The Benefits of Professional Tax Preparation
If you have been on the fence for the last few years, trying to decide if you should enlist the help of a professional tax firm to help you prepare your annual tax return, now is a great time to spend time thinking through all of the potential benefits of partnering with a tax relief company. We have pulled together the most compelling reasons for hiring a professional to help with your taxes:
1. They’ll save you time.
Many estimate that completing your own tax return each year takes an average of 16-22 hours. This includes record keeping, organizing, completing forms and actually submitting the return. If you turn your taxes over to a tax professional, you can significantly decrease the amount of time spent on taxes and likely save yourself some stress and worry as well.
2. They may also save you money.
While one of the considerations for hiring a tax professional is the additional amount of money you will pay for this service, it is important to note that a tax professional can actually save you money on your return. A tax professional can identify all possible deductions and credits that you may be eligible for, ones that you may not even have been aware of. Also, if you calculate your time in terms of a dollar amount, you may find that paying a tax professional actually saves you money!
3. You know your return will be accurate.
A tax professional can reduce the risk of errors on your return, which can increase your likelihood for an audit. Basic math errors, inverting numbers and forgetting to sign and date your return are some of the most common errors for individuals who complete their own return. Hiring a tax professional will ensure that your return is error free.
4. Tax preparation fees may be deductible.
If you itemize your deductions and use a tax professional for help, you may be able to deduct some of your expenses including mileage, postage, software and other resources like books that give you information on how to file. The key here is the only way to be eligible for these deductions is to itemize your return.
5. Support in the event of an audit.
No one wants to even think about an audit when they file their annual return. And, in most cases, audits are fairly rare. One other benefit, however, of using a tax professional for your annual return is that if the IRS has questions about your return, you already have a professional in place with knowledge of your financial information that can help you respond. This peace of mind alone is one main reason many opt for professional assistance with their tax returns.
Success Tax Relief is a full service tax firm that offers support and assistance with the annual tax return process. Our team has worked with many individuals and businesses to maximize deductions and credits. Keep as much money in your pocket as possible while submitting an accurate return. Submit an accurate return and keep more money in your pocket — give us a call today at 877-825-1179 or contact us online.