Skip to main content

Four Reasons Why You Need Help with Your Taxes This Year

When it comes to filing tax returns, there are two options that you can select. You can either file your own taxes using tax software and the IRS website or hire a tax professional to do the work for you. Doing it yourself won’t you cost you anything but it will require time and patience. Working with a tax preparer will require you to part with a buck or more. 


Only three professionals are qualified to assist you with your taxes; certified public accountants (CPAs), tax lawyers and verified IRS agents. This article will offer four reasons why you should find someone to help you with your taxes this year. 


You Have Little Experience Doing Taxes


If, you have no experience handling tax forms, you may want to hire a tax professional. Otherwise, you might itemize the wrong deductions or submit the wrong tax forms. 


Tax professionals not only have all the knowledge and resources to file taxes. They also know the tax codes and can alert you to something you are likely to miss when filing your returns. For example, professionals can tell you when you have outstanding tax debt and help connect you to reliable and credible tax relief services


You recently Purchased Rental Property


Filing taxes often becomes more complex when you own rental property. You need to not only know the rules governing depreciation of rental property but also the process of claiming losses arising from rental activities. 


Therefore, if you bought your first house during this tax year, you most likely will need help with your taxes. A tax preparer can help ensure you itemize all deductions and claim all the losses you are entitled to. 


You Don’t have the Time


According to data from the IRS, the average individual spends roughly seven hours gathering receipts and documents and filing their returns. In the case of a business, it may take up to 20 hours. 


If you can't devote this amount of time to doing your taxes, consider going for a tax professional. It may cost you a couple of hundred dollars, but you'll save time best devoted to other essential things in your business or life. 


You Recently Went through a Major Life Change


Any major changes occurring in your life, for example, getting married, getting divorced or having a baby, can affect your tax filing status. You may want to hire a tax professional in the first tax year when you experience that major change to ensure you claim the right deductions and attach the right forms to your returns. 


Final Thoughts


The decision to hire a tax professional or not depends on your situation. The more complex your tax filing may be, the better off you are working with a tax preparer. Tax professionals will help save you time and prevent any error that may occur, when filing taxes yourself.


Popular posts from this blog

Copycat Boston Pizza's Bandera Bread

Have you ever had a craving for something but then once you looked at it you realized, I can make that myself for next to nothing? That's how I felt last night I thought about ordering in some food but then realized I really don't want to spend any money. I really wanted pizza bread from Boston Pizza. So I recreated it and oh my goodness was it ever good. Try some of these great recipes too!  Pizza Bread Dough 1 cup warm water 1 tsp instant yeast 1 tsp sugar 2 cups flour  Seasoning 1 tbsp melted butter 1 tsp garlic powder 1 tsp onion salt 1 tsp parsley 1 tsp rosemary 1 tsp basil 1 tsp oregano 1/2 tsp sugar 1. Combine the water, yeast, and 1 tsp of sugar in the mixing bowl and let stand for 5 minutes. Add the flour and salt and mix until a ball of dough forms. Roll ball onto a floured counter top and knead for a couple minutes.  2. Put dough in an oiled bowl and let rise for 30 mins in a warm place with a clean cloth draped over top. While your doug

Affordable Ways To Make Your Home Look Luxurious

How do they do it? Professional designers seem to pull it off so effortlessly, but how will you make your home look more luxurious? You could just employ a professional or you can personally undertake the task of transforming your home into a place of luxury on a budget. In order to save money on your purchases, be creative and vigilant in your pursuit for the perfect style. Follow our budget-friendly ways for making your home a vision of luxury. Think it through, choose a style Luxury look isn’t enough to go on, so before you start shopping and wasting your money on furniture and decorations you might not even use in the end, first do some research. Go online and do some window shopping and find which style is more to your liking . An elegant Victorian style or something more modern and chic? Don’t get me wrong, you may want to mix and match, but before you commit by buying anything, consider what look you are going for. White is the color of elegance Choosing white as yo

DIY Table Revamp - Guest Post

Hi all! I'm Tiffany from This Motherhood is Brought to You by Xanax and I am so excited to be a part of the Guest Post Swap and to be Amanda's swap partner! I love love love her idea on how to make indoor snowballs with egg cartons. I am definitely going to have to try that with my kiddos since my smallest one has decided that it has to snow for Christmas. Poor baby doesn't know snow is hard to come by in Alabama :( For my guest post I wanted to share a little DIY with you guys that involves duct tape! A few months ago my daughter's little chair that goes with her table she sits at every day tore and she made it worse by pulling all of the stuffing out of the seat! What started out as a quick fix turned into a great idea. She loved her seat so much that she has now decided that her table has look cool too so being the smarty pants that she is, she tore her table!