02 Sep Can I trust someone else to do my taxes?
Asking someone else to do your taxes is a lot like asking for help with car repairs. Some people love and know how to fix any vehicle malfunction, while others would rather pay a professional to deal with such a demanding task.
Preparing your tax return is similar. Whether you’ll opt to pay someone to do your taxes depends on your confidence and skills of crunching numbers as well as basic knowledge of tax rules, plus your readiness to put in the time.
If you’re fine with doing your taxes alone, at least make sure to have a tax professional on speed-dial to provide you with the answers to questions that will undoubtedly arise. Otherwise, you should let professionals tackle your tax returns.
Benefits of Letting Someone Else Do Your Taxes
- It saves time – Preparing your taxes can be a tiresome and time-consuming task, especially if you also have a business return. It can also be very frustrating.
- There’s a chance you’ll miss something – No matter how informed and well-versed you might think you are, a tax professional is definitely better informed.
- Your tax professional can represent you to the IRS – In case you get audited, a tax professional will represent you properly and take care of everything pertaining to your case.
Reasons to Hire a Professional to Do Your Taxes
1. You don’t have time or patience to deal with it yourself
If you feel that the time and energy you’d need to devote to doing your taxes could be spent on something more important, then the best thing to do is outsource. It’s also wise to let someone well-versed in the matter take care of it, instead of rushing through your filings and risking making a mistake.
2. You have a complex tax situation with investments, dependents, important assets, charitable contributions, or you own a business
Practically every financial transaction comes with some version of tax consequence, and the more transactions you have, the more things you need to consider. People who freelance, own their business or are self-employed need to ask a professional’s help to fix their uncommon tax situations.
3. Itemizing deductions
In 2017, the tax law increased the standard deduction, and since then, fewer filers are itemizing deductions. However, if you have a mortgage, make charitable donations, or have high medical costs, you can save more money itemizing deductions than taking the standard deduction. But, itemizing can be tricky to do on your own, so it would be wise to have a professional do it instead.
4. You had a major change in your life in the past year
Did you buy a house, got married, or have a baby? These things, however wonderful they may be, can heavily impact your tax filing, and you might want someone to explain to you how to best document them for the first time on your taxes.
5. You are not sure you can do it properly by yourself
If entering numbers and talking about dependents and deductions makes you space out, you might want to leave it to a professional.
These are just some of the benefits and reasons to have professional support while doing your taxes. If you want to get the best in business, contact Golden Tax Relief today!