Preparing your taxes on your own can often be an extremely time-consuming, stressful, and risky endeavor for the average individual, which is why it is so important to consider hiring a professional to prepare your taxes for you. Listed below are two reasons to hire a professional to prepare your taxes.
Protects You From An Audit
One of the most frightening parts of preparing your taxes is the idea that the IRS may actually end up calling you in for an audit because you made a mistake on your taxes or misinterpreted a portion of the tax laws. However, you can get quite a bit of protection from an audit simply by hiring a professional to prepare your taxes.
For example, many tax professionals will offer a service for an additional fee when you file your taxes that will provide you with representation in the event that your return gets chosen for an audit. In that situation, you can go into your audit with a tax professional who will be able to explain any issues or sections of your tax return that triggered the audit, which will make it more likely that you will be able to get out of the audit without any penalties. In addition, since the tax preparation service or preparer will be extremely familiar with the tax laws, it is very unlikely that they will make a mistake that will result in you getting audited in the first place.
Provides The Most Beneficial Tax Situation For You
Another reason to hire a professional to prepare your taxes is the fact that a professional will be able to provide you with the most beneficial tax situation or scenario for you. In most cases, this means finding any deductions that they can in order to maximize your tax return.
In the case of an individual who is self-employed or who is running his or her own business, the tax professional will attempt to do everything they can in order to minimize your tax liability or debt when you file your taxes, which is important when you consider that most self-employed people typically do not get a tax return but end up owing taxes when they file. In that situation, the tax preparer can look for any business deductions or expenses that can lower your tax liability, thus resulting in a much lower tax burden for you.
Make an appointment with a tax preparer like Karla Dennis today in order to discuss how they may be able to assist you with your taxes. Hiring a tax professional to prepare your taxes can help protect you from an audit and provide the most beneficial tax scenario for you.