February is one of the busiest months for filing income taxes. Most people have already received all their tax documents, and those anticipating a refund are especially hard at work to get their taxes filed. It can be tempting to rush through doing your own taxes quickly so you can get that refund. However, there are some very good reasons why you should use a professional tax preparer instead. It won’t add that much time to your tax preparation and could actually save you time. Plus, you could save money and headaches.
Tax laws change every year, and you could end up spending hours reading and studying the plethora of IRS regulations. You could file going by how you’ve been doing things for years, but that could leave you missing out on key advantages that could get you more of your money back. Missing out on a deduction is only part of it. You could file an improper tax return that could get you in trouble with the IRS. Your tax preparer takes continuing education courses each year to keep up with tax law changes, so you won’t end up sitting across from an IRS agent or leaving money on the table.
Your tax preparer can also help you with tax planning for next year’s filing. With proper tax planning, you can keep more money in your pocket during the year rather than let the IRS have it all year long before graciously returning it to you after you file. Speaking of which, that’s another good reason for filing in February if you can. Why let them have it any longer than need be? They don’t pay interest on it!
If you are ready to file or need any tax advice or services, give us a call at Cathy E. Parker, E.A. Bookkeeping & Tax Service. We also offer accounting and bookkeeping services, as well as payroll services. We do both individual and business tax returns.