With the tax deadline just a couple of short weeks away, we’ve all got the looming deadline on the brain. We all have different preferences when it comes to how to file—online, hard copy, with assistance or all alone—and a little trial and error usually turns up the ways that work or don’t work for our specific needs.
For example, some people find that working with a free or low cost online service such as TurboTax is sufficient for their requirements. These people often have relatively simple taxes, simple income streams and few deductions. However, online programs can often miss refunds, be confusing to navigate and, most importantly, lead to costly mistakes for anyone with a slightly more complex tax return.
If this sounds like you, consider trusting a qualified accountant, such as Craig S. Hanson, CPA, to provide reliable tax preparation services in Jamestown, ND.
Don’t pay more than you should
It’s completely normal to feel overwhelmed at tax time, and for the average person, making sense of potential income write-offs and tax breaks can be difficult. You can easily overpay on your taxes simply because you didn’t know you had any options to pay less. This is where a good CPA can be a lifesaver—and a money saver.
Instead of worrying about making mistakes, bring your documents to your CPA and let them help you make sense of all of your options.
Avoid an audit
It’s an unfortunate fact that for high earners, your odds of being audited increase as your earnings go up. If you earn more than $200,000 each year, you have about a 3.7 percent likelihood of being audited—a huge leap from the just 0.9 percent chance that someone making less than $200,000 has. In this instance, it’s best to call in a professional to make sure you’re doing everything correctly. Plus, even when you do file 100 percent accurately, you can still be randomly chosen for an audit, and in this case, it’s very beneficial to have a reliable accountant backing you up.
Plan for your children’s future
We all want to make sure our children have a great future, and it’s admirable to save now so they have a good start in life. By working with a qualified CPA, you can find out how to take advantage of tax-free savings, such as a savings trust or a 529 plan. There are a lot of options available to you, and a good accountant will make sure you know about them and take advantage of them wherever possible.
Be a smart business owner
Whether you are self-employed, own your own business or have one or more rental properties, it’s important to minimize the amount of taxes you owe so you can keep yourself not only afloat but also profitable.
In all of these circumstances and more, you’ll likely find that trusting an accountant to provide tax preparation services in Jamestown, ND will be a more fruitful approach than crossing your fingers and hoping TurboTax comes through with what you need. For tax prep and other financial assistance, call Craig S. Hanson, CPA today.