8 Signs You Should Seek Professional Tax Help

Let's face it: taxes can be complicated. True, some people have straightforward tax situations and can save a few dollars by filing their taxes themselves, but in many more cases, seeking help from a tax professional will be the better option. If it just so happens that you enjoy and are experienced with doing your own taxes, then we salute you, but if not, then here are eight signs that it might be wise to seek professional tax help.


8 Signs You Should Seek Professional Tax Help

1. You're Not Sure Where to Begin

Maybe it's your first time ever filing your taxes, or perhaps you decided to tackle your own return this year but just weren't sure how to do it. You are not alone. Taxes can be daunting, and even in simple tax situations, there can be an overwhelming amount of clerical work involved. Tax professionals are well versed in navigating the forms and paperwork, so if you just aren't sure where to begin or are confused by the process, then it might be best to seek some help. 

 

One benefit of working with a tax professional is that they may be able to find added credits or incentives for you that you were unaware of. Often, such initiatives require filling out additional forms, which can sometimes be confusing or complicated. An expert will be able to handle all of this for you, which in and of itself is a really helpful and practical service.

 

2. Your Tax Situation Has Changed

It could be the case that you usually file your own taxes, but this year, something has changed, and now your tax situation is more convoluted than it was in years previous. Maybe your marital status has changed, or you now have investment income; you might have self-employment income to declare this year, and that could be new to you. If your tax profile has changed this year, then benefitting from a tax professional's expertise may be prudent.   

 

The amount of money that you owe in taxes or the maximum refund you can get are both directly affected by your tax profile. Remember, having a professional handle your return can only ever benefit you, and getting help from somebody who knows the ins-and-outs of the tax system usually means that you will end up with more money in your pocket at the end of the day.

 

3. You're Filing Business Taxes

Any time you're dealing with business taxes, it is critical that you have a tax professional or a team of professionals assist you with preparing the return. There is a lot more to filing business taxes than there is to filing a simple personal tax return, and the dollar figures at stake in the event of a miscalculation can be substantial indeed. Without a doubt, if you are filing a business tax return, you should most definitely seek help from an experienced tax professional. 

 

In addition to making sure that your return is accurate, which is an absolute must, a tax professional will also be able to help you minimize your balance owing come tax time which in some instances can be the difference between a good or bad year.

 

4. You're Being Audited

Being audited is the worst-case tax scenario for most people. Not because they are necessarily in any trouble but because of the sheer volume of paperwork and time involved with the process. Tax audits are complicated, and having a tax professional by your side throughout the process is invaluable. 


If you are being audited or are concerned that you may be, then contacting a tax professional ASAP is going to be the best thing you can do for yourself. If you receive a tax notice, a good tax professional will also help you understand penalties, arrange collections, and sort out any other issues that may come up during the audit. Audits are stressful, and having a professional help you with it can be the difference between a good night's sleep and none at all.  

 

5. You're Filing for Multiple Years

If you haven't filed for a number of years and are now planning to file all of your back taxes at once, then it may be a good idea to let an expert handle the task for you. Filing your taxes for one year can be time-consuming, complex, and stressful, but when you file for several or many years, those issues become multiplied exponentially. Literally anything else you do will be more enjoyable than manually filling out years worth of back-dated tax returns. 

 

As long as you have the documents required for the previous years, a tax professional will undoubtedly be able to efficiently and accurately complete as many returns as you need to file. In cases like this, people are very often surprised by how affordable the service of a tax professional can be.

 

6. There's New Tax Legislation

Tax laws, legislations, and policies change all the time. Year in and year out, there are always changes being made to the tax code, and keeping up-to-date is, of course, important because failing to recognize when the rules have changed can result in misfiled returns which can end up costing you big. If you hear on the news that there has been a change made to the tax legislation and you don't know how it will affect you, then it's best not to take any chances. 

 

You might just be surprised by how much money you are actually able to save or get back from your taxes when you have an expert who is up-to-date on the latest tax policies representing you. As a general rule of thumb, it's always best to trust a professional when in doubt.

 

7. You Just Don't Have the Time

It could very well be the case that you just don't have the time to prepare your return by yourself this year. Taxes can eat up a large portion of your time, especially when any of the other factors mentioned above come into play as well. Whether you are just a bit too busy with work, have family obligations, or are otherwise preoccupied for whatever reason, just know that getting tax help from a professional is an efficient available solution. 

 

Life is short and for many people making good memories with family and friends is a better use of their time than analyzing, calculating, and filling out lengthy tax returns.  

 

8. You Are New to the Country

If you have recently arrived in the country or are filing your taxes here for the first time, then the process can be even more challenging to navigate by yourself. There is a lot to know about filing your taxes and having an expert handle your return could very well be your best bet. The good news is that by having an expert guide you throughout the process, you will be able to rest assured knowing that your return was filed correctly.

 

If one or more of the above situations applies to you this year, then you're in luck because our firm of tax professionals is here to help. Contact Tax Alliance today to discuss your situation and learn more about how we can help you specifically.


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