01/27/2022
Why You Shouldn’t Do Your Own Taxes Anymore
You’ve probably heard some variation of this: You wouldn’t do your own brain surgery, so why
would you do your own taxes if you’re not a tax expert? Plenty of accountants agree that you
shouldn’t do your own taxes. It is true that most people can fill out a tax return on their own or
with the help of tax software. But that doesn’t mean there aren’t benefits to hiring a tax accountant to help you.
1. You Get a Return the IRS Is More Likely To Trust
One of the big benefits of hiring an accountant to do your taxes is the way the IRS will treat
your tax return. “The IRS will be more accepting of a return prepared by a professional,” said
Mark Luscombe, principal analyst for Wolters Kluwer Tax & Accounting.“The IRS recognizes that and feels more comfortable with a professionally prepared return.”
2. You Get Peace of Mind
What are you most scared of by filing your own return? Likely, it’s getting something wrong.
By hiring a tax professional, you get someone who knows tax code, what can and can’t be
deducted. You get peace of mind that someone with a lot more knowledge about taxes has prepared your return.
3. You Get Help Maximizing Deductions
A tax pro can help you figure out how to get the most out of tax breaks.
4. You Get Help Taking Advantage of Tax Law Changes
A tax professional will let you know about changes to the tax laws during the year. They’ll send emails to clients with things you can do before year-end to take advantage of tax law
changes.
5. You Get Help Taking Advantage of Tax Loopholes
A tax professional can help identify tax loopholes that could save you thousands of dollars.
Tax software may alert you to deductions or credits you can claim if, however A tax pro will point out tax loopholes that will help reduce your tax bill for years to come.
6. You Get Someone Who Knows Exceptions to the Rules
A good accountant or tax preparer knows there are exceptions to tax rules that you or your tax software might miss when doing your return. A tax pro would be able to help you take
advantage of this and other exceptions to the tax code.
7. You Get Year-Round Support
One big benefit is that you get support 365 days a year — not just assistance as you file your return. Tax software companies may provide customer service and support. But it’s not the
same as calling a local tax pro who knows your name and your individual tax situation. You get personal service.
8. You Get Proactive Advice
Another benefit of working with a tax pro is the proactive advice you get throughout the year — not just when you file your return, which might be too late to make tax-saving moves.
Rather than waiting until after complicated financial matters take place, hiring a tax professional as you consider options is a great way to get on top of your tax situation.
For example, if you’re thinking about opening a business but concerned about the costs, a tax professional can help choose the right business structure for tax purposes and let you
know which documents you’ll need to maintain and what deductions you can claim.
9. You Get Help as Your Tax Situation Changes
When you have a major life event such as a marriage, birth of a child or divorce, it’s a good sign you need professional help filing your taxes. Your tax situation will likely change, and a
tax pro can help you plan for and deal with those changes.
10. You Get Help During an Audit
A tax professional might charge between $2,000 and $5,000 to represent you in an audit. It can be worth the money, though, because the professional will understand the process and
help you avoid sabotaging yourself.
