Whether you are an individual or own a small business (or both), preparing your own taxes can be daunting. For the first time, individuals and families in Ohio will be asked to provide basic information regarding their health insurance on their tax returns. You may have questions about this new process, healthcare questions, a complex return, new life event, and more.
Tax preparation software can reduce mistakes on your annual tax return. But just one slip entering computer information could cost you a larger tax bill, a smaller refund or a delay in receiving any refund you’re expecting.
Tax changes complicate the annual tax-filing exercise. For the 2014 tax year, reporting and filing requirements prompted by the Affordable Care Act will no doubt cause problems for taxpayers, tax professionals and the IRS.
Special tax scenarios aside, there are still plenty of ways to mess up a 1040 form.
Do-It-Yourself Tax Preparation: Best Use of Your Time?
No matter how smart and capable you are, an experienced tax accountant will serve you faster and better. In the long run, they will save you time and money—especially when errors are made or if you are audited.
Anyway, wouldn’t you rather spend your time with family, relaxing or watching sports? (Or, truthfully, anything besides preparing your taxes?)
Another benefit of hiring a tax accountant is that it may be just the beginning of a new, beautiful relationship. Finding the right company and expert tax preparer can also lead to building a longer term trusted partnership. As you develop a deeper respect and faith with your new firm, you’ll also discover they can also provide family/retirement financial planning and management for both personal finances and businesses.