When tax time rolls around, many individuals and business owners alike find themselves scrambling to compile all of their necessary tax paperwork. This can include anything from W2 and 1099 forms to 1098s and everything in between. These days, there are a number of ways to go about completing one’s taxes, yet most of them ultimately require a great amount of the taxpayer’s time, effort, and money. For example, while many companies these days offer online programs and downloadable software meant to assist taxpayers in filing their state and Federal taxes, these programs often make mistakes by missing key deductions and credits or even miscalculating figures. Furthermore, most of these services charge users a hefty amount not only to use the program, but to file one’s tax forms with the proper authorities.
Perhaps the only thing worse than relying on a machine to help a person complete their taxes is attempting to do them alone by hand. This is something that, believe it or not, many people still attempt year after year as a way of saving money. What many people who attempt this find, however, is that they end up spending hours upon hours trying to figure out which forms they need to fill out, making the necessary calculations, and reading through blocks upon blocks of confusing text. At the end of the day, it is common for those who file their own taxes to make major mistakes to the point of having their returns rejected by the state of Federal government, or to miss huge deductions and credits that they could have claimed.
Fortunately, there is one option when it comes to completing one’s taxes that is always sure to yield accurate and stress-free results. That is the option of hiring a professional accountant with tax experience to accurately complete one’s taxes when the time comes.
Benefits of Using a Professional Accountant
Business owners and individuals alike can benefit greatly from relying on expert accountants to assist them in completing their taxes year after year. By having accountant on hand, all the taxpayer needs to do is to hand over any necessary paperwork, such as pay stubs or tax forms, in addition to financial records. From there, the tax expert will be able to successfully complete the person’s taxes for them; there is no need for the taxpayer to lift another finger or spend any time slaving over complicated government tax forms.
At the same time, since professional accountants are well trained and experienced, they stay up-to-date on all of the latest tax codes and laws. After all, these tend to change from year to year. Having a professional who is aware of the changes that have been made during any given tax year could ultimately make the difference between a taxpayer receiving a credit/deduction and letting it go completely to waste. Most often, tax accountants must take classes throughout the year, especially before tax season rolls around, to ensure that they are well-versed in the laws, regulations, and procedures regarding tax laws.
Furthermore, a professional accountant will be able to assist a person no matter what their specific tax situation. For example, independent contractors tend to find themselves in one of the most complex tax situations of all. Not only do they have to deal with the often confusing self-employment tax, but they must also ensure that every penny that they made over the course of the tax year is accounted for on either a 1099 form or in a miscellaneous income form. To ensure that all income is accounted for when filing one’s taxes, many independent contractors rely on tax professionals, such as accountants Birmingham, to go through their financial records and total their earnings from the year.
Accountants can also help with calculating self-employment tax and ensuring that independent contractors are able to collect every credit that they qualify for. Furthermore, deductions can get to be quite complicated in the case of an independent contractor; many of his or her purchases and expenses may be written off, but there are very specific and strict rules for doing so. To avoid the possibility of being audited or having one’s return outright rejected from the government, it is wise to have a tax expert to complete the paperwork and ensure that everything is done correctly.
Of course, a person does not need to be in a complex tax situation to receive help in preparing one’s taxes from a professional accountant. Even those completing basic 1040s and 1040-EZs can receive help from an expert so as to save the taxpayers themselves the time and hassle of doing so. After all, who wants to spend their precious time doing taxes if they do not have to? In these cases, most accountants will simply deduct their fees for the service from the taxpayer’s refund, making the payment process painless for the individual.
Choosing the Right Accountant
Those considering the option to hire a professional accountant to do their taxes for them should take the time to make sure they are hiring the best professional to meet their needs. For starters, this can be done by determining one’s specific tax situation and then choosing an accountant with specific experience in that regard. For example, a business owner will want to go with an accountant who specializes in business taxes as opposed to personal taxes.
Furthermore, it is always a good idea to shop around for tax services rather than simply going with the first accountant one comes across. This way, taxpayers can make sure that they are ultimately able to get the best price on their tax preparation services without sacrificing quality or speed in the process.
Overall, tax time is typically not a happy time for most individuals. In fact, it can be a time of downright stress and chaos. Fortunately, there are expert tax accountants out there who serve to make the process of correctly and quickly filing one’s taxes as easy and stress free as possible. Therefore, if you are one of many who finds yourself absolutely dreading the upcoming tax season, you may very well want to look into hiring a professional accountant or team of accountants to assist you. Chances are, you will be happy that you did when all is said and done.