10,000 is a big number. That’s how many federal, state, and business tax returns I've filed on behalf of my clients. In this series I'll share some of the lessons I've learned, so that you, too, might benefit from my experience.
Part 1 - Don’t Do Your Taxes Yourself
Did you know that there are 73,954 pages in the IRS Tax Code as of 2013? (H/T Wolters Kluwer CCH)
I can only imagine that number has increased for the 2015 tax year with the ever-changing political and economic landscape (i.e. the Affordable Care Act and the annual Congressional tax bill that crams all kinds of legislation each year at the last minute). So each year there are literally hundreds of changes and updates to the Tax Code. Who has the time and energy to keep up with them?
There is an undeniable trend in the increasing number of DIY tax return services. It’s not surprising thanks to technology. As software gets easier to use it allows you do things like attempt to file an accurate tax return.
I will be the first to admit it: I have filed taxes on TurboTax. In my experience, TurboTax (or a similar self-preparation software) will work for someone who is single, has no kids, and works one or two jobs. That was my situation for a few years and TurboTax worked great.
But once your tax situation changes, there are myriad reasons to work with an experienced accountant instead, not the least of which is peace of mind.
Many of my clients describe the feeling of reaching that final button on TurboTax, reluctantly pausing, reviewing their work a third and fourth time, praying for the absence errors that could raise audit flags. Nearly sweating bullets as their spouse stands over their shoulder and does the same. Have I considered everything? Every deduction possible? Did I miss any income? What are the chances the IRS will notice this?
Sound familiar? There's an alternative: Schedule a consultation with JRG Taxes and let's relieve you of that pressure and risk.
When your arm is broken, you see a doctor. When your brakes don't work, you see a mechanic. When your tax situation changes, see an accountant.
Sometimes peace of mind can be priceless.
JR Gramstad CPA