5 Reasons You Should be working with a Tax professional

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Services for Real Estate Pros Insurance NPN # 13379201

Taxes and Insurance sometimes get put together in the same category. MOST EVERYONE DOES NOT LIKE EITHER AND THEY ARE A PAIN

Legally, you have to file your taxes each year and it can be beneficial for you to hire a tax professional to ensure that your taxes are filed properly. Tax professionals will go over receipts and other tax documents alongside the current tax code and help to prevent errors on your tax returns. A tax professional can offer advice on how to prepare for future returns and keeping proper documentation to prevent errors. Here are the top 5 reasons why you should hire a tax professional to help with your tax return.

 

1. Tax professionals are just that, professionals, and that means they know their stuff. - Tax professionals are familiar with tax returns and are well versed in current tax law. The average tax payer can often be unaware of all the deductions they qualify for. This is especially true if you own your own business or are a contract employee. Conversely, a tax professional can find and properly document each deduction for you.

 

2. A tax preparation service can save you a lot of time and effort. - The average tax payer needs between 22 and 36 hours to properly prepare and file their taxes. And, if you’re unsure about how to properly prepare your tax return it can quickly become a minefield. If you’re completing a more complex return it can easily take up 50 hours or more of your time. Most people do not have that sort of time to dedicate to completing annual tax returns. A tax professional can remove the stress and time constraint that preparing a tax return properly can entail.

 

3. Avoid costly mistakes on your returns. - The average tax payer is not a tax professional nor have they taken time to become familiar with tax law and it’s likely they will make a few errors when completing their returns. In some cases, these mistakes can turn out to be costly or trigger an audit. Professional tax preparation service groups can help you avoid these errors and help should the IRS choose to audit your returns.

 

4. Your tax professional can help you should you be audited. - Audits are never pleasant, and they can cause great stress to individuals who’ve prepared their returns on their own. Should you be audited after working with a tax professional, they will be there to help you with the audit process.

 

5. Tax professionals are a great resource year round. - Tax problems can pop up at any time throughout the year. By hiring a tax professional to prepare your returns, you’ve already established a relationship with a tax professional that can help you with tax questions throughout the year.

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Comments (8)

Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Frank, There is NO way I would try to prepare my taxes myself. It ends up being close to 100 pages and I don't even know what most of them are for.

Feb 22, 2013 11:27 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Frank, these are all great reasons, but I only need one ............ the IRS.

My Accountant is worth every penny I pay him for just the peace of mine that if I get the call from the IRS he will be there to explain and justify.

Feb 23, 2013 12:48 AM
David Cole
David Cole CPA - Orlando, FL
David Cole CPA

you have some really good points on why you need a tax professional to handle your taxes. Every year the tax laws and rules change. you need a pro, not a software program to help.

Feb 23, 2013 04:58 AM
Diana Zaccaro
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

Frank, All good points and I would not trust the best software program when it comes to income tax prep. The expense of having our accountant do our taxes is well worth and I consider it "cheap insurance" (bad pun)...

 

Feb 23, 2013 12:45 PM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

I started offering to e-mail clients' annual cash flow statement to their tax preparer a few years ago...I'll send it electronically in pdf and offer to answer any questions

Feb 23, 2013 06:11 PM
Frank Laisch
Orlando, FL
"The Insurance Guy"

Debbie, I am with you there is no way I am doing them

George, That is what they are there for

David, Thank you, I am sure you are busy now with tax season

Diana, your right, you cant turn to your tax software to help with an IRS audit, it was a good pun :-)  

Wallace, nice way to be proactive for your property owners. that's why you are so good at what you do. its the Little things that count

Feb 23, 2013 09:13 PM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Frank, just like we would be working with a medical professional (ie Doctor), legal professional (ie. attorney), real estate professional (ie REALTOR), we should entrust our tax preparations to a professional tax preparer or CPA.  Working with the right professional for the task at hand will potentially save a lot of headache later on should problems arise.

Feb 23, 2013 11:25 PM
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Frank, Great post. And no truer words have been spoken than in your post, Most everyone does not like either and they are a pain. This made me chuckle.

Feb 28, 2013 07:23 AM