Optimal Finance Daily - Financial Independence and Money Advice

3003: How to Find a Good Tax Preparer by Kelley Long of Financial Finesse on Money Advice

Jan 12, 2025

Kelley Long, a knowledgeable financial expert from Financial Finesse, shares essential tips for finding a reliable tax preparer. She breaks down the differences between tax preparers, EAs, and CPAs, making it easier for you to choose the right one for your needs. Long discusses the importance of outsourcing tax filings for accuracy and compliance, especially for freelancers and families with complex situations. She also offers practical advice on what to ask potential preparers and emphasizes the value of independent CPAs for personalized service.

10:37

Episode guests

Kelley Long

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Choosing the right tax professional, whether a tax preparer, EA, or CPA, is crucial for effectively managing complex tax situations.

Understanding the differences in credentials can help individuals find a qualified tax expert who provides additional insights into tax planning.

Deep dives

Choosing the Right Tax Professional

Finding the right tax preparer is essential for managing complex tax situations effectively. Individuals should consider whether they want a tax preparer, enrolled agent (EA), or a certified public accountant (CPA) for their needs. While anyone can technically call themselves a tax preparer, EAs have passed rigorous IRS exams, and CPAs have met strict educational and testing requirements. Selecting the appropriate professional can provide the necessary expertise to navigate intricate tax matters such as self-employment income or multiple state filings.

Intro

2min

Navigating the Search for a Suitable Tax Professional

5min

Navigating the Search for a Reliable Tax Preparer

4min

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Episode 3003:

Kelley Long shares practical advice for navigating the complexities of hiring a tax professional. Whether you're a self-employed entrepreneur or have straightforward tax needs, she clarifies the roles of tax preparers, EAs, and CPAs, and offers actionable tips to ensure you find the right expert to save time, money, and stress.

Read along with the original article(s) here: https://www.financialfinesse.com/2017/04/26/how-to-find-a-good-tax-preparer/

Quotes to ponder:

"Pretty much anyone can call themselves a tax preparer, although the IRS has started to regulate that by requiring people who accept payment for preparing taxes to have a PTIN."

"If time is money, then the money we pay our accountant to prepare and file our taxes is money well spent."

"The sad fact is that there aren’t a lot of CPAs out there that actually want to do income taxes for regular families who just have jobs, kids, a house, and a few charitable donations."

Episode references:

Illinois CPA Society: https://www.icpas.org

National Association of Enrolled Agents: https://www.naea.org

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