Do Companies Need To Keep Old W-2 Forms On File Key Benefits of Hiring a Professional Tax Service

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Key Benefits of Hiring a Professional Tax Service

The mere mention of taxes often inspires fear in the minds of taxpayers. Whether you are an individual or a small business owner, filing a tax return is something you simply cannot avoid. The old days when anyone could fill out a simple return are fast disappearing. This is especially true if you have a complicated return, multiple incomes or plan to take multiple deductions. Tax assistance for business owners is a critical necessity to ensure that quarterly and year-end taxes are filed accurately. Becoming familiar with the benefits of professional tax preparation will help you decide if it is the right choice for you.

Using a tax preparation service initially costs more than filing yourself. However, professional accountants can also save you a lot of time and money down the road. Instead of spending hours reviewing tax details and crunching numbers, you get the convenience of having someone else do it for you. Likewise, the best services only use Certified Public Accountants or Enrolled Agents – the most competent tax specialists available. This means that your tax return is guaranteed to be as accurate as possible. In contrast, doing your own taxes opens the door to mistakes. A simple math mistake or missed deduction can mess up your entire return or even cause you to be audited.

When times are financially tough, every dollar counts. As such, spending money on a tax specialist may seem unimaginable, even if you see the benefit of doing so. However, you may be surprised to learn that the cost of hiring a professional may be tax deductible. The mileage spent driving to and from your agent, postage to send tax forms to him or her, as well as, the cost of the preparation itself can all be deducted if your expenses total 2 percent or more of your adjusted gross income. These types of deductions are considered miscellaneous and should be reported on Schedule A of IRS Tax Form 1040. Be sure to have your accountant itemize your deductions if you want to take advantage of this tax. Not only that, but accounting professionals generally know about deductions that you may not be aware of, so they can increase your deductions, thereby lowering your taxable income.

Audit support is one of the most important benefits of using a professional tax service. In addition to reducing your chances of being audited, having a CPA or Enrolled Agent in your corner can give you the support and tax expertise you need to successfully pass an IRS audit if one comes up. When facing an audit, it is essential to have someone you trust to help you through the process. Likewise, in the unlikely event that a mistake is made by your tax professional, it can easily be resolved. In contrast, going it alone can often result in expensive lawsuits. Unfortunately, not all tax professionals are the same, so choosing the right person from the start makes all the difference. In addition, the IRS has begun cracking down on many less-than-scrupulous tax preparation companies, so be sure to get references and check credentials before trusting someone with your most sensitive information.

Ultimately, the decision about how to prepare your taxes is one you must make based on your own needs and circumstances. However, understanding the benefits of working with a professional can make the decision much less complicated and even ease much of the fear you may have about facing the upcoming tax season.

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