It was Benjamin Franklin, one of the framers if the U.S. Constitution and an American icon, who said that “in this world can be said to certain, except death and taxes.” And sure enough, Americans are certain that our taxes must be filed by April 15th. With the mountain of paperwork and receipts that go into filing, hiring a tax professional might be a good idea. Here are some things to consider.
Do you have the time?
Preparing and filing your taxes can be quite a chore. If you are filing and have a very limited amount of deductions, filing online may be a good options. There are several websites which offer tax filing options at reasonable prices. However, if you have multiple deductions and don’t have the time to crunching numbers, you may want to consider going with a tax preparer.
Tax law can get very complicated. Unless you have been keeping up with all of the laws and tax jargon, you could be in over your head. Tax experts have stated that tax laws have changes for the past 40 years and a former IRS commissioner estimated that there have been over 3,500 additional tax laws since 2000. That’s quite a bit to keep up with! If you find yourself dreading the hours of making sure you are filing correctly, a certified tax professional is your best bet. Tax preparers are certified and are trained to keep up with the latest law changes and can often spot extra savings for you.
The bottom line: hiring a professional to do your taxes can be very beneficial. You are not only guaranteed accuracy, but you can have some serious peace of mind knowing that your important financial documents are being handled by a trained and certified professional. So give yourself a break and hire a pro!