Tax Season: D.I.Y or Partner with a Professional
You can’t deny it any longer…the tax deadline is almost here and you have to get your taxes done, but how are you going to do that? Here are your options as we see it:
- Do your taxes yourself
- Use a tax software package
- Ask for help from family or friends (never a good idea)
- Use a professional
Our team at E&Y clearly favor one of these options over the other three, but ultimately the decision is yours. Do you use a professional to meet your tax deadlines or do you D.I.Y?
When You Want to Partner with a Tax Professional
The first couple of questions you should ask yourself are, “How complicated is my financial situation, have I gone through any life changes and do I have time to do it right?” At the end of the day, it comes down to time, knowledge and effort and how much of each you want to commit to the process.
While there are times when you can do your taxes yourself, there are certain situations that we absolutely recommend partnering with a tax professional:
- You own your own business or have recently sold one
- You are working freelance
- You have investments to consider
- You work in one state, and live in another
- You have income (including dividends) from foreign countries
- You have investment rental properties
- Your marital status changed in the last year
These complicated life and financial situations can make doing your own taxes a bit of a nightmare and you can get it wrong. That’s not the only reason to hire a tax expert though.
Tax Experts Bring the Human Touch
At the end of the day, it’s all about the personal touch. While tax software can help you navigate the ins and outs of the tax season, they don’t know you, your goals and can’t respond to your questions like one of the tax experts at E&Y Agency can. They can’t anticipate potential opportunities and direct you in making wise tax decisions. They can’t offer you advice on how to plan ahead for next year’s tax season. They can’t help you get through an audit. These are only things that a tax expert can offer.
Yes, we understand that the cost of a tax software system is less than working with a qualified tax expert, but think about it this way:
- How much is your time worth? (We save you time.)
- How much is your sanity worth? (We de-stress the process.)
- How much is your future worth? (We help you plan ahead and educate you on making wise financial decisions that will benefit you at tax time.)
Are You Convinced?
If you are at all wondering what benefit you can realize by partnering with a tax professional, let’s talk. We’d love to talk with you about how you can maximize your returns and meet filing deadlines. Our team offers year-round tax service with evening, Saturday & Sunday appointments. Call us today and start preparing now!