Using HR Outsourcing to Maximize Your Tax Credit Processing
How to Find the Right HR Outsourcing Service for Tax Return Preparation
Working with a reliable HR outsourcing provider at tax time can more than pay off. The tax credits available to businesses get confusing quickly. You want to make sure you maximize all the help available to you in order to keep the most money you can. It’s not a selfish move. It makes good business sense, and allows you to continue to reinvest in your operation to make bigger profits for you and your employees.
Use the following methods to find the best company to work with:
Find Reliable Partners
Sometimes, finding the right business to partner depends on your size or project scope. Other times, you need to consider the information being passed around. Your tax information is incredibly sensitive. Your earnings, income and expense list will be available to whoever is taking this on, so make sure they’re honest and have a good reputation. Browsing the wanted ads on Craigslist won’t fit the bill. When possible, it’s best to invest in the help of a pro who works for an established company.
Ask for References
Regardless of where you meet your tax professional, you’ll want to ask for references. You run the risk of someone lying about their qualifications whenever you hire for work, but few candidates will follow it up with fake references. Do your due diligence and make the calls. If numbers are outdated or lead to anonymous voicemail accounts, try making contact one last time before moving on.
Evaluate Previous Work
Past clients won’t always let you know if they’ve had a bad experience. There’s too much guilt involved in risking someone’s reputation over what might have been a mistake. Sometimes though, the reaction you get to an inquiry tells you more than you need to know.
If someone’s tone changes the second you mention a provider’s name, ask for an explanation in a non-threatening way. Laughing while saying, “Wow, that good, huh?” is a simple way you can test whether someone was making a negative statement about an individual or not. While there are legal guidelines to what can and can’t be discussed during a reference check, using some common sense can help you get a very thorough read on a service provider’s previous performance.
Interview in Person
Another way you can evaluate previous jobs is by asking the person questions. Some helpful questions may be, “Have you filed taxes for a C-corporation in the past?” or “What tax credit is most common in your business?” Talk to the service in charge and ask for someone who has worked for companies similar to yours in size, industry and number of employees.
Establish a Review Schedule
Creating a review schedule helps you coordinate your tasks with your HR outsourcing team, whether they’re looking over tax credits or payroll. It also gives you a chance to cut your relationship short if thing’s aren’t working. Periodic meetings help in numerous ways, from discovering a better way to organize your records to correcting your practices to make up for an earlier accounting mistake.