Okay, okay! I know that no one wants to pay to have their tax return(s) prepared. I get it! At best, you’ll be told you’re getting a refund all the way down to being told you still owe the IRS more money. Womp. Womp.
You feel like you’re getting nothing in return, especially if you still have to pay more money to finish paying off your IRS balance due.
Other Options
Of course you can use software, such as TurboTax, to self prepare your return. But what happens when it asks you a question that you don’t know the answer to? What happens when the software doesn’t elect the best option for your circumstances because it’s a robot and not a human?
Software is great if you only have a W-2, but if you’re self-employed, it’s likely going to cause you more stress, headaches and questions (and probably taxes!) in the long run.
Worth the Investment
A qualified tax professional (note the qualified there) will wind up saving you so much stress – and likely money – in the long run. Using a qualified tax professional will also give you peace-of-mind that your return has been prepared properly in the eyes of the IRS.
Additionally, when you’re not spending needless hours wracking your brain to figure out the tax code, you’re able to focus on the money-making activities in your business. I love taxes, but YOU working on your taxes is NOT a money-making activity for you. Maybe you could even take time off of work if you move this less-than-fun task off of your to do list.
Don’t Mistake Tax Preparation for Tax Planning
Tax preparation is done after the prior year has ended and all of the books, bank accounts and financial records have been reconciled and closed. It is a recreation of the year you had.
Tax planning is proactively making decisions in your business throughout the year to be strategic about how to minimize your income tax liability (and even maximizing business profits and cash flow if done properly).
Tax planning is a much larger investment than tax preparation because you’re receiving a customized tax strategy best positioned for you and your business by a professional even more knowledgeable than a traditional tax preparer. Advanced tax planning allows you to feel ‘in control’ all year and achieve your dreams – both professionally & personally.
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