There are many programs and websites that offer you the ability to complete your own tax returns without any professional assistance. While it can be tempting to take this do-it-yourself approach to filing your taxes, it may not be the best choice. In fact, there are several reasons why you should stick to professional tax preparation services. You can learn more about there of these reasons below.
Reason #1: Make Sure You Don't Miss Any Deductions Or Credits
Tax deductions and credits help to offset how much you pay in taxes each year. Failing to take advantage of a deduction or credit that you are eligible for can result in you paying more in income tax than you have to. Assuming you do not have a large amount of excess cash you are looking to give away, this is a situation you will want to avoid. Choosing to use professional tax preparation services can help to ensure you get every deduction and credit that you qualify for.
Reason #2: Avoid Potential Delays In Receiving Your Refund
If you are expecting a tax refund, you will want to get this money as quickly as possible. Unfortunately, even minor mistakes on your tax return can result in very lengthy delays when it comes to issuing your refund. Tax preparation professionals can ensure that your return is error-free and allow you to avoid these types of delays. Your tax preparer may also be able to help you get access to your funds faster through the use of a refund anticipation loan. In some cases, these loans will allow you to walk out of your tax preparation office with cash in hand. This can be especially beneficial for individuals who need the funds from their tax return to take care of a financial emergency or to get caught up on past-due bills.
Reason #3: Don't Fact A Potential Audit Alone
Choosing to use professional tax preparation services does not guarantee that you will not be audited by the IRS. However, if you are chosen for an audit, you will not need to face this audit alone. Instead, you will be able to count on your tax preparer to help you through the audit process. This is perhaps the most important benefit of using professional tax preparation services since an audit can be a complex, stressful, and ultimately expensive process if you do not have a tax professional in your corner.