As the personal tax deadline approaches, those that are self-employed, independent contractors and entrepreneurs are weighing their options when it comes to filing this year. I have reintroduced personal tax filing to my services as I've seen tax preparation costs go up and quality go down. I'm offering these services as inexpensively as possible, without inflating my cost but then offering a discount, for a straightforward, valuable service.
If you're still wondering whether or not hiring a tax professional is the best options for you, here are 3 reasons, from an article on Business.com on why it may be the way to go.
Someone to speak with. Perhaps the biggest benefit of hiring a professional is that you get to interact with a real person. While DIY tax software may be able to suggest certain deductions and exemptions, there’s only so much a computer algorithm can do. An accountant has spent years in the industry and understands the complexities of the IRS code. As a result, they can suggest tax savings and help you develop strategies for saving the most.
Better software. The tax software you purchase for personal use is certainly efficient and accurate, but it’s nothing compared to the software CPAs use. They regularly pay thousands of dollars for their technology, which means it comes packed with extra capabilities and resources. This reduces the risk of error and makes the process more thorough.
Less risk. “There are so many things that can go wrong,” says Mike Ryan, director of the Twin Cities Small Business Development Center in Minneapolis, when asked about the DIY approach to tax filing. All it takes is one misstep and you could tip the IRS off to bigger issues. However, when you use an accountant, you’re able to mitigate that risk. There’s a much smaller chance that you’ll be audited when you use a professional.
To Read the entire article "Accountant or Do It Yourself: How Should Entrepreneurs File Taxes?" by Anna Johansson.
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