Taxation is one of the areas that give most people a serious headache. As such, the majority of the population will try to find a professional to handle the tax return. If you choose to do the tax returns on your own, you may end up missing some key details and may lose tax deductions. It is better and safer to have a professional tax agent handle the tax issues as this will ensure that it is done in the right manner.
However, it is important to note that not every professional in the accounting field is conversant with tax accounting. In this article, we will share some key tips to help you find the right tax agent.
Why it is Important to Hire a Professional Tax Agent
In order to maximize your tax return, it is imperative to choose a reputable and registered tax agent. There are quite a number of tax deductions and not everyone is familiar with such. As such, with the wrong computation, you may end up underpaying or overpaying your taxes, which may not be ideal. With a professional on your end, you can get a whole lot of help around your taxes and overall finances.
There are a number of professionals who can help you with the tax returns. The most common ones include:
- Registered tax agents
- Certified Practicing Accountants
- Tax lawyers
Your best bet is to hire a registered tax agent as they specialize in the specific taxation areas. These are professionals who will also act on your behalf when you have any issues with the Australian Taxation Office.
How to Choose Your Tax Agent
Now that we have established that it is beneficial to work with a professional tax agent, here are some of the things that you should look out for before hiring one:
- Tax Agent Number
You should start by asking them to share with you their tax agent number. With this number, you can check if it is on the Tax Practitioners Board. This is one of the ways to verify that you are dealing with a genuine tax agent, who is fully registered.
Ask for the number of years that they have been in the tax industry. A company that has been in business for a long period of time will understand different challenges in filing tax returns. It is important to also ask them which specific area of tax they specialize in.
- The signing of Tax Returns
All tax returns should be signed by the tax agent on your behalf. You should confirm that they are willing to go the whole way and submit a signed return to the ATO.
- Electronic Tax Lodgment
Times have changed and the ATO requires that professional tax agents to electronically lodge the returns. If a tax agent is still using the manual options, they may not be the right company.
Accurate Business & Accounting Services is your best tax partner and we are willing to work with you and lodge your tax returns. Call us today to find out more.