Tax advisors can take a lot of the guesswork out of tax preparation, and save you precious time and money while doing so. They can also help prevent the dreaded tax audit, something that all of us always have in the back of our mind and hope we never get.
Getting audited is one of the most common grown-up fears and for good reason! An IRS audit has the potential to drain your bank account, make you lose your property and leave you in financial matters. That is why it really isn’t the best idea to do your own taxes, unless you absolutely have to. Hiring a tax advisor makes much more sense, and it is something you should seriously consider, especially if you have had difficulty in the past.
Remember, you don’t need to be in the one percent to get slapped with an audit. If you have a lot of itemized deductions, charitable deductions or make over $100,000 annually you are exponentially more likely to suffer an audit.
As anyone who’s been audited can attest, it’s a nightmarish situation that leaves you scrambling for evidence that backs up your old tax forms. If any paperwork is found lacking, you’ll have to pay back taxes plus a fine. Even if you are able to find everything you need, the stress alone might be worse than a fine would be.
You just need to do a simple Google search to understand how disastrous it can be to do your own taxes. Audits have the power to financially decimate you, unclaimed deductions can stack up to hundreds or thousands of dollars and the smallest mistake can put you on the IRS’ radar.
Simple mistakes, like selling your home too soon, or failing to take advantage of a special incentive can put you out a good deal of money. Just like you shouldn’t try to fix your own car, you shouldn’t do your own taxes. Tax advisors are proficient in their field and specialize in demystifying the process so you don’t need to worry about it. That’s what they do for a living, so it makes sense to let them help you with your taxes. There’s no downside.
There are so many perks to hiring a tax advisor, the biggest of which is that they will help you plan for the upcoming year. Tax advisors will help you craft an intelligent tax plan that will maximize your deductions and minimize your taxable income. They will also go through your return line by line to ensure that it’s properly done, so the IRS won’t have a reason to audit you.
It’s a tax advisor’s job to understand the intricacies of the tax law and keep on top of any annual changes. They will save you money and help you avoid disastrous mistakes. As an added bonus, you won’t have to spend your precious time trying to slog through your own taxes. You can avoid the stress, uncertainty, and irritation that come with muddling through your federal and state taxes and leave your filing to the professionals.
It’s important to note that not all tax advisors are created equal. You’ll want to find one with accreditation, a licensed CPA (Certified Public Account), EA (Enrolled Agent), or CTM (Certified Tax Master). You’ll want someone with several years in the business or a degree in an appropriate and relevant discipline.
Unfortunately, there are plenty of people out there who bill themselves as tax advisors, but who haven’t put in the time to learn the business properly. You need to make sure your tax advisor is someone you can trust.
One of the best ways to do this is to check their references or testimonials for social proof of their competence and expertise. If you’re looking for someone to help you avoid an audit, you want to make sure they’re more than qualified.
Advanced Accounting’s expert tax advisors and professionals have the experience, certifications, and passion you need in your corner. We offer a full range of services for individuals as well as small and large companies, and we will give you the attention you deserve.
There’s no way to guarantee that you won’t be audited, but one of the best ways to minimize your chances of getting hit is by hiring qualified tax advisors who will do everything in their power to help you avoid an audit. Of course, you can try to do your taxes on your own, but why risk it? Call the professionals at Advanced Accounting today.