Do You Really Need to Hire a Tax Professional?

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Tax preparation can vary from extremely difficult to extremely easy. For those who have a lot of deductions, using a professional tax service might be the best option. The more difficult the forms, the more sense it makes to hire someone to prepare the taxes. When a person has few or no deductions, the taxes can easily be prepared by the individual rather than paying a consultant to do so. Technology and the Internet have made it virtually worry-free to prepare income taxes with the help of tax preparation software such as TurboTax.

Everyone needs to file their taxes each year and many people have issues with the whole procedure. This is why professional tax services have become so popular, as they offer individuals exactly the assistance they need to deal with the dreaded preparations of tax season. However, if you are still weighing the costs of hiring a tax person versus doing the taxes yourself, you may want to consider the benefits of both listed below!

Less Stress –

Filing taxes can often be more difficult than it appears at first. Many people become stressed in the wake of having finished their tax filing only to find they committed an error. Since there are many things that you ought to consider when filing your taxes, mistakes can easily happen. Hiring a tax person to deal with all the fine print for you, can help ease this stress and leave you confident that everything has been prepared without error.

Knowledge of the Tax System –

A more obvious benefit is that tax preparers simply know the system better. This works out in one vital way – maximized deductions. This is particularly important people who have more complicated tax situations. Many people use tax preparation software or free services to file these days, and while these services are useful, they don’t have the same personal stake in saving you money. Tax preparers are compelled to find the greatest number of deductions as they can for clients. They also are the point of contact for the IRS, should there be an issue with your returns. Any issues can often be much more easily resolved with the assistance of someone who understands the tax system and requirements of the IRS.

Help with Planning Ahead –

Regardless if you have a basic tax return, it can be beneficial to hire an expert to help you prepare for any expected financial changes that may occur in the upcoming year.
In the case of a change in employment, the possible purchase of a house, changing your assets or investing; an expert can enable you to financially prepare. Hiring a tax person opens the opportunity for great financial advice. A tax professional can advise you on everything from the benefits of a 401k to the different tax right-offs you can receive for continuing your education or starting your own business. Even having a baby (and the exciting expansion of your family) can open many benefits for the following tax year.

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Help with Familial Situations –

There are also times when unexpected events happen that you may have never known could have an impact on your tax return and how you should be filing. Some of these situations include the following examples. In the unfortunate event that your spouse passes away, there are many changes that will occur in your tax preparation. If you begin caring for your elderly parents, there are multiple deductions that could be overlooked on your tax documents. Other situations such as helping to pay for your grandchild’s college tuition, adopting a child or even mistakes on your previous tax return can change the way you should file.

Tax Preparation Software –

Using software or an online service is easy and will save money. Tax preparation specialists can charge exorbitant fees to do taxes. Online services lead you systematically through the entire process. The great thing about using online software to prepare taxes is that it will tell you immediately if you qualify for deductions that you did not know were available. There are no guessing games when you use this type of software or online service.

Going through the IRS website allows some people to complete their federal taxes free of charge. The site will lead you to different tax preparation sites. The user simply chooses the one that is best for him or her.

Not as Hard as You Think to Prepare –

Instead of paying hundreds of dollars to get taxes prepared, a person can spend less than a hundred dollars to get the same results. In some instances, the results will actually be better. Tax professionals sometimes miss important information that could make a huge difference in the tax return. Many people claim to get a far larger refund when filing taxes on their own than they get from a tax professional. This is a testimony to how easy the preparation can be, even for someone who is not tax-literate. You do not have to know all the tax laws because the software will do the work for you. Simply fill out the information from the W-2 then answer simple questions to get the best results. Filing taxes was never easier than it is today with the use of the internet and tax software.

Conclusion –

While tax preparation software is helpful in breaking down the complexities of the tax system, nothing can compare to a personal experience with a tax professional that understands your specific situation and financial needs. Each person’s tax situation is different and having someone actively on your side can be a comfort and asset. Prepare yourself for tax season with a true expert.

If you are currently in debt or struggling to pay your monthly bills, it might not be worth the expense to pay a professional tax preparer this year. If you need help sorting out your bills, the professional and certified credit counselors at Advantage CCS can help put you on a debt management plan to help you reclaim your finances. Contact us today! We are available online, via the telephone, or in-person at one of our five locations.

Author: Lauralynn Mangis
Lauralynn is the Online Marketing Specialist for Advantage CCS. She is married and has two young daughters. She enjoys writing, reading, hiking, cooking, video games, sewing, and gardening. Lauralynn has a degree in Multimedia Technologies from Pittsburgh Technical College.