Tax Prep Services: Why DIY Is a Bad Idea For Many
When is it best to hire tax prep services? Learn about how they can benefit you and help you avoid complications through a generally-complicated process.
You Don't Know the Law
While the IRS gives you a booklet and a website for questions about current law, you'll soon find that this is a lot to take in at once. What most people do when they have specific questions they can't figure out is go online and start trawling for information from third party sites. This is where you can run into trouble. First, there is an absurd amount of spam out there when it comes to taxes and the information pertaining to them. Secondly, even when you get past the spam, there is a lot of misinformation. And mis-filing your taxes can result in some significant penalties, most of which will eclipse tax prep services in terms of money spent.
Pass the Buck
If you do your own taxes and there is an error, the IRS is going to come looking for you to sort out the problem. You and you alone are responsible for what's in the filing. When you hire professional tax prep services, they take that responsibility away. The IRS will look to them when there is a problem, thus giving you some degree of cushion when it comes to getting into trouble. Of course, a professional accountant can only work with what you give them, so if you hide income from them, they will be quick to inform the IRS that they had no idea and that cushion will disappear.
Not only can a professional tax prep services company handle your filing, they can help you plan for next years. With specific tips and strategies, they can often help people handle their money in such a way that next year's refund is much more significant (or, alternatively, the bill is far less significant). In a good situation, the service more than pays for itself.
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