Tax Advice for Baby Boomers

As boomers enter retirement, they leave behind the annoying alarm clock, rush-hour commutes, stressful deadlines and annoying co-workers. But one thing they can’t avoid is Uncle Sam.

So says Fox News, in offering advice to retirees.  According to Jill Franks, certified public accountant and principal at Rehmann, who offered tips for choosing a tax preparer:

-         Baby Boomers should use a CPA (Certified Public Accountant) or EA (Enrolled Agent) because these tax professionals are required to be licensed and participate in continuing education.

-         It pays to shop around, since the cost of having returns prepared can vary widely even in the same market.

-         Tax returns can be filed electronically by virtually all professional preparers.

-         Online tax services may not be as facile at handling complicated returns.

-         Abuse and Fraud should be reported to state licensing agencies or to the IRS.

The advice is generally good, though independent tax preparers have the right to dispute whether every return by every retiree requires the additional cost and licensure of a CPA or EA.

 
Source:  Fox News at http://www.foxbusiness.com/personal-finance/2013/08/15/tips-for-retired-boomers-looking-for-tax-professional/#ixzz2cL5uallv