Do you really need to hire a professional to file your taxes?

Oct 15, 2020 | Blog

In a few short months, another tax season will be here. It’s a daunting task for everyone to go through their tax records to compile, start and finish their tax return. If your situation has changed at all in 2020, like many people’s lives have, then you also have to brush up on tax rules and regulations you weren’t familiar with to ensure that you can maximize all of the expenses you can take. Especially, if you moved during the year you will have to take into account possible filing two state returns.

A Tax Professional is here to help you through this process. But they also should be helping you throughout the whole year. Whether you’re a business or an individual, here are just a few examples of what your tax professional can help you with:

  1. The most valuable commodity to anyone is: Time. On average, it takes a person 13 hours to complete a basic tax return. North Carolina average salary per hour is $26 Outside of the cost of the tax software you’re spending $338 on preparing your own return. What is the cost of spending 13 hours with your family, priceless?
  2. Money, complication, deductions, and credits. As we all know the tax code is very complicated, about a million words. A tax professional will weed out the jargon and make sure you are taking advantage of every deduction and credit. Roughly every year a billion dollars’ worth of tax refunds goes unclaimed. Wowza! A billion, now that’s a lot of money and I haven’t even mentioned the state and local unclaimed refunds.
  3. Uncertainty. One of the most underutilized tools for individuals and businesses is the tax plan. A tax plan can be done any part of the year and this service can save you on time, money and can give you peace of mind.
    • If you’re just filing your personal tax returns, are you maximizing your savings? Through retirement, your children. If you’re a giver, are you giving to your favorite charity as a strategy? You should know the outcome of your taxes by December 31st of the current year, if not sooner.
    • If you’re filing your business tax return, do you have a clear direction of where your money is going to help you save on your taxes or setting your business up for success in the following years.
    • A tax plan is for everyone, by letting your tax professional into your life they can help you with the direction and roadmap for your family’s future.

Your financial and taxes are ever evolving, as we all are witnessing life tomorrow is uncertain, your financial or tax situation doesn’t have to be.

Let’s partner together to get you set up for success.

Schedule a free consultation!

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