There is an excellent article in Taxpro Monthly the March 2007 issue. "Why use a tax preparer when I can do it myself?" The article pinpoints the value of using professional tax preparers instead of doing it your self with cheap software so available to day.
Even tax preparers can miss something on a persons return. I have an older client and have done his returns for several years. Recently he moved into a skilled care unit. Since most of my older clients cannot itemize I quickly dismissed the possibility for him. He's spending about 42.000 a year for skilled care. He has a statemen t that a per centage of that is for medical expenses. I asked him to give me his papers again and I plan to do a 1040X for him. If I had not read that article I would have let that slide by. I can't sing the praises of NATP too much. We tax preparers need to belong to professional organizations, read their publications and keep learning from them. How stupid I felt after discovering the fact that he qualified for itemized deductions. I am always learning in this business. ARE You? or dont things like that happen to you.
I remember the first IRS tax forum I attended had the theme: "Tax Software is No substitute for Tax Knowledge" That helped me get over the fact that people could buy commercial software to do their own taxes. If we can't offer knowledge to our clients then we are a hopeless lot.
I will post this topic again after the tax season..
Even tax preparers can miss something on a persons return. I have an older client and have done his returns for several years. Recently he moved into a skilled care unit. Since most of my older clients cannot itemize I quickly dismissed the possibility for him. He's spending about 42.000 a year for skilled care. He has a statemen t that a per centage of that is for medical expenses. I asked him to give me his papers again and I plan to do a 1040X for him. If I had not read that article I would have let that slide by. I can't sing the praises of NATP too much. We tax preparers need to belong to professional organizations, read their publications and keep learning from them. How stupid I felt after discovering the fact that he qualified for itemized deductions. I am always learning in this business. ARE You? or dont things like that happen to you.
I remember the first IRS tax forum I attended had the theme: "Tax Software is No substitute for Tax Knowledge" That helped me get over the fact that people could buy commercial software to do their own taxes. If we can't offer knowledge to our clients then we are a hopeless lot.
I will post this topic again after the tax season..
Comment