Tax time can be stressful. You have to make sure you keep all important documents for the IRS. When it comes time for taxes, you must also decide whether you will rely on a tax prep professional or use online tax prep services. There are pros and cons to either method. Oftentimes, this largely depends on how complex your tax filing is.
Using a Professional or a Prep Tool
When tax season approaches, you’ll likely find yourself bombarded with different advertisements promising free and easy tax filing when using a company’s tax prep tools. While online tax prep tools can be useful, you’ll want to consider all the factors before making a decision. Many tax tools can oversimplify the process, which could result in a lower return. You may also find yourself paying to use a tool, even after it was advertised as free. Many of these resources wait until you are ready to submit to reveal the real cost of using their services.
For those with complex financial situations or those who have experienced significant life changes, working with a professional can be a better option.
How Complex Are Your Finances?
Online tax prep tools can be harder to navigate for those who have complex finances. When determining the best route, you’ll want to consider how much information you need to juggle. If you own your business, work for multiple companies, have dependents, or are a caregiver you will need to take a deeper look into your financial situation to determine if you qualify for any deductions or incentives.
Professional tax prep can help you determine how to get the most out of your return. A tax prep tool may guide you toward possible deductions, but unless you are very familiar with tax law you could miss out on deductions without even realizing it.
Have You Experienced Significant Life Changes?
Major life changes can affect the ease of your tax preparation. This includes things like buying a home, starting or selling a business, getting married or divorced, and having a child. A tax prep professional can help make sure everything is documented correctly and can validate that you are getting all deductions you qualify for.
Peace of Mind
Tax prep professionals provide peace of mind. You can avoid the hassle of inputting information and avoid costly mistakes that can lead to an audit or missed opportunities for a larger return.
Contact Western Shamrock
When tax prep season rolls around, a professional can make the process easier and ensure that you receive all the deductions you qualify for. At Western Shamrock, we provide the professional tax prep services you need for your taxes to be done right. Get in touch with us to learn more.