As tax season approaches, the age-old question looms large for many Americans: should they tackle tax preparation on their own or enlist the expertise of a tax professional? While some individuals may feel confident in their ability to accurately file their taxes without assistance, others may benefit from seeking the help of a tax professional. In fact, recent trends have shown that more and more Americans are choosing to hire a tax pro to handle their tax preparation needs.
Iva Franklin, CPA, Senior CPA and CEO & Founder of Steppin’ Stone Tax & Accounting Services, has seen first-hand the benefits of hiring a tax professional. With over 25 years of experience in the industry, Franklin is well-versed in the complexities of the tax code and how it can impact an individual’s financial situation. She believes that there are several instances where it pays to hire a tax pro.
One situation where it makes sense to hire a tax professional is if you have a complicated tax situation. This could include having multiple income streams, owning a business, or receiving income from rental properties. These types of situations can make tax preparation more complex and increase the likelihood of errors if not handled correctly. A tax professional can help ensure that all income and deductions are properly reported, minimizing the risk of an audit.
Another scenario where it may be beneficial to hire a tax pro is if you’ve experienced a major life change, such as getting married or having a child. These events can impact your tax situation, and a professional can help you navigate the changes to ensure that you’re taking advantage of all available tax credits and deductions.
Iva also advises seeking the help of a tax professional if you’ve received a notice from the IRS. Notices can be confusing and intimidating, and a tax professional can help you understand what action needs to be taken to resolve the issue.
In addition to these situations, Iva suggests considering hiring a tax professional if you simply don’t have the time or desire to handle tax preparation yourself. “Many people lead busy lives and simply don’t have the time to devote to tax preparation,” she says. “In these cases, it can be beneficial to outsource the task to a professional who can handle it quickly and efficiently.”
When it comes to choosing a tax professional, Iva recommends looking for someone with experience and expertise in your specific tax situation. “Not all tax professionals are created equal,” she says. “Make sure you’re working with someone who has a strong understanding of your tax situation and can provide personalized advice and guidance.”
Overall, while some individuals may feel confident in their ability to handle tax preparation themselves, there are many situations where it makes sense to hire a tax pro. By working with an experienced professional like Iva Franklin, individuals can ensure that their taxes are prepared accurately and that they’re taking advantage of all available tax credits and deductions.
To discover more about the comprehensive range of tax and accounting services offered by Steppin’ Stone Tax & Accounting Services, and to see how their experienced professionals can help you navigate the complexities of tax season, visit their website at www.steppinstonetax.net. Equip yourself with the right tools and expert advice to make the most of your tax returns and achieve financial peace of mind.