If you have a single source of income and usually take the standard deduction, you may be able to take care of your tax preparation quickly and easily. However, many people earn income from multiple sources including investments and may qualify for several deductions. The more complicated your financial life is, the harder filing taxes can be. Fortunately, a skilled tax preparer can eliminate your stress and make sure everything is completed accurately and on time.
This year, save yourself the hassle and consider these benefits of hiring a tax preparation expert.
1. They Stay Current on Regulatory Changes
The tax code is updated periodically, so the IRS may not accept procedures that you were able to follow last year. Tax preparation professionals track these changes so they can give you the most up-to-date guidance.
2. They Will Minimize Your Tax Liability
After reviewing your records and any life changes that may have occurred in the last year, your tax preparation professional will identify the deductions and credits you qualify for, which can substantially reduce your income tax burden. Many taxpayers, especially those who are self-employed or earn income from their investments, miss valuable deductions and credits when they attempt to file on their own.
3. Their Strategies Can Help You Save Money
While preparing this year's filing, a tax preparation professional can also help you come up with a plan to maximize the benefits of your investments, potentially qualifying you for more credits and reducing your burden even further. With a well-developed tax strategy, preparing for next year will be even simpler.
For over 20 years, Steven M. Vogt, CPA, has provided high-quality, accurate tax preparation services to businesses and individuals throughout Chandler, AZ. Visit the financial services firm’s website to learn more about how they can the stress out of filing. Call (480) 732-9898 to make an appointment today. For additional news and announcements, like them on Facebook.