WorldWide Drilling Resource

28 DECEMBER 2022 WorldWide Drilling Resource® Drilling Into Money Not Boring by Mark E. Battersby Finding a Tax Pro for Every Occasion When it comes to seeking advice or preparing the drilling operation’s tax returns, the complex, everchanging rules make doing it without help extremely rare. While off-the-shelf software or more expensive custom software are used, most drilling contractors use a professional at some point - most commonly to prepare tax returns. For those without professional help - or those seeking to change tax professionals - finding a professional should be more than a search for the least expensive or most convenient. An important step to finding the right professional requires an inventory of what the drilling operation or business - and its owner - actually need in the way of services and advice and, most importantly, how much you can afford to pay for the advice or services. It is important to determine beforehand just how much of the work you and your employees will do and how much of it will be done by the professional - or professionals. Shopping for a professional is virtually a necessity in today’s business economy. Fortunately, many professionals offer free first meetings for discussion of expectations, services needed and provided, extent of involvement by the professional, and the portion of the work the operation’s employees expects to shoulder, time constraints and, above all, costs. The best way to find someone to prepare the drilling operation’s tax returns or to render needed tax advice is to get a referral from business associates, the business’s banker, or attorney. If more possibilities are needed, every state has professional associations such as one for certified public accountants (CPAs). And remember, the professional used for tax advice need not be the same used for preparing the operation’s tax returns. Comparison shopping to find a tax professional who can provide the level of service you require at a price the business - and you - can afford is a process which should begin immediately. It is not “tacky” to discuss fees before engaging the services of a professional, although money should not be the sole criteria for selecting the professional. Having a tax professional who can be trusted and who understands his or her client’s unique needs is important. After all, when it comes to taxes, the last thing any of us need are surprises and confusion. Also keep in mind when you sign the tax return, you become responsible for everything on it - even if someone else prepared it. Mark Mark E. Battersby may be contacted via e-mail to michele@ Groundwater Week Booth 702 Pretty fancy. They’ve come a long way. ~Tom Bates Subscriber Snapshot