While you may have access to free or low-cost software that handles your taxes, you may overlook something that could cost you more than you realize. Before inputting a few numbers and answering several questions to file your taxes next year, check out the following top 3 reasons to hire an accountant to look over everything before filing.
1. Sidestep Unnecessary Mistakes
In 2019, roughly 80% of taxpayers made tax missteps. With an accounting professional’s help, you rest easy knowing you adjusted your W-4 form or otherwise adhered to the most recent tax changes. Without an experienced professional’s insights, you could get less money than you deserve on your taxes. Depending on the error, you may even owe the IRS money. The money you spend on an accountant could be less than what you could owe if you made a filing error. The peace of mind you experience knowing you remain on the IRS’s good side may make investing in a financial professional more than worth it.
2. Save Money and Get a Maximum Refund
Not only can not knowing the latest tax laws and regulations land you in hot water, but a lack of knowledge could also cost money. If you don’t know which tax breaks and deductions you qualify for, you could miss out on getting a bigger refund. You may also take unnecessary steps while filing that actually cost you more than you owe.
You may think that you’re saving money by not spending it on a tax professional. But, did you know you may qualify for deducting the cost of hiring an accountant to file your taxes? By leaving everything to tax preparation software, you may never learn all your tax saving options.
3. Save Time and Frustration
In 2020, the IRS received approximately 116,000,000 individual income tax returns. Think of how much time those taxpayers spent filing taxes. It’s not unusual for taxpayers to invest about 20 hours filing taxes to make sure they do everything correctly. Rather than spend nearly an entire day on the task, let an accountant invest all that time and energy instead.
Even after all that time, taxpayers cannot guarantee they did everything the right way or that the IRS won’t audit them. After filing, they may spend over 20 hours fretting about minor and major details, worrying about whether they left money on the table or if the IRS could send them a bill rather than a refund. Not only do you pay an accountant to file your taxes, but you also pay for peace of mind.
Find Relief This Tax Season With Orlando’s Best Tax Accountant
Whether it’s the beginning of tax season or the middle of the year, it’s always a good time to let experienced, trusted accounting professionals help you prepare to file. KDK Accountancy is an award-winning CPA accounting firm dedicated to making accounting less taxing.
Schedule your free consultation online, or Call (407) 759-5363 today for a Free Consultation.