Give to Caesar What Belongs to Caesar: 7 Benefits of Hiring a Tax Pro to Do Your Income Taxes

The average American spends about eight hours filling out their tax returns each year. That’s the equivalent of one full day of work and the better part of your weekend! And that’s assuming your taxes are simple.

As you progress in your career and grow your investments, you can expect your tax situation to get more complicated. That means spending more time filling out forms and crunching numbers.

But you don’t have to go it alone. Working with a tax pro is a great way to streamline your filing.

Tax professionals aren’t just for business owners. They can help you with your taxes year after year.

Here are a few advantages of hiring a pro rather than doing your taxes yourself.

1. Taxes Get Filed On Time

When you’re handling taxes on your own, it’s easy to lose track of time. Before you know it, the deadline has come and gone, and your taxes are late!

You’re allowed to file late if necessary, but you need to request an extension to avoid hefty penalties from the IRS.

A tax pro will help keep you on schedule and make sure you submit your tax return on time. If you do need an extension, they’ll help file the paperwork and make sure everything is in order.

2. Your Tax Forms Will Be More Accurate

Accuracy is a major issue for the IRS. But you’re human and mistakes will happen. Unfortunately, this often results in audits from the IRS, fines, penalties, and time-consuming re-filing.

Working with tax professionals helps eliminate most of those common errors. The tax code is their business. They know what’s right and what’s missing long before you file.

Even if you’re not sure what forms you need or what information is missing, they’ll point you in the right direction.

3. A Tax Pro Saves You Money

Yes, you will pay for professionally prepared tax returns. But that cost is often deductible from the next year’s taxes. And you might end up saving more money than you would by preparing that return yourself.

As a taxpayer, you’re entitled to certain deductions. Many of them, like charitable contributions and work-related expenses, are common knowledge. But others like the Earned Income Tax Credit get missed by millions of people each year.

Professional tax preparers look for deductions you qualify for each time. Often, they find deductions you missed or didn’t even know existed.

The more deductions you qualify for, the lower your tax liability is. This means a higher return once the IRS processes your information.

4. They’ll Help if You’re Audited

Audits are no joke. And inaccurate taxes are the number one reason why taxpayers get audited each year.

When you’re facing an audit, you’re expected to go through everything you submitted with a fine-toothed comb in an attempt to find the errors. You also need to send documents to the IRS for their review, but they don’t always tell you what those documents are.

Worse, if you’re assessed a fee, negotiating a lower rate or managing payments with their service is tough.

Tax professionals will represent your interests with the IRS. They’re on your side and will do everything they can to support you through the audit. You can learn more about how they’ll help here.

5. Pros Know How to Deal with Changing Financial Situations

Financial situations change all the time. Whether you’re taking a job as a contract or freelance worker or just inherited a large sum, those changes impact your taxes.

With each change, filing becomes harder and more complicated.

Professionals know how to deal with those changes as they come up. They’ll make sure you’re filing correctly, withholding the right amount of money, and sending in payments if needed.

You won’t have to blindly navigate tax code or wonder if your taxable income has increased or decreased. This can make all the difference in your tax liability and the size of your return.

6. Saves You Stress

Tax season is one of the most stressful times of the year. Sure, filing as soon as possible can help make things easier. But it’s never enough to make tax season NOT stressful.

When you’re working with a professional, you’ll have the peace of mind knowing that everything gets filed on time and accurately. Even if you owe money to the government, they’ll make sure you get payments taken care of on schedule.

You’ll avoid much of the stress that comes with the looming April 15th deadline each year. And when you’re not stressing out about taxes, you’ll have more time and energy to devote to the things you love.

7. They’ll Answer Your Questions

Tax software is useful and can help streamline your tax filing process. But it can’t answer your questions in real time.

And everyone has questions about their tax return at some point.

Pros will answer your questions when they pop up and can help you prepare for future filings ahead of time. This means you’ll understand the process more thoroughly and can get ready for the next year’s tax season before you have a chance to stress out about it.

You’ll never have to get bogged down in internet searches trying to find the answer line 15b on form 32A.

Final Thoughts

Hiring a tax pro is one of the best things you can do. They’ll save you time, stress, and money every time you let them prepare your return. If anything comes up or you face an IRS audit, they’ll support you through the process.

This is true for individuals and business owners alike. Everyone can benefit from working with a professional tax preparer each year.

But there are things you can do to further streamline your taxes and improve your overall financial situation. Check out our latest posts for more helpful money-saving hacks.

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