Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional. But you don’t have to go it alone. Professional tax preparers are paid to keep up with the tax code and their expertise can help ensure that you get all the deductions and credits you are eligible to receive. Anyone can do data entry, however a seasoned tax professional will provide you with the following:
Here are the top 10 reasons why you may want to hire a professional tax professional:
- It can save you money. If your tax preparer finds even one deduction or tax credit you may have missed, it can easily exceed the fee it costs to have a professional prepare your return.
- It saves you time. The Internal Revenue Service reports that it takes nearly 20 hours to complete the average tax return with deductions. Your time is worth money. How much is it worth to you to get that time back?
- Tax professionals can answer your questions and resolve issues. It’s very likely you will have questions about your taxes. Calling the IRS means you could be on hold for hours. Tax professionals can answer most of these instantly.
- The tax code is very complicated. Professional tax preparers keep up with it and all those changes each and every year so you don’t have to.
- You gain peace of mind. Just knowing that a professional is handling your taxes reduces stress.
- Making mistakes can be very costly. In terms of missed deductions or triggering an IRS letter or audit; a tax professional can help eliminate errors and ensure your returns are prepared correctly.
- You benefit with money-saving tax planning. Tax professionals can advise you now and all year round on the best strategies to make smart tax-saving decisions.
- Your previous returns can be also reviewed. A tax professional can look at your past returns to see if any deductions were missed and, if so, amend them for you.
- You can reduce your risk of an audit. And, if you are audited or the IRS starts asking questions you can’t easily answer, a professional tax preparer knows how to deal with the IRS.
- It takes the hassle out of doing it yourself.
If you plan to hire a tax professional to prepare your taxes, you do need to gather and organize your records, including W-2 forms, 1099 forms, mortgage and bank statements, charitable contributions, and so forth. Being organized saves your tax preparer time and keeps the fees down.
Here's what you get...
- Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
- Your tax return can be filed electronically so you will get a refund back quicker.
- Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.
- We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability.
Books a Mess? No Problem!
If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year.