From ‘liquid biopsies’ to precision medicine, these five developments will change cancer care in the next decade. Learn more.

Reply
Trusted Social Butterfly
1
Kudos
710
Views

Re: 7 Reasons to Hire a Professional Tax Preparer

710 Views
Message 1 of 2

It's an 'it depends' thing, as so many issues are.

 

A great many people have very simple returns, but as soon as someone mentions 'tax forms', they start convulsing. If you have no real changes to your finances in a given year, you should be able to look at last years return (if it was done profesionally), and use that as a template. You look at the deductions, what kind of earned income, income from investments or savings, and how they were handled. It's easy to find the published information for major tax changes in a given year.

   For many retirees, taxes become very simple after one has initially started receiving SS, pensions, etc. Same thing --- if no changes to your situation, it's not difficult to use the previous year's return as your template assuming a pro has done them.

   Of course, not all tax 'pros' are equal.    


"...Why is everyone a victim? Take personal responsibility for your life..."
Report Inappropriate Content
1
Kudos
710
Views
Highlighted
Conversationalist
0
Kudos
735
Views
1
Replies

7 Reasons to Hire a Professional Tax Preparer

735 Views
Message 2 of 2

7 Reasons to Hire a Professional Tax Preparer.jpgTax Preparer

Last year, over 61 million Americans filed their taxes. With the evolution of technology and the internet, tax programs for self-filing having been appearing all over the internet. Many people are seduced to file their own taxes to try and save a few bucks. But a lot of them don’t realize they might be actually losing money since they are not aware of all the possible deductions and credits to apply to their individual situation.

 

Hiring a professional to do your taxes comes with many benefits and may actually save you money. We’ve put together seven reasons why you should hire a professional tax preparer to file your taxes this year.  

1. Money, Money, Money

What everyone loves the most about the tax season is the money you get back when it’s all said and done. Hiring a professional to do your taxes, you increase your chances of getting even more money back! Allowing a professional to do your tax preparation there’s a lot of things they can point out that you might overlook. Which equals to more money for you.

2. Safety Net

Another advantage of hiring a professional is their extensive experience in tax laws. When helping you prepare your taxes, they will make sure that everything complies with the legal standards. If something doesn’t, they will point it out and help you fix it. Basically, with a professional, you have a safety net which protects you from making mistakes when filing your taxes.

3. Time = Money

I’m sure you’ve heard the saying that time equals money. So you should try to treat your time as a valuable resource. Hiring someone else to do your taxes is a great way to save time. Trying to do your taxes yourself, can waste hours of your precious time sitting in front of a computer. This is especially true for people who aren’t tech-savvy, it just makes sense to hire someone who knows what they are doing.

4. Professional Tax Preparers Are Experienced

Tax professionals have been in the business for a long time and know what they are doing. They know all the nuances of filing taxes, whether you work on a business, joint, or individual basis. Through their experience, they can help you get through the process more easily and quickly. If there are any issues with your return, a professional tax preparer will deal with the IRS for you. Without them, you will have to deal with the IRS yourself.

5. Unreliable Self-Filers

With so many different “self-file” programs available today, it’s hard to know which ones are reliable. It’s important to be conscious of the problems that could arise by using these programs. You could waste time downloading software with viruses, get significantly less money, and even end up filing improperly and open yourself up to an audit.

6. Taxes Are Complicated

One of the biggest advertising points that self-filing programs try to get across is that they make taxes easy. But in reality, taxes are not as easy as they claim, there’s a lot of small details that go into it. A professional can explain and pinpoint exemptions, categories, and claims that you might otherwise skip over.

7. Plan Ahead

A tax professional will not only do your taxes but can also help you plan for the next year. For those who simply file their taxes and forget about them until next year, you might miss out on important information and money. An expert will look over your individual situation and point out things you should keep track off, such as donations, in order to get the most deductions possible.

Report Inappropriate Content
Tags (2)
0
Kudos
735
Views
1
Replies
cancel
Showing results for 
Search instead for 
Did you mean: 
Users
Announcements

Are you new to the online community? Say Hi and tell us a bit about yourself, your interests, and how we can help make this community a great experience for you!


close-up group of seniors smiling at camera