This year’s tax filing deadline is right around the corner—and if you’re among the millions of Americans who still haven’t filed, you may be wondering if you can handle the job yourself. If you’re a salaried employee and you’re filling out a simple W-2, there’s a good chance that you can handle that on your own. On the other hand, if you’re self-employed (and/or own a rental property), need to file a Schedule-C, or you think you might be entitled to deductions for health insurance premiums, lifetime learning or childcare expenses, you’ll want to talk with an expert.
Below are just a few of the benefits of working with a CPA.
What is a CPA?
A certified public accountant (CPA) is a professional that has passed the Uniform CPA Examination. While CPAs are accountants, not all accountants are CPAs. Individuals who’ve earned their CPA designation have not only passed a licensing exam, they’ve met certain educational and experience requirements. Additionally, certified public accountants must complete a certain number of continuing education requirements, each year, to keep their license current.
How a CPA can help with your taxes
Just because you can file your taxes yourself, that’s not to say you should.
Working with a CPA will ensure your taxes are being prepared by a knowledgeable, experienced professional who is up to date on various changes to the tax code. They can also help answer your tax questions, assist you with tax planning for next year’s taxes, and can advise you on strategies that can help you maximize your deductions.
Working with a CPA can also help ensure your return is completed correctly. For example, if you file your taxes by yourself, can you be confident that you’ve found every deduction that you’re entitled to? Can you be sure you entered in all of the information, correctly, and you’ve entered the data in the right spots?
If the IRS rejects your return due to a misspelling or typo, you’ll need to fix it and file it again. If you filed by mail (and you were expecting a refund), this can lead to a significant delay.
Have questions? Call Hughes, Snell & Co PA
For more information on the benefits of hiring a CPA to help you file your taxes, call our office today to schedule a free, no-obligation consultation. If you prefer to contact us by email, drop us a line at [email protected]