As tax season inevitably rolls around, there are a number of options you can choose from when it comes to tax preparation. You can always do it independently, but this is rarely the most efficient or cost-effective method. Many people are then left deciding whether they should let a regular tax preparer handle things, or contact a CPA (Certified Public Accountant) instead. While the former option may appear more convenient, there are a variety of reasons why working with a CPA is the smarter choice. Keep reading below for just three reasons why you should consider hiring a CPA to do your taxes.
You Need Expertise
Non-CPA tax preparers are likely to be very familiar with a particular tax preparation software and will have needed to pass a basic IRS exam in order to perform tax services, but they won't need to do much more besides that. CPAs, on the other hand, are required to have a university degree and pass the notoriously grueling CPA exam. This test is designed to ensure all certified public accountants are experts on matters ranging from regulation and auditing to financial accounting and reporting. There's no reason to have anything less than absolute confidence in the tax services you pay for, which is what makes CPA tax services an easy choice.
You Own a Small Business or Rental Property
Taxes can be relatively simple (filing with nothing more than a W-2 usually doesn't involve too much time or effort), but there are a few things that automatically make taxes much more complicated. Owning a small business or a rental property are just two of the most common; after all, making a mistake on your annual returns for your business or property can result in a messy, drawn-out IRS audit. Tax services performed by a CPA will give you the peace of mind that everything has been taken care of exactly as it should be, and that no careless errors have been committed.
You're Searching For Major Deductions
Big life events such as a finalized divorce, purchase of a home, or inheritance of an estate can be cause for major tax deductions. Unfortunately, if you attempt to do your taxes without the help of a CPA, you're much more likely to miss out on these deductions entirely, or not take full advantage of them. In this sense, the services a CPA provides have the potential to pay for themselves many times over.
For more information about CPA tax services, reach out to a local company.