1. Have a review course particularly for the Enrolled Agent Exam
The Special Enrollment Exam is really a tax-specific exam produced by the IRS. For those who have an accounting background, it may be easy to think you can skip purchasing any materials. However, tax accounting and financial accounting are two different areas; you should dig further into tax topics than your college courses.
2. Be aware of any new material
The tax law and IRS publications change constantly; some changes are subtle and a few changes. As legislative changes such as these subsequently trickle on to the Enrolled Agent Exam, it’s imperative do you know what you’re likely to be tested on.
The EA Exam tests the prior year’s tax laws. Be sure to buy a review course that updates together with the Enrolled Agent Exam.
3. Prioritize knowing the fundamentals
It’s an easy task to get wrapped up in the complexity of tax laws, but understand that the Special Enrollment Exam tests for the basic level of competency to represent taxpayers prior to IRS.
What this means is each area of the exam will handle taxation fundamentals and the most frequent tax issues. There might be some advanced topics thrown into the mix, however if you are 100% confident on fundamentals, you’re going to pass test. You may even be able to use your fundamental knowledge to use principles to more advanced tax matters.
4. Memorize basic tax formulas
Comparable to understanding the fundamentals, you’re likely going to need to calculate various basic tax numbers. To generate intimidating computations very simple, memorize the formats of basic tax calculations for people and various forms of companies.
5. Discover how to budget your time (and know when you ought to skip questions)
The Enrolled Agent Exam is timed, meaning you have to budget your time and energy to complete the complete test within the allotted hours. Taking practice exams and finding out how to never is essential; you must consistently be checking the some time to ensuring you’re on target to determine every question. It's also advisable to try and budget time at the conclusion for questions you skip, in addition to think of a way of skipping.
It’s easy to get up to date on complicated calculation questions, and there’s a good venture you’ll come across questions which are completely away from left field. As opposed to spending an extension cord attempting to figure them out, skip and move on to questions you do know. You are able to circle back as time allows.
During your practice exams, one factor Surgent exam coaches observe is the place allowing a tough question to discourage you are able to cause missing subsequent questions. Saving these frustrating questions to the end can prevent you a few wrong answers. Your testing mindset is key to success!
Prepared to start studying?
Just as one enrolled agent will boost your confidence like a tax professional, letting you prepare tax statements and represent taxpayers before the IRS with conviction. Begin using these 5 ideas to help you pass the EA Exam and acquire moving toward your work being an EA.
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