7 Advantages of Having Your Taxes Prepared by a Professional

July 27, 2020

Taxes are a permanent fixture in your professional life and managing them is no easy feat. While self-education is always an option, it doesn't fully remove the possibility of making errors that might ultimately cost you a great portion of your savings. Enlisting a professional Tax Preparation Service is a viable yet daunting approach: scams are a common occurrence and, sometimes, the costs of a service surpass the quality of the service itself. It's normal to have reservations but, once you've found a reputable company to support you, the advantages make for a very appealing picture.

Having a professional preparing your income taxes not only saves you a lot of headaches down the line, it can help you get more comfortable with the process as a whole. Here's a list of the benefits that come with handing over your tax preparation to a professional.

What You Get from Having your Taxes Prepared by a Professional

1. Less pressure: Preparing your income tax return involves a lot of steps, some of them simple yet bothersome, other intricate enough to demand all your attention. You need to file several documents, including financial statements, forms from different institutions (your working place, banks, federal organizations, schools, etc) and receipts you've collected during the previous year. You also need to calculate your tax liability. A professional tax preparer can verify that no document is missing, help you list all the required information, and conduct all the calculations for you.


2. Better use of your time: With a window of 2-3 months to put everything together, the help of a professional tax preparer can be just what you need to file your tax return on time without neglecting other affairs. A professional tax preparer will make sure to file your tax return in advance to avoid last-minute hiccups and assist you through the process all the way to the final verification.


3. Professional counsel and service: Professional tax preparers are familiar with the rules and limitations of filing your tax return. They can guide you through the optimal way of calculating your taxes while minimizing your tax burden. With countless of expenses that might qualify as deductible, a preparer can also tell you whenever a credit/deduction is viable and which of them to itemize depending on your circumstances.


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4. Accuracy: Because of their experience and familiarity with the tax filing process, professional tax preparers have polished skills that leave little room for mistakes or miscalculations. These skills are also the reason why so much time can be saved during the tax preparation process. A professional tax preparer knows what to look for in your financial records, can easily recognize incongruencies, and will always be on the lookout for modifications introduced to the IRS's form instructions.


5. Support during potential complications: Audits are one of the most feared consequences of inaccurate information in your tax return. In the event of an audit, you have the support of a professional that can vouch for your case and help you respond accordingly to the inquiries made by the IRS. If the tax preparer turns out to be responsible for the inaccuracy, this also works as a safety measure to prove the transparency of your financial information.


6. A cost-effective solution: This is an attractive advantage as long as you have a clear idea of the responsibilities a tax preparer is expected to fulfill. Hiring a professional tax preparer will inevitably cost more money than working through your taxes on your own and/or with the aid of a tax preparation software, but it might save you from overpaying during your tax return. As we've addressed above, a tax preparer can easily find credits and deductions you might not be aware of and this is likely to bring a considerable reduction to your resulting tax rate.


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7. The possibility of having deductible fees: The fees you pay for tax preparation services and resources can be among the deductible expenses you itemize during your tax return. These fees are known as miscellaneous deductions and can extend to postage for emailing your documentation / tax return, costs for materials you've purchased to help you prepare your taxes, and even the resulting mileage covered after meeting your tax preparer.

If you plan on having your taxes prepared by a professional, it's important to start evaluating candidates in advance, since most accountants and preparers will probably be in high demand in the weeks preceding the deadline of your tax return. Remember to check credentials and professional references before making a choice; this will not only prevent scams but ease your concerns as you move along with the tax preparation process.

Each new endeavor entails a risk but getting professional tax preparation can actually be the end of your worries if you know what to look for. For more than a decade, United Tax Group has made its name in the industry providing honest and accurate tax preparation services by the hand of the most knowledgeable professionals. Call (786) 431-5576 or fill out our website's Contact form to learn all the ways in which we simplify taxes for you.