually to eligible preparers

Eligible paid preparers fall into different categories, depending on their education, certification by professional organizations, and continuing education requirements.

Attorneys: These professionals are licensed by states or state bar associations to practice law and are subject to continuing education requirements and a code of ethics.

CPAs: Certified public accountants are professionals who have passed the Uniform CPA Examination and been licensed by state boards of accountancy; they also have continuing education requirements.

Enrolled agents: These are individuals who have passed a three-part Special Enrollment Examination demonstrating competency in federal taxation and been licensed by the IRS. They, too, have continuing education requirements.

Annual filing season program participants: These individuals are not attorneys, CPAs, or enrolled agents but have completed an IRS program and obtained continuing education.

Any other preparer with a PTIN: These are individuals who believe they have sufficient knowledge to prepare returns and have paid the fee to obtain a PTIN. They are not subject to any oversight by a state, a professional board, or the IRS

The IRS has an online directory of preparers with PTINs. It includes attorneys, CPAs, enrolled agents, and annual filing season program participants, but not preparers who merely have a PTIN but no other credentials. You can search for a preparer by credentials, zip code, and distance from you

(There are also enrolled retirement plan agents and enrolled actuaries who are preparers with PTINs. These experts typically don’t do consumer tax returns, although they are included in the IRS directory.)

Tips for Choosing a Tax Preparer

You’re really organized and on top of things this tax season. Good for you! You received all your W-2s and 1099s, you collected all your financial statements and receipts, and now it’s time to find someone to prepare your tax return. But there’s one problem…you’re not quite sure how to go about choosing a tax preparer.

It goes without saying that you want someone who’s qualified. But how do you know? You want someone who’s honest and reliable, too. But, again, how do you know? The last thing you want to do is search online for “tax preparers near me” and randomly pick a preparer from the list, but sometimes it feels like there’s no better way.

Relax. There is a better way. Follow these 5 tips for picking a tax preparer to help you weed out the fly-by-night preparers and zero in on the best tax professionals in your area. With a little bit of time and a few targeted questions, you can find a competent and dependable preparer to complete and file your return.

Verify the Preparer’s Credentials

There are a lot of people out there claiming to be a “tax professional.” However, just because someone hangs out a shingle and advertises tax prep services, it doesn’t mean they actually have the skill, education, and expertise to handle your return.

To increase the odds of finding a qualified tax preparer, look for someone who is credentialed. You’re much more likely to get a competent preparer if they’ve been vetted by the IRS or a state regulatory board. The most common types of credentialed preparers are certified public accountants (CPAs), enrolled agents, attorneys, and annual filing season program participants.

Tips for Choosing a Tax Preparer

If you’re expecting a tax refund, you may be eager to file your taxes as soon as possible so you can pay off debt, build an emergency or other savings account or shop for any number of previously unaffordable consumer goods

However, rushing into a relationship with the first tax preparer you find could be a big mistake. The IRS recommends choosing a tax return preparer carefully, since no matter who prepares your taxes, you’re still ultimately responsible for all the information on your tax return

Understand tax preparer qualifications

According to the Better Business Bureau (BBB), there are around 700,000 non-credentialed tax preparers in the U.S. Many states don’t require tax preparers to pass an exam or obtain a license. While non-credentialed tax preparers may be top-notch preparers, they have limited representation rights and can’t represent you in court or regarding appeals or collection matters.

Search by qualifications

If you need a tax preparer with specific qualifications such as enrolled agent, attorney, Certified Public Accountant or enrolled retirement plan agent, search the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications

Interview tax preparers

Make sure a tax preparer has an active preparer tax identification number (PTIN) through the IRS and check whether the person meets state requirements. Then interview the tax preparer thoroughly. Ask about fees, availability and what kinds of records the tax preparer will need.

How to Choose the Right Tax Preparer

It is that magical time of the year again and if you are looking for someone to prepare your taxes, there are many factors to consider including expertise and pricing. We are all unique and there is no one size fits all. Don’t be afraid to ask lots of questions!

Find out what their tax background and experience is. What is their training? What are their qualifications and credentials? How long have they been preparing tax returns? Also, some tax preparers are not a certified public accountants (CPA) and don’t have a formal credential but yet may be competent. Ask questions to find out what makes them qualified to prepare tax returns

Find out if the tax preparer has experience with the type of return that you must file. Tax returns are not all the same and range from 1040-EZ to various involved schedules. Tax preparers may focus on a certain type of return but may also have sufficient knowledge in many areas.  However, if your return is specialized, you will want to find a tax preparer who has a lot of experience with that type of return. . Ask about their experience with individual returns vs. corporate returns. In my experience, tax preparers who specialize in corporate tax returns, which tend to be more expensive, charge a higher minimum fee. This is something to keep in mind if you are only looking for personal tax return preparation.

Ensure that the tax preparer is familiar with the requirements of the states and localities that you must file in. For example, if you live in one state but work in another, there may be filing requirements to consider. Also, you may have a business that has sales in different states, own property in another state or have relocated to a different state during the year

Know in advance what records, documents and other information that the tax preparer will require of you. This could save you time and money. A competent tax preparer will ask for many different documents and be able to explain what you will need to provide for special circumstances you may have. Personally, I like it when a tax preparer offers a thorough checklist to review, which would enable a thorough tax preparer to make sure nothing has been missed, such as long-term care insurance premium deductions, investment fees or student loan payments.