It’s that time of year again: W-2 and 1099 forms are on their way to you. As you prep for tax season, do you ever wonder whether you’ve forgotten something and missed out on a larger tax refund?
When you file your tax return this year, remember that trusting in the expertise of a tax pro can literally pay off! They are savvier about deductions, filing statuses, and beneficial credits. Tax pros know the ins and outs of tax reform and how it will impact you next year. They keep up with all the changes, know tons about the tax code, and understand how it all affects your biggest paycheck of the year – your tax refund.
Some mistakes cost money, but others cost time and create unnecessary stress and headaches. Simple math errors, like transposing numbers or misplacing a decimal point, can flag your return for an IRS audit. If numbers aren’t your thing, consider having someone else do your taxes – it’s too easy to mess up your taxes on your own if you’re not careful. Errors can cost you much more than what a mistake-free tax return will cost.
The Impact of Life
As life goes on, things become more complicated. This is especially true when it comes to starting or owning a business; family changes like marriage, divorce, and unemployment; or when people need to rely on Social Security or retirement savings instead of income from a job.
Clear and Concise
Your signature at the end of your tax return declares the information therein is true and accurate to the best of your knowledge. If the IRS audits your return and finds errors, you could face some very stiff fines and (more!) taxes or potentially serious legal consequences. Having a professional prepare your tax return reduces the chances of any errors, period.
A tax pro can often make valuable tax-saving suggestions; this alone outweighs the additional costs of consulting with a professional. You can pick their brains for tax-friendly ways to save for your child’s education, plan for future deductions and credits, and get suggestions to help you make the best choices with your money.
You want to make sure your return is accurate and that you are taking advantage of all possible tax breaks, minimizing your tax liability, and doing everything possible to plan for future tax years. Keep in mind that any mistakes you make on your federal return are more than likely to end up on your state return as well, increasing the pain of possible penalties and interest if you are audited. Don’t let any mistakes you could easily avoid trip you up from getting the largest refund possible.