Here are the top 9 reasons why you may want to hire a professional tax professional:
- Save You Money: One deduction or tax credit the tax preparer finds can easily exceed the fee to prepare your return.
- Save you time: According to the Internal Revenue Service (“IRS”) it takes nearly 20 hours to complete the average tax return with deductions.
- Tax Professionals are Experts: The right tax professional is prepared and knowledgeable to answer your questions and resolve issues. Trying to resolve issues directly with the IRS means you could be on hold for hours.
- Knowledge of the Tax Code: The Tax Code changes frequently. Understanding the tax code can be complicated. The right tax professional is current on the Tax Code and keeps up with the ongoing changes.
- Avoiding Costly Mistakes: A tax professional can help eliminate errors and ensure your returns are prepared correctly. This avoids IRS audits and costly fines.
- Benefits of Money-Saving Tax Planning: Tax professionals can and should advise you year round on the best strategies to make smart tax-saving decisions. Simply preparing your taxes is not enough.
- Review of Previous Returns: A tax professional can look at your past returns to see if any deductions were missed and amend them for you.
- Reduce the Risk of Audit: Tax professionals know how to deal with the IRS.
- Peace of Mind. Just knowing that a professional is handling your taxes reduces stress. It takes the hassle out of doing it yourself.
SOURCE: Accreditation Council for Accountancy and Taxation: https://connect.nsacct.org/findataxpro/consumer/whyhire