How long does it take a tax preparer to do your taxes?
What Factors Affect the Time It Takes to Prepare Taxes?
It usually takes an accountant around 13 hours to do taxes, but this can vary depending on the complexity of the return, your specific tax situation, and how many years you’re amending.
Keep in mind that the IRS allows taxpayers to file amended returns from the previous three years, so that will add some extra time. For example, if you were to file for the tax year 2021 in addition to the upcoming tax year 2022, then naturally it is bound to take the tax return preparer much to file your return. And finally, the IRS issues most refunds in less than 21 days, so you should have your money back in no time.
What Is the Average Time It Takes to Prepare Taxes?
On average, it takes Americans about 11-13 hours to prepare their personal taxes. The IRS says that if you are not a business owner you are likely to spend the least time on your taxes, at around 13 hours. However, individual income tax situations vary and taxpayers can amend returns from the previous three tax years to claim additional refunds. So, if you’ve missed out on some tax credits or deductions in the past, you may want to consider amending your return to recalculate the actual amount of tax due.
How Can You Make the Tax Preparation Process Faster?
It depends on a few things, like whether you’re filing a paper return or using electronic filing. And if you’re using an enrolled agent tax preparer, that’s going to add on a few more days.
Generally, it takes up to four weeks to process a paper return. You can use the Where’s My Refund tool to get an update on your federal tax refund status. The tool updates once every 24 hours, usually overnight, and can be accessed not just from Spokane, WA but anywhere across the state of Washington or the United States without needing access to any specific public accounting resources.
And if you’re getting ready to file your taxes whether state or federal income tax, you can create a PTIN online on the IRS website in about 15 minutes, or for even faster service, simply contact your trusted tax professional.
What Are Some Ways to Make Sure Your Taxes Are Prepared Correctly?
First, make sure you have all the required documentation available for the tax preparer before they start. This includes documentation like W-2s, 1099s, and receipts for any deductible expenses you may have. Be sure to take into account any excise taxes that may be due.
Second, ask yourself four questions to determine the best way to prepare your taxes. These questions are:
(1) Do you have simple or complex taxes?
(2) Did you earn income from multiple sources?
(3) Did you purchase or sell property this year?
(4) Did you incur any expenses that are out of the ordinary?
Third, gather all annual tax documents that record your taxable income and deductible expenses by the end of January. This includes documents like W-2s, 1099s, bank statements, mortgage statements, and receipts for any deductible expenses you may have.
How Can You Find a Tax Preparer Who Is Right for You?
Check the preparer’s qualifications. All paid preparers must have a PTIN, and they should also be fingerprinted. This ensures that they have met certain requirements and are qualified to prepare tax returns.
Finally, ask for a price quote before agreeing to an appointment. This will help you avoid any surprises later on when it comes time to fees or pay taxes.
If you’re looking for a tax preparer, be sure to consult a service that will not only help you save money but also offer guidance on future tax burdens, like Dreis Accounting Services.
You can also opt for larger carriers like H&R Block, or Jackson Hewitt that focus on processing a high volume of returns but tend to cost higher and may not always provide the most personalized service and care you would get from a tax preparer in your community. They can help you file your business taxes, individual taxes, and self-employed taxes. You can also find tax preparers through the IRS website. Be sure to check their credentials and experience before hiring them.