PREPARING FOR TAX SEASON


This issue’s Q&A is with Debbie Callen, CPA and owner of The Callen Accounting Group, PLLC, 104 E. 1st St., Mountain Home. Callen moved to Arkansas in 1993 and purchased the firm from the previous owner in 2001. It has been in existence since 1973. She spoke to Living Well about taxes.


JULIANA GOODWIN FOR LIVING WELL


Q. What should people look for


when hiring a tax preparer? A.They should look for a licensed pre-


parer, that not only protects them if they have a problem, but licensed preparers are required to take continuing educa- tion every year which means they will be up to date on current tax law. If they are unlicensed, they may or may not take continuing education courses. Q. If someone has traditionally used


software for their taxes, when should they consider hiring a professional in- stead? A. When it gets more complicated. Tax


software is getting better, but I have picked up clients that I have had to amend tax returns because the software doesn’t ask thorough enough questions. If they have a partnership, stock sales,


corporation, itemized deductions, any time it becomes more than a simple re- turn, they should seek the advice of a pro- fessional. With the tax laws changing and as the returns get more complicated, a professional is going to have the most up- to-date information. Q. How long does someone have to


amend a return? A. Three years from the filing date of


the return or extension. If they have not extended their return, they will have April 15, three years from the date it was due. Tax dates are changing because of holidays. April 17 will be the tax deadline this year. Q. When should people submit their


information to an accountant to give them ample time to complete it? A. The earlier the better because if


they wait until the last minute, there is not enough time to gather information, if everything is not there. They don’t have to file it, but they will know where they


Debbie Callen of The Callen Accounting Group. DEAN CURTIS FOR LIVING WELL


are sitting. It gives them time to review the return and make sure it is complete and accurate. If they have to track down information, it gives them time to do it. Usually I say we need ‘X,Y,Z” and they bring in “X” and I have to say we need “Y, Z.”


Q. Do accountants charge more if


people wait until the last minute? A. I don’t, but I have started charging


for the extension because that is quite a bit of work to go through. They may have a small extra fee for the extension form. Q. Are there life changes that can af-


fect your taxes that you suggest peo- ple mention to their tax preparer? A. Yes, there are multiple. Any time


you have major change, death, child, child leaves home, divorce, those are all things you need to talk to your preparer about. It’s also a good time to talk to the preparer before you retire, about what the effects are going to be on your in- come and any suggested ways to lower the tax burden. Q.What are some of the biggest tax


GETTY IMAGES/ISTOCKPHOTO 8 Living Well i January/February 2018


mistakes you see people make on their taxes?


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