The number one reason to hire your own tax accountant is the fact that they know what they’re doing. They went to school for several years just to learn the laws about taxes, how they are calculated, what you pay on, and who pays how much.
All of this and more go into exactly how much each person is expected to pay every year. Hiring a tax accountant will ensure that you follow all of the rules and none are missed. When it comes to how much money you pay the government, you don’t want any mistakes, not one. Even a small mistake will end up costing you a lot of money to fix.
To avoid the out of pocket expenses, hire an accountant to do the job for you. He or she will make sure that all of your money, assets, and purchases are accounted for, and then they will tell you exactly how much owe to the IRS.
If you do you’re research, which you definitely should, you will find an accountant who has a few years of experience under his belt. Although an accountant fresh out of college will probably know what they are doing, you should really find someone who has been in the business for a few years.
Someone with experience will know the ins-and-outs of the laws, they will know if new laws are passed, and they will know how to deal with and fix any problems that may arise along the way. The type of knowledge that comes with actually working with a variety of people’s taxes over several years cannot be taught in schools, it can only be learned with years of experience.
So if you find that accountant who has years of experience and can help you out, make sure you give them everything. They need to know about every grocery store visit, every penny made at work, any repairs done to your house or car, every doctors visit, and anything else that involves money. And just so we’re clear, everything involves money.
You may be under the false impression that small things should not be accounted for because a few dollars isn’t going to make that big of a difference. This assumption is very incorrect, and it is very unfortunate that many people believe this, because they end up being penalized or paying too much money.
Experienced finance people will find all of the deductibles that you could possibly be eligible for and they will make sure that you pay the least amount of taxes and/or get the largest return. The generic tax calculating program on your computer is limited in information, and it does not do the research to go the extra mile to save you the most amount of money.
A real human being, however, has the ability to go out and dig for more information and find missing receipts and make the phone calls; all of which make sure that every penny is accounted for. On top of being able to do the things that a computer program cannot, you can get insurance with your tax accountant.
Since mistakes with the IRS are so costly, many companies who offer tax accounting services also provide an insurance policy for their clients. This policy usually states that if there are any mistakes in your paperwork and you end up owing money because of those mistakes, the company will pay for all costs so you don’t have to.
This safety net alone is a reason to have someone else do your taxes for you. The worst thing ever would be to do your own taxes on a Do-it-Yourself computer program and then accidentally miss one thing and have to pay hundreds, if not thousands of dollars. Hiring someone else will make sure that those mistakes aren’t made, and if they are, you don’t have to pay a thing.
The final reason to hire someone else to do your number-crunching is to save yourself a lot of time and stress. Most people hate numbers, and going through a years worth of receipts can be mind-numbingly painful, and the added pressure of getting them done on-time and without any mistakes can drive people crazy. Save yourself, hire an accountant.
Jack R. Landry has worked since 1988 as a tax attorney. He has written hundreds of articles about finding a Irs tax debt relief.
Jack R. Landry