The deadline for turning in your 2011 taxes is quickly approaching. Millions of Americans need to get their paperwork in order and file by April 15. Are you ready? Lots of people choose to do their taxes themselves, but others spend the money to hire a professional. While some people think that hiring someone to do their taxes is a costly, unnecessary expense, others wouldn’t trust such an important task to anyone but a professional. Hiring a tax professional is an excellent idea. No matter how simple your taxes are or how much you think you know, you need to hire someone to prepare your taxes. Here’s why.
You’ll Get the Best Result
Tax professionals such as accountants and agents are experts at what they do. They have years of training, education and experience, and they know the tax codes inside and out. You need that knowledge to get the best result for your return. Tax professionals will help you to get the maximum refund that you qualify for. They’ll help you identify deductions that you qualify that you may have otherwise been unaware of. When they take a look at your finances, they do so as an unbiased third party. They’ll be able to see opportunities to reduce your tax liability that you might overlook on your own. When it comes down to it, if you have your taxes prepared by a professional, you’re much more likely to get the highest refund possible for you.
You Don’t Have the Time
Preparing your taxes is a very time consuming task. If you have very complicated taxes, you can’t just sit down and get them done in a few hours. With work and family, you may not have the time to devote as much attention as necessary to your taxes. If you don’t have adequate time to spend, you won’t get them done right. You might make careless errors because you’re rushed. If you hire a professional, they’ll spend a lot more time with your finances because it’s their job to do it.
You Could Make a Mistake
If you do your own taxes, you could easily make a mistake that a professional wouldn’t. You might not thoroughly check your work and make a mathematical error, or you might have an incorrect understanding of something and not realize it. If you make a mistake on your taxes, it can cost you. It will take you a lot longer to receive your refund, and you could even be audited or accused of fraud. You need to hire a tax professional to protect you from yourself. In most cases, you’ll sign a contract with a tax professional in which they agree to represent you and stand by their work if the government decides to question you. This kind of reassurance is great to have.
The Bottom Line
The bottom line is that taxes are complicated, and they’re something you need to take seriously. For those reasons, it’s best to hire someone to help you. As long as the person you hire is educated, reliable, and has references that check out, you’ll be much better off, and you’ll have one less thing to worry about this Spring.
Lisa Haan has weighed the pros and cons and will be hiring a professional tax preparer this year. This will free up time for her to share more great money saving tips with help from the world’s best grammar checker.
- How to Choose a Tax Professional (2012taxes.org)
- 5 Reasons You Should Hire a CPA This Tax Season (2012tax.org)