Tuesday, May 30, 2017
Top Entrepreneur News

Tue, 30 May 2017 12:00:00 -0500

The right coach is invaluable. The wrong coach is a waste of time who charges you by the hour.

Tue, 30 May 2017 11:30:00 -0500

You might think you can't afford to step away from your business. The truth is, you can't afford not to.

Tue, 30 May 2017 11:00:00 -0500

Helping improve your community or bolster a cause you believe in is probably the most satisfying way there is to market your business.

Mon, 29 May 2017 20:30:00 -0500

Barry Meguiar, Meguiar's president and 'Car Crazy Central' TV star, breaks down his four-step secret to building brand loyalty.

Mon, 29 May 2017 20:00:00 -0500

Sales and marketing professionals are up against dwindling attention spans. But they've got new options to try, as well.

Mon, 29 May 2017 19:00:00 -0500

You could fix your company's problems simply by taking a closer look at what you're doing, and figuring out where it's lacking.

Mon, 29 May 2017 18:30:00 -0500

How a water softener company boosted sales with moves as simple as changing its ecommerce platform and hiring an AdWords advisor.

Mon, 29 May 2017 18:00:00 -0500

Worries that technology will make us irrelevant can blind us to the amazing possibilities at hand.

Mon, 29 May 2017 17:00:00 -0500

Business Intelligence, the analysis of data that companies create simply by doing business, can drive greater profitability.

Mon, 29 May 2017 16:00:00 -0500

If you want to populate on the first page of Google, patience is a virtue.

Mon, 29 May 2017 15:00:00 -0500

For entrepreneurs, taking a tour of America's backbone industries can be interesting and inspiring.

Mon, 29 May 2017 14:30:00 -0500

The single most important thing to measure for every blog post you publish? How engaging it is to your audience.

Mon, 29 May 2017 14:00:00 -0500

Serving our country long after the military.

Mon, 29 May 2017 14:00:00 -0500

Relieve yourself of the stress and worry of financial problems using these tips.

Mon, 29 May 2017 12:30:00 -0500

If you're tired of the corporate world, then there's only one way to fix it.

Latest News & Information

Current Articles | Archives | Search

5 Secrets of the Tax Pro Revealed
By Bedre Konja :: Tuesday, March 6, 2007 :: 17719 Views :: Article Rating :: Business & Finance

Illinois, USA - More than half of Chaldeans will pay someone to prepare their tax returns this year.  An even larger number have paid thousands of dollars throughout the year on bookkeepers and accountant services.  How do you know you received a great value?   Can you negotiate your fees? 

Tax professionals like any other profession talk shop and share insights. They tell other professionals things they won't tell you, including stuff that could help you deal with your own tax pro and maybe even save you money, if only you knew.

Here are five things Chaldeans probably have never been told by a tax pro:

1.   Be Organized. 
Clients who are organized get charged less. Accountants and tax professionals, like any other business, rates are influenced a great deal by the clients.   Most firms will charge using a  combination of hourly rates, complexity of the tax return and the so-called "hassle factor."

Being unorganized and having information dribble in randomly increases the hassle factor and the amount you will be charged.  Chaldean tax professional Sami Razooky says, "I wish there was a nice way I could tell clients to wait until they think they've got all their information and not both sending me part of it now and part later. I cannot complete the puzzle until they give me all the pieces."

Raad Hami is a bit more direct. "Every time I open up a client's file to add another form or another piece of information, the cost of preparing the return goes up," he said. "I charge for my time. How else can it be?"
2.  Better Quality Means Being Early.
It's human nature. Early in the tax season, tax professionals feel like they have more time. This doesn't necessarily mean you're going to get a "better" return but, it sure helps increase the chances.  A good tax pro should go through the same questions and process regardless of when the return is done. However, you have to figure that if your return is being worked on early in the tax season, a little more time (including time talking with you) is going to go into it than would otherwise be the case. Seeing a tax pro before the end of February is best.

Each tax office has its own "crunch" period, but for most the worst weeks fall somewhere between March 15 and April 15. Interestingly, Tax Day itself, April 15, often is not that bad a day. Many tax professionals leave that day open for any last-second calls and clients picking up their returns. All the returns that are going out will have been finished by the 13th or 14th of the month.
3.  Last-Second Rush Jobs are Despised.
Like most professional services a tax pro knows a good amount of their business originates from word-of-mouth.  In short, tax professionals want to provide the client with quality work at an exceptional value.  Hami says, “If someone I've never talked to before calls me on April 12, saying he needs to file by April 15, I'm probably going to refer him to someone else. I don't want to take on a new client that close to the deadline and potentially take time from my existing clients or convince them to file an extension.”

4.  Extensions Are Par for the Course.
Many taxpayers worry that they're going to have trouble with the IRS if they file an extension. Little if any evidence supports this myth. In fact, extensions are the perfect solution for the taxpayer who would otherwise be a "rush job." It's way better to file an extension and send in an accurate return later than it is to rush to meet the April 15 deadline and later discover things you missed saving opportunities or that you are required to amend the return.

With the extra time afforded by an extension, Chaldeans can go over their tax situation after April 15 and make sure all the documentation and questions that could help trim their tax bill have been addressed. Individuals can get an extra four months to send in their return by simply filing Form 4868 by April 15.
5.  Ask Plenty of Questions.
You have a duty to ensure you fully understand all aspects of the work being performed.  Remember the professional works for you.   Be polite and thoughtful when asking your questions.  Just be sure to ask them.  Great professionals respect Chaldeans who ask plenty of questions.  It also shows you are interested and involved and want quality work.  At a minimum, questions force the decent professional to be more concerned with your work.   The best professionals are the ones that are eager to fully explain the entire process every step of the way and make it comfortable for the client to ask questions.  If any professional makes it difficult or does not support your inquiries, leave them immediately. 


Bedre Konja is a senior business consultant and entrepreneurial manager for Illinois based, Magi Consulting,   Mr. Konja is a CPA and licensed tax attorney.  Magi Consulting specialize in helping entrepreneurs start, grow, and manage their business.   Services offered by Magi Consulting  include capital fund management, new business development, acquisitions and mergers, organizational policy and procedures, technology integration, auditing, and assisting private companies in going public.   Mr. Konja lives in the Chicago suburb with his wife, and six children.