As a representative from the University, we were asked to conduct several rounds of this type of quiz, so that our students could compare the information that they were being given with the information that they needed to prepare for this type of examination. There are several types of questions that can be asked, depending on which type of exam you will be taking. The questions would change slightly depending on the type of exam that you were taking, but the main questions remain the same. I’ve listed them below.
Q: Why is it that I am not paying more in taxes each year than the corporate average? A: We understand that your personal financial situation may be quite different from that of your company. However, we would like to know why you believe that you are not paying as much as the corporate average. Would this knowledge give you a competitive advantage when applying for jobs with smaller companies?
Q: What types of documents do I need in order to successfully file my tax returns? A: You will need to obtain a federal income tax form, a state tax form, and a few other forms and documents that are specific to your state of residence. If you were paying the local personal income tax, then you would need your payroll slips, bank account statements, a copy of your driver’s license, and any other documents that would affect your ability to pay taxes. However, if you are filing state tax returns, you would need only your state driver’s license and your state tax forms. You may also be required to produce other documents such as your birth certificate or a copy of your utility bill.
Q: How long does it take to learn all that I have to know to take my taxes seriously and successfully file my returns? A: In order to effectively learn about the many facets of the taxation system, you should spend at least five hours a week working through online tutorials. There are many such tutorials available for free on the IRS website and you can also access lectures and training CDs from the library. However, you should only use these resources if you are serious about taking your taxes very seriously and preparing for the future. After all, the time you spend studying now will help you handle the future. While it takes quite some time to become knowledgeable about all of the aspects of the taxation system, you will be glad you worked hard to attain this goal.
Q: Do you recommend hiring a tax professional to help me with my tax return preparation? A: If you are certain that you would want to deal with someone who has the knowledge and skills necessary to successfully take your taxes down to a file, then by all means consider having a tax professional to do the work for you. Just make sure that you are going to get your money’s worth. Some tax professionals will charge a lot of money to give you their expert knowledge but will not give you any guarantee that they will actually take your taxes down to the necessary file standards.
Q: Do you encourage people not to handle their own taxes because it would be easier for the IRS to collect the money? A: First of all, it is important to remember that the IRS itself is not evil. They are just trying to do their job. Therefore, you should not expect them to be perfectly angels. They are after the same information that you want to obtain (which is your tax information), so there would be no reason for them to purposely give you inaccurate or old information.
Tax preparation can be very time consuming and frustrating, and it would be much better if you could do it on your own. However, it is not necessary for you to pay someone to prepare your taxes for you. Instead, you might want to try preparing them on your own, but then get a professional CPA to audit your returns once they are done so that you can catch any mistakes before they are filed. This will not only save you a lot of time and money but will also protect you from being charged criminally. So, if you really need the services of a tax professional, then get one immediately.