It is that time of year that taxpayers don’t necessarily look forward to; the time of getting your tax returns ready. Do you file it yourself with new software technology, do you just file an EZ form, do you use the IRS’s Free File website, or do you use a tax professional? The importance of filing your taxes is all about filing them quickly, accurately, and maximizing your refund. Filing your taxes using any method depends on your personal or business lifestyle.
If you get a feeling of dread thinking about all you need to do to get taxes ready to be filed, or if you are so busy you don’t know when you’ll squeeze it in, then now might be the time to find a tax preparer you can trust. Consider Western Shamrock tax preparers for your tax needs. They are experts in the field and will help you find organization and peace in the crazy world of taxes.
Filing single with no investments can be accomplished through a tax software. Are you married with a family, do you own a business, or do you work from home? There are many deductions that can be taken. This category would benefit you most by using a professional tax preparer. Actually, a single taxpayer can also benefit from using a professional tax preparer because there may be aspects of your life that would render you a higher refund.
Yes, you can use tax software for most tax returns, but what you don’t get is that personal and intimate tax context. For example, by talking to a tax professional, they can go over all possible deductions available to you that you were not aware of. A tax professional gives you valuable insight into new tax laws that seem to change every year. Knowing how the tax laws affect you is vital in knowing whether you should take certain deductions, move financial things around, donate now, or wait to sell a stock, etc.
In 2017, more than 900,000 taxpayers were audited. Using your tax software when being audited is a lonely matter. However, if you are cited for an IRS audit having used a professional tax adviser, you are not alone. If the thought of meeting with an IRS agent makes you feel nauseous or faint, did you know that you can give tax preparers or accountants power of attorney to represent you at an IRS audit?
Tax advisers don’t shrink from helping you. They stand by your side to validate all of your itemized deductions, while also providing accounting insight that you are not trained to understand. Also, if the IRS needs past tax returns, having used a tax professional accomplishes this request. Your professional tax adviser can easily call your past tax returns from the cloud without any problem. This should make a great impression on the IRS, hopefully.
An important factor in using a tax preparer, perhaps for the first time, is to choose one that is qualified, such as a certified public accountant, a certified agent, or an attorney. Your tax professional must be skilled in tax preparation in order to accurately file your income tax return. Your tax preparer must be someone with whom you can trust with your confidential information.
During tax season, when you are trying to figure out what you can and can’t deduct, a tax professional can help to make your paperwork process go faster. Qualified tax professionals have the knowledge and expertise to make the tax filing job go faster and more succinctly. If additional information is needed after your initial visit, they can tell you exactly what you need to bring in for filing.
If you are new to using a tax adviser, they ask lots of personal questions to help you maximize your refunds. They not only help you with your tax preparation for the current year, but they will also advise you on what you should save, like receipts or financial transactions for itemization for the following years.
At the beginning of each new year, there is nothing like having peace of mind. This is what using a tax professional gives you. You are in better shape in having a professional prepare your taxes. Doing your own taxes, or using a software system, could misinterpret the information that you provide and could turn out to be a costly mistake.
No matter whether you make $20,000 a year or $200,000 a year, a tax professional is trained to catch errors at a glance, especially when they know your financial situation very well. Tax professionals are tax planners who can advise you now, and throughout the year, on how to use the best strategies to make tax-saving decisions.