Should I hire a tax consultant for Filing Tax Return?

Filing tax return can be done on your own. Especially if your tax situation is straightforward and you have no major transactions for the current tax year. People who file their own tax return find the experience satisfactory albeit time-consuming. As you will be in control of your own financial situation. On average It takes around 10 hours to file a return. From collecting documents online (PDF copies) to finally submitting the return. However, many people find out that filing a tax return is taxing and can get complicated. It can be quite challenging to keep up with all the updates and know exactly what your filing statuses are if we consider IRS. In such case, you can definitely go with the help of a tax consultant.

Here are 10 good reasons why you should hire a tax consultant to file your return:

  1. Time– It almost takes up to 8 hours to compile, dig up records and check for write-offs and double checking all your receipts before you can start to file your tax. If you rather spend your quality time doing something you love or with your family, hiring a tax consultant is a good idea.
  2. Chance of a higher return – With many tax code changes and tax laws to understand, it can take you some time to understand the process, the jargon, and the procedure to file a tax return before you can actually get to do it. Do you know all the codes? A tax consultant will help you to get all the money you deserve from IRS if you are not confident enough to claim every possible deduction. For an itemized return, I’d strongly root for a professional advice.
  3. Professional help – A tax consultant is aware and an expert in tax laws. Getting professional help can go a long way in making sure that you’re not making any mistakes.
  4. Expert eye – With tax consultant, you will have an extra pair of eyes to look over things that you missed or things you didn’t even know you miss. When you’re unsure of claiming, this can help you a lot in filing your return correctly
  5. Keeps you updated – You will be kept updated on IRS tax changes and updates in tax laws so you will know what’s going on and what exactly you need to do.
  6. Foreign Income –If you have received income from the foreign asset you may need to seek expert help. If you have a property in your home country and you receive rental income. Or if your stock investments generate income in a foreign country you need to declare the income here in the US.
  7. Human contact – Having a real person to talk to is different from having the detailed help from advanced tax software. You’re able to ask details on minor information that could be left out from the tax software and you can get answers until you’re satisfied.

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     8. Future filing – With the help of tax consultant, you’re able to know the right way for filing a tax return. This              way, should you decide not to have a tax consultant the following year, you would already have experience and            will know what to do and what to look out for when doing your filing the next time around.

      9. Ongoing Advisor– You can still have your tax consultant as your tax advisor even though you’re no longer                 officially hiring him as a consultant. This way, you will be able to continuously ask for updates or advice as and             when you needed them.

    10. Accuracy – You wouldn’t want to make errors with your filing statuses. A tax consultant will be able to tell                 you exactly what to do and how to do it. There can be more complications and prone to frequent errors when               you have multiple sources of income. Wage, tips, interest, dividend, alimony, etc.

In the end, it’s completely up to you and what you’re most comfortable with. It is not that difficult to find an expert to help and then phase them out.

But in the event, you’re not able to keep up. Have a trustworthy software in your corner to make all the difference. Yes! You heard right, you can also use software which helps you with all your taxes. Impanix has a full-service team of 200+ accountants, tax experts, and consultants. This team gets hard training to take good care of your data.

All their servers have SSL security and are available in the US only to prevent any form of data loss. They automatically backup your data every 15 mins.

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By | 2018-08-07T16:35:57+00:00 June 26th, 2018|Tax Return|Comments Off on Should I hire a tax consultant for Filing Tax Return?

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