31 Jan Why You SHOULD NOT Do Your Own Taxes
The time is NOW to get your taxes done! Most people don’t think twice about doing their own taxes. After all, why spend the extra $50 if you can just do your own taxes with some nifty software?
However, we find that most of our clients come to us because something went wrong, and they’re now faced with a bill from the IRS. The cost of having incorrect information on your return can be crippling! While some people can file just fine, we have a few reasons why you should not do your own taxes. In 2018, there was a tax change that 80% of taxpayers failed to account for on their returns, leading to smaller refunds and/or larger tax bills.
Non-Professional Eyes on Your Return
One of the biggest reasons you shouldn’t do your own taxes is that you’ll have a set of non-professional eyes on your return. This is especially true if you have more than a W-2. Most people aren’t familiar with a Schedule-C on their 1040s or how to properly calculate depreciation and expenses. The more complex your return, the more you’ll need a professional to do your taxes. Again, filing incorrectly can lead you to pay some massive penalties!
You’ll Miss Out on Deductions
There are tons of deductions that most people don’t know they can take, let alone at what rates. There are many different deductions that go on a return that tons of people omit them altogether. Sure, you’ll spend a few hundred more hiring an accountant than using TurboTax, but the overall savings you’ll see more than balance out the costs. This goes double if you’re a business owner, like a real estate agent or dentist. There’s no need to pay more to the IRS than what you owe!
Changes Are Difficult to Navigate
There are many things that can affect your return. You just got married, but you’re the only one who works. Do you file married or as head of household? How does purchasing a house affect your return? How much can you claim if you have kids? What if you’re a single parent? There are all sorts of circumstances that can change your taxes, and most people aren’t sure what they qualify for. By hiring a tax preparer, you can rest easy knowing that they know how to handle everything.
If you’re looking for some help filing your 2019 return, then give us a call at 614-652-4888 or 614-310-0506 to schedule an appointment!