Should I Hire a Tax Preparer? Should I Do My Own Taxes?
Many people ask this question.
Con to Hiring a Professional: You have to pay them. If you do you taxes yourself, then you don’t have to pay another person to do them for you.
There are quite a few “pro” reasons why you should have a tax preparer.
Preparing your own taxes is a pain. And doing your own taxes could end up costing you a lot of money in penalties if you miscalculate the numbers.
Top Reasons For Hiring a Professional Tax Preparer
Here are several more reasons to why to hire a tax preparer:
- You get the professional touch – A tax preparer is trained to handle your taxes. It is smart to always go with someone who has been taught on how to handle different types of taxes and they help you get to where you want to be in your taxes. People who are employed with tax preparation chains are trained to understand everything you need and to help you get a return on your taxes the best they can do within the law.
- You get itemized reports – When you go to a tax preparer, you are going to get an itemized report of your taxes. This is extremely grateful if you have the unfortunate audit of your taxes. When you go with a tax preparer, you are going to be able to have all the paperwork together and not have to fish through the different stacks of paper that you have when you do the taxes yourself.
- You don’t need to know the “tax language” – You don’t need to know if you Earned income credit (EIC) or other things like the different grants that you qualify for, or what 10-40 form you have to fill out when you go with someone who is trained in the matters of taxes. Having to know all that different information can really be bothersome when you are trying to prepare them yourself.
- You don’t have to spend time doing it - When you have someone else do your taxes, you are going to be able to save a lot of time in not having to deal with making sure that all of your information is filled out correctly or have to worry on whether you have not forgotten something. Dealing with taxes can be very costly on your time.
- You are somewhat Protected from an Audit – When the IRS sees that you have had your taxes prepared, you are less likely to be audited in your taxes. When going the legal route, you have nothing to fear, but it is very tedious if you do get audited from the IRS. You have to worry about this even more when you are doing them by yourself.
In a legal sense, if you mess up on your taxes, you are going to have to file an amended tax return and you are only going to have to pay greatly for it too.
Penalties alone can be really high and it is no fun to deal with the IRS in an audit.
You need to make sure that your taxes are right. You don’t need to stress over the fear of an audit, you can rest easy knowing that you have all your taxes done and you will have a better chance at getting money back from your taxes.
Getting your taxes can be a lot easier when you hire a tax preparer.