Taxpayers should be careful when choosing preparers

With just weeks to go until April 15, the IRS is warning consumers to be wary of who they tap to prepare their 1040s.

Not that all preparers are dishonest or reckless, but the federal agency is offering some free guidelines to use for finding the right person to entrust your annual filings.

First, be sure you’re using someone who understands the complexity of your income tax situation. Also, will the preparer be around after April 15 should questions arise, and can the preparer provide you with a list of satisfied customers?

“To make the best choice, taxpayers should be as careful in choosing their preparer as they would in choosing a doctor or a lawyer,” said Paul L. Machalek, special agent in charge of IRS’ criminal investigation field office in New York.

Even with a paid preparer, if the information submitted on the return is wrong, it’s ultimately the taxpayer’s responsibility.

Economy: Small businesses are hoping for more timely payments

Many small businesses have found it can be hard to get paid because of the sluggish economy.

According to a survey by the National Federation of Independent Business, it takes between 29 and 34 days from the time a sale is made until payment arrives.

The key issue is getting customers to pay their invoices promptly and completely, the NFIB-funded study of 750 businesses found. Only 37 percent of businesses who responded said they were paid immediately. And 34 percent said they were never paid at the time of sale.

Delayed payments can reduce businesses’ cash flow, making it hard for them to meet their own obligations.

Motley Fool: Name that company

I was created in 1937 as a spin-off from one of the world’s leading makers of weaving machinery. I unveiled my first small car in 1947 and 12 years later, in Brazil, I opened the first of many production plants in other countries. Today I’m the planet’s third-largest automaker, cranking out more than 5.8 million vehicles annually about one every six seconds. My brands are known for their high quality. Vehicles account for 90 percent of my revenues but I also dabble in forklifts, telecommunications, pre-fab housing and leisure boats. Who am I?

Demographics: Moms opting to stay home

Many new parents who’ve earned big paychecks are deciding they’d rather forgo their salaries and stay home when their bundles of joy arrive, according to American Demographics magazine.

The magazine said that the percentage of mothers with infant children and who are in the work force fell from a record high of 59 percent in 1998 to 55 percent in 2000. American Demographics said most of the parents opting to stay at home are older mothers, ages 30 to 44, who can afford to take a temporary break. They tend to be married, living with their husbands and having at least one year of college.