Tax Professional, or Nah?
We all know that person (or people) that is such a DIY-er.
They will literally do everything their self, or at least be willing to give it a try.
And while there’s certainly nothing wrong with being self-driven, can we all agree that there are somethings that you probably shouldn’t do yourself?
Taxes may be one depending on your unique situation. Even with companies like TurboTax that makes the process seem effortless that even a baby can do it right? Lol, ok well maybe not a baby but the process is presented effortlessly, and it may still be best to consult with an accounting or tax professional.
Here’s why we think so:
If you have a very simple filing situation, let’s say one stream of income and maybe a dependent or two it can be very simple and easy to input your data into a user friendly system like TurboTax or FreeTaxUSA that will charge you nothing (or little to nothing) to file your return.
When you have a more complicated tax situation like retirement accounts, interest payments, small business owner, contractor, etc. you want to ensure you’re calculating correctly, maximizing your deductions as much as possible, bur most importantly entering information correctly while following the IRS guidelines.
Why? Do you want to see the IRS knocking at your door? I think not! Here at Riston Financial Service Group we like to refer to documentation as the two A’s, Accurate and Appropriate. That’s right you want to ensure any data you’re submitting is accurate, verifiable and appropriate to the standards set by the IRS.
And this is not to omit the fact that you know your financials or what should be there, but its simple, you don’t know what you don’t know. Rules and regulations in place are not always put in common terms for the average person to thoroughly understand. But you can for sure bet that when you consult, partner or hire an Accountant or Tax Professional, they are highly skilled and have the appropriate certifications and knowledge to assist you in this area.
All accountants are not tax savvy or considered tax professionals and asking do he or she specialize in tax prep is not a dumb question. The IRS has a handy tool that allows you to look up any person with an Annual Filing Season Program certification.
This certification is a professional credential that distinguishes tax professionals that meet the minimum requirements of proficiency within the tax system. After all, you’re trusting this person with your personal information so trust and the right credentials are essential.
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Assess your current tax situation to make the choice on if hiring professional help is right for you. If you’re still not sure where to start, click here to schedule a Free Consultation with the Professionals at RFSG!