Why You Should Not Do Taxes Yourself

Tax season is here, and the April 15^th deadline is quickly approaching. And, with all of the services out there for tax help, and the few Do-it-yourselfers, tax time can be confusing. For some, taxes are easy: there’s one source of income; there are no significant gains from other businesses; it’s not a small business—the person is under the umbrella of someone else’s business, and they just have one W-2 to record for the year. For others, taxes cause stress and anxiety, and for those that suffer from the tax-season-blues it may be time to find yourself a qualified, experienced accountant, if you don’t already have one.

The reasons to have an accountant are numerous. Let’s consider first the small business, and we’ll be looking at one of the major reasons hiring an accountant is helpful: exemptions and deductions. As you negotiate your business throughout the year, you’ll have plenty of expenses that you will decrease your taxable income. And, for new clients, an experienced accountant could also help the business owner to effectively plan future expenses, resulting in a beneficial relationship between the business owner and their accountant.

Also, those of you that have undergone a major life-change in the last year, it may be time to visit an accountant. Consider a marriage, or the addition of a child, or, you bought your first home sometime in the previous year and you’re unsure how all of these things will reflect on your taxes. An experienced accountant is ready for any questions you may have.

No one wants to pay more then they should on tax day. While it’s important to pay our taxes, for the average American, every single dime saved from hours of hard work is important. So, understanding that an accountant does cost money, an accountant will also help you to save money by reflecting your possible reductions that decrease the amount you pay in taxes. And, an accountant’s fees are also tax deductible, so it’s a win, win, regardless of how you look at it. This tax season consider hiring an experienced accountant to help you through this chaotic time, it may help you to save more money then you thought possible.

Practical Taxes

Practical Taxes is a full service accounting firm in Billings, Montana. We can help you get the most from your taxes, and make sure that you will get the maximum refund every year. But we don’t just do taxes! We can help with your bookkeeping, payroll, bank reconciliation, budgeting, and more. Give us a call at 406-894-2090 to learn more.