We’re in the thick of tax season, and by now you probably have all of the documents you need to begin filing your return. If you’re dreading having to go through the process by yourself, there’s always the option to work with a skilled tax preparation professional, who can handle preparing and filing your taxes for you.
Here are just a few of the biggest benefits associated with hiring someone else to do your tax prep.
- You’ll save money: This is perhaps the biggest reason why you should hire a tax preparation professional. People who do tax prep for a living are much more likely to find all the deductions and tax credits for which you qualify. Not only can this exceed the fee it costs you to have a professional prepare your taxes, but it can also increase the size of your return or lower the size of your pay-in liability. Even with the standard deduction having doubled in size this year, a couple deductions you might not have previously noticed could still make a big difference.
- You’ll be able to plan for future years: Based on what they see in your taxes for this year, your tax prep specialist can recommend ways for you to better plan for your taxes in future years to ensure that you’ll be able to save the most money possible.
- You’ll avoid the hassle: Preparing your own taxes can take quite a bit of time and cause you a lot of stress that you would likely rather avoid. You’re a busy person, between your professional and personal obligations, so why stress out about getting your tax paperwork done correctly and filed on your time? Working with a tax preparation professional will remove a big stressor from your life and give you some peace of mind that all of the paperwork is done correctly.
- You’ll have help for an audit: In the unlikely event of an audit, a tax preparation professional can work with you through the process to make sure you clear up any discrepancies or points of interest with the IRS.
- You’ll avoid mistakes: We touched on this briefly already, but as a person who is not professionally trained to prepare and file taxes, there’s a much greater chance that you will make mistakes on your return than there is that your tax prep professional will make a mistake. These mistakes can be quite costly, so it’s just another way to save money and maintain some peace of mind.
- You don’t have to keep up with tax law: The last couple years in particular have seen some significant overhauls to the tax code, and it can be difficult to stay up to date with all of that information if you’re not a professional in the financial field. Tax prep pros know all of the changes that came with the Tax Cuts and Jobs Act and will be able to adjust your return accordingly.
Have you made the decision to work with a tax prep professional? Contact us at MCG Solutions today to get started.