How Math Can Be Used In The Income Tax Industry Key Benefits of Hiring a Professional Tax Service

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Key Benefits of Hiring a Professional Tax Service

The mere mention of taxes often strikes fear into the minds of taxpayers. Whether you’re an individual or a small business owner, filing a tax return is something you simply can’t avoid. The old days when anyone could fill out a simple return are fast disappearing. This is especially true if you have a complicated return, multiple streams of income, or plan to take multiple deductions. Tax help for business owners is a critical need to ensure quarterly and year-end taxes are filed accurately. Familiarizing yourself with the benefits of professional tax preparation will help you decide if it’s the right choice for you.

Using a tax preparation service costs more upfront than filing. However, professional accountants can also save you a lot of time and money down the road. Instead of spending hours going over tax minutiae and crunching the numbers, you have the convenience of having someone do it for you. Also, the best services only use certified public accountants or registered agents, the most competent tax specialists available. This means your tax return is as accurate as possible. Doing your own taxes, on the other hand, opens the door to mistakes. A simple math mistake or missed deduction can screw up your entire return or even get you audited.

When times are financially tough, every dollar counts. As such, spending money on a tax specialist may seem counterintuitive, even if you see the benefit of doing so. However, you may be surprised to learn that the cost of hiring a professional may be tax deductible. Mileage spent driving to and from your agent, postage to mail tax forms, as well as the cost of the preparation itself can be deducted if your expenses add up to 2 percent or more of your adjusted gross income. These types of deductions are considered miscellaneous and must be reported on Schedule A of IRS Tax Form 1040. Make sure your accountant itemizes your deductions if you want to take advantage of this tax break. Not only that, but accounting professionals are generally aware of deductions that you may not be aware of so they can increase your deductions, thereby reducing your taxable income.

Audit support is one of the biggest benefits of using a professional tax service. In addition to reducing your chances of being audited, having a CPA or Enrolled Agent in your corner can provide you with the support and tax expertise you need to successfully navigate an IRS audit if one occurs. When facing an audit, it’s essential to have someone you trust to help you through the process. Likewise, in the unlikely event that your tax professional makes a mistake, it can be easily resolved. Instead, going it alone can often result in costly litigation. Unfortunately, not all tax professionals are created equal, so choosing the right person early on makes all the difference. Also, the IRS has begun cracking down on many less-than-scrupulous tax preparation firms, so be sure to get references and verify credentials before trusting someone with your most sensitive information.

Ultimately, the decision of how to prepare your taxes is one you must make based on your needs and circumstances. However, understanding the benefits of working with a professional can make the decision much less complicated and even alleviate much of the apprehension you may have about the upcoming tax season.

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