The many pros and cons to do your own tax filing and the benefits of having a tax preparation service file your income taxes instead.
It’s that time of year again: Tax Season. While it may be very tempting to try and complete your own tax preparation, there are a few things you should know before you begin. The tax laws and codes are accessible to everyone, but the reality is they are very complex. Understanding the US tax laws takes many years of training and expertise with filing tax returns. Since the tax laws change every year, it makes it all the more complicated to keep up with. You would need ongoing training in order to ensure your taxes get filed with all of the applicable deductions and credits for your tax situation. The downside is that you may miss something vital or incorrectly record a number, which can result in large fines, an audit, or even worse, being charged with fraud.
So, if you are still intent on doing your own taxes, then the next question you have to ask yourself is, “Am I ready to learn?” Because if you are going to take on your own tax preparation, then you need to make sure you are indeed aware and educated in all the vital information, new legislations, and guidelines necessary to claim each deduction and credit you file. If you have the time and money to invest in the proper courses and training, then filing on your own may very well be a good choice for you. However, if you are not good at arithmetic or studying, then it’s best to leave tax preparation to the professionals.
There are different tax preparation services to choose from. A variety of companies offer online software that can be used. These different software programs can be very convenient by allowing you to complete your tax preparation in the comfort of your home. The drawback of these programs is they are set up as your standard tax filing systems, meaning that they may not get you all the deductions and credits you really have coming to you. Are you willing to take the chance on losing out on more money?
The best choice is to find a good tax preparation service with actual people, as opposed to a computer program. It is important to find an established company with a good reputation that offers many benefits with their services, along with a staff of seasoned, experienced CPA’s and tax professionals. The best tax preparation services typically offer free electronic filing, past refund reviews, free consultations, and year round assistance. Finding a company that offers a guarantee gives you peace of mind that your taxes have been done properly, and in accordance to all of the US laws. There are even some companies that allow you to drop off your taxes to be completed while you finish other errands. It’s an obvious decision to choose a service with plenty of experience, excellent customer service, and that way you can take confidence in the fact that they are doing all they can to get you the maximum refund.
If you are unsure and nervous about completing your own tax preparation, then you should definitely choose our tax professionals here at SK Financial to handle your tax returns, and let us seek out all your deductions and credits to maximize your tax refund.