Tax season is here, and with it comes the yearly question of whether you should hire a tax professional to prepare and file the forms for you. Even if your tax preparation is a relatively simple affair, consider employing a qualified tax preparer. Not only does such commerce stimulate the economy, there are at least three key reasons why hiring a tax professional is a capital idea.
Focus on saving money now
While it may seem as though working with a tax professional such as a certified public accountant will take the taxpayer as much time as if they’d simply prepared and filed the return themselves, the truth is that using a tax preparer saves time. Rather than spending time on paperwork and administration that includes gathering documents, adding figures and deciding which forms best suit your tax profile, you gain time when a CPA is on the case. Qualified tax professionals are trained to consider every viable tax deduction option, without the client having to be there.
When you need tax audit advice
A tax audit can be a painful experience if you aren’t prepared. Having a tax preparer working on your behalf and representing you before the Internal Revenue Service and standing by the work they’ve done on your behalf is comforting. Even if your tax professional does not serve as a proxy for you during a tax audit, you will at least get advice for proper preparation. Considering that your tax preparer was the one who put together all the paperwork and filed the completed return in the first place, who better to provide you with helpful hints?
Get advice for more complex financial matters
A good time to consult a professional tax preparer is after you’ve altered your financial profile because of advancement up the career ladder and as a result of other life events and purchases. When the day comes that a taxpayer has more assets to manage, having a tax professional is particularly important. A CPA who works with small business owners, an experienced estate planner, responsible investment planners and private insurance providers are all avenues worthy of exploration. Shopping around and seeking recommendations for the best tax preparers and advisers is a good idea.
IRS advice on choosing a tax preparer