Tax season is already in full swing—and regardless as to whether you need help with your 2021 taxes if you need help filing an extension, or you have questions about the types of tax planning strategies you can use to lessen your tax burden for next year, you should consider scheduling some time to meet with a CPA. Below are just a few of the benefits of working with one.
They’ll be up to date on changes in the tax code
There are three guarantees in life: death, taxes, and annual changes to the nation’s tax code. In the past 12 months alone there have been changes to the Child Tax Credit, Tax Bracket Ranges, the Earned Income Tax Credit, and Long-Term Capital Gains Tax Rates, among others. Not only can some of what changes year-to-year be complicated, but it’s also a lot to keep up with. When you work with a licensed CPA you can rest assured that you’ll be working with a seasoned professional who can help you understand what these changes are and what you can (and should do) to prepare for them.
You’ll be more likely to lower your chance of errors
Have you been filing your own taxes, and if yes, are you 100% sure your work is correct? Not only are people who make mistakes on their tax returns (such as inverting numbers within their Social Security Number) more likely to be audited, they are also more likely to not take deductions that they’re entitled to. One self-employed woman we know said that she filed her own taxes for several years before she hired a CPA. When she finally took the plunge, the person she was working with asked if he could review her past tax returns. “What he wound up learning was that there were numerous deductions that I hadn’t taken advantage of, which meant that when it came time to pay, I was paying much, much more to Uncle Sam than I needed to,” she said. “Not only did he cut what I thought I was going to owe this year by more than 60%, I learned I’d get $3,000 back due to tax filing mistakes I made in the past.”
For more information about the benefits of hiring a CPA, or to schedule a free, no-cost time to meet with one of our team members, call our office today to get started.