First, let’s address the elephant in the room, stimulus money and your tax return. The stimulus money you may have received is an advance of a refundable tax credit. The IRS does not consider the stimulus payment income and you will not owe taxes on it. If you believe you should have received more or did not receive your payment at all, he said the amount will be calculated and included on your 2020 return which may lessen the amount that you owe or increase your refund. Now on to some general tax preparer tips:
1. Get your information in early!
The earlier the better. Your CPA will be increasingly busy during this season, but the earlier you get your tax info in, the quicker they will get to your individual return. This means you’ll get your return faster (and if you get a refund, you will get your money back faster as well)!
2. Bring in Organized Information!
The days of a shoebox full of receipts has long passed. The more organized your information, the easier it will be for your CPA to process your return and see if there is any missing information. Also if your CPA provides an “organizer” or a list of questions, answer the questions! Those questions are modified each year to make sure you can take full advantages of any deductions.
3. Review your return before signing!
Although your tax preparer may like numbers, they are not a computer and errors do happen. Read over your return to see if any items are incorrect. Comparing your return to the prior year can also be helpful. Pay special attention to details like your social security number, address, and in the case of direct deposit, bank account information.