If you only have a single source of income and don’t itemize your deductions, you can easily file your own taxes. However, if you maintain an investment portfolio or own a business, the tax code quickly becomes overwhelmingly complex, leading to honest mistakes that increase your exposure or even trigger an IRS audit. For these individuals, an accountant provides a range of services that take the stress and uncertainty out of filing.

How an Accountant Can Help With Tax Preparation

1. Providing Updated Advice

The tax code changes frequently, with federal, state, and local governments constantly updating the rules for deductions, adding new exemptions, and eliminating others. Every professional accountant regularly refreshes their knowledge base, keeping track of relevant changes to the tax code, so you’ll always get advice based on the most current information. In addition to helping you avoid potentially costly mistakes, your accountant uses this knowledge to create a strategy for next year.

2. Lowering Your Tax Bill

With their expert understanding of the code, your accountant usually finds deductions you would have missed. Business owners and self-employed individuals are especially vulnerable to missed deductions, which could cost thousands of dollars in unnecessary taxes every year.

3. Avoiding Audits

Certain deductions or combinations of losses trigger an IRS audit, which is a time-consuming, stressful experience if you aren’t required to pay additional taxes and penalties. Your accountant helps you avoid sending up red flags that catch the attention of IRS auditors. If you are selected, however, your accountant also represents your interests, explaining your return to the IRS and resolving the issue as quickly and easily as possible.

For nearly 20 years, the accountants at Roy E. Carter, CPA, PC, in Staunton, VA, have provided clients with high-quality advice and tax return preparation, combining personal service with in-depth expertise. To learn more about what they offer and schedule an appointment, call (540) 886-6251 or visit their website today.