The older you get and the larger your family grows, the more difficult your taxes become. And although there is always the option of using tax preparation software, most of the available programs are really only capable of handling standard 1040-A and 1040-EZ tax return forms.
If you’re a homeowner with multiple assets and several children, just do yourself a favor and let an expert handle your taxes for you. In doing so, you’ll save yourself the trouble of spending hours trying to fill out unnecessarily complex tax forms.
Disproving Tax Preparation Myths
Many people are initially against the idea of a professional preparing their taxes because they don’t want to pay an “expensive” fee for something they think they can do on their own.
A study done by the National Society of Accountants (NSA) revealed that it costs roughly $261 to have a professional do your taxes, which might be a little daunting to some people.However, that average is inflated by the cost of corporation tax returns, which were an estimated $806. The cost to do a standard 1040 form with itemized deductions was only $152.
Ultimately, $152 isn’t that much to have a professional save you the time and effort of doing your taxes and depending on which service you use, your fee could be even lower.
The Benefits Of Professional Tax Preparation
The advantages of hiring a professional accountant come down to saving you two things: time and money.
Time Well Spent
American spend a staggering 6.1 billion hours each year preparing their taxes (yes, you read that correctly). This averages out to each taxpayer roughly taking over 24 hours to prepare their taxes every year.
If you already have a busy work, family, and social life, making the time to basically spend a full day on your taxes is going to be incredibly stressful, so why not just let a professional take care of it for you?
Money Saved Is Money Earned
Yes, you’ll have to pay a fee in order to have someone prepare your taxes. But by paying this fee you can likely save hundreds or thousands of dollars on your tax return. Also, tax preparation fees are considered deductible by the IRS, which means that money could go straight back into your pocket.
Accountants are familiar with all of the intricacies of the United States tax code and they can help save you a substantial sum of money by helping you find deductions that you might have missed. More importantly, they can also reduce the number of mistakes on your tax return that can result in you having to pay hefty penalty fees to the government.
If you wanna avoid the usual headaches that are associated with tax season, just visit a tax preparation specialist such as All American Tax & Accounting. You’ll have more free time to enjoy, as well as more money to spend when you get your tax return.Read More