Tax season is a stressful time of year for many people. Fortunately, it’s also one of the most lucrative times of year for anyone who works as an accountant or tax preparer. So, do you want to know how to become a tax preparer? By joining Intuit, you can get all the “requirements, resources, and career paths” you need to find success as a tax preparer. If you’re considering entering this field, here are five things every would-be tax professional needs to know.
You will work many hours during tax season
Tax season is a busy time for tax preparers. You are likely to work long hours, including nights and weekends. Many offices will be open during the previous year’s holidays, so you may have to work on some holidays. However, the good news is that tax preparers still have work to do even during off-seasons for taxes. Unfiled or missing taxes, bookkeeping, and auditing can be done outside of the tax season and can keep you busy year-round.
The work can be frustrating
As a tax preparer, you’re going to find yourself needing support. Tax laws change annually and can often be confusing to navigate and understand. The rules can be complex and unclear, which means that there are times when your clients will have to file returns by hand. You will also spend hours pouring over your clients’ finances to maximize their refund, but sometimes it will take time. Though the work can be frustrating and challenging, it is also gratifying and can offer you the opportunity to gain experience and earn extra income.
Not everyone is a fan of the IRS
You might be surprised to learn that only some have a great relationship with the Internal Revenue Service. While it sounds like an agency that should be universally liked, given that its existence is to help keep you honest and on track with your taxes, it can be scary for some people. This isn’t helped by the fact that whenever you hear about the IRS, it’s usually bad news—either someone who was audited has been told they owe them thousands of dollars or someone who didn’t pay their taxes has been arrested for tax evasion. However, as a tax preparer, your job is to improve the experience between customers and the IRS. Not only do you have to uphold the IRS rules, but you have to help your client understand the importance of complying with tax laws and regulations.
The tax code is a complex tangle of rules and regulations
The tax code is a complex tangle of rules and regulations that have changed over time. It’s difficult to understand, hard to follow, and even harder to apply in practice. So, for example, you can’t just deduct any expense you want from your business income because the IRS will be there to scrutinize everything you do (and they’re also constantly updating their guidelines). As a tax preparer, you must be focused and organized to stay up to date on the latest regulations to assist your clients.
There’s more to the job than crunching numbers
You will spend much time researching the tax code as a tax preparer. You’ll need to know how and when to apply for deductions and credits, what information is required by the IRS (and why), and how to respond if the IRS has questions about your work or your client’s return.
You will also have to be able to explain all this information clearly to clients so they can understand their options and make informed decisions. This may involve describing why certain deductions, credits, or exemptions are unavailable for a given situation.
Ultimately, being a tax preparer is a great career that can be very rewarding. The work can be stressful, but it’s also exciting and vital. You can visit Intuit to learn more about how to start your career as a tax preparer this year.