Completing a Schedule for Self-Employment Incomeįind Deductions or Credits that May Have Otherwise Been Missed.
Your income and residence are not in the same state or country.
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If you must claim any of the following, as I had to, it is especially advised that you speak with a tax professional as these scenarios will instantly complicate your tax return:
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The Federal tax code is adjusted each year making it nearly impossible for the average taxpayer to be fully aware of all changes that may apply to them. Difficultyįiling a tax return cannot only be complicated and confusing but is also constantly changing. Tax Preparation Fees Can Be DeductibleĪssuming you itemize, any fees you incur while preparing for your taxes can be deducted on Form 1040 as long as the sum of your miscellaneous deductions you are claiming here is greater than 2% of your adjusted gross income. A tax professional will be able to work quickly and efficiently and save you not only time but a headache that is sure to follow. Money and time that could be saved, invested, or in my case, put towards the down payment on a new car. To put this number into perspective, if you assume that the average person’s time is worth $25 an hour, that is a cost of up to $1,305 dollars. For those who had to file a Schedule C for business or a Schedule E for rental properties, this number quickly jumped to 52.2 hours. In 2007, the IRS estimated that the average person spent 24.2 hours completing their tax returns, a number that I had easily surpassed when attempting to handle my own taxes. Here are some advantages and disadvantages to consider before hiring a tax professional: Advantages Filing Your Own Taxes Can Be Incredibly Time-Consuming Between recently purchasing a home for the first time and dealing with loans and multiple incomes my taxes were simply too much to handle.ĭon’t be fully discouraged from doing your own taxes though as the difficulty in everyone’s tax return is different. I quickly learned just how false this was.Īfter hours slaving over tax forms and scouring my house to find lost receipts and bills, with my confidence shattered, I accepted defeat and admitted that it was time to bring in a professional. This was a hard concept for me to grasp as I was convinced that even as I started a small business that with my accounting degree I could conquer the world of numbers and certainly not be defeated by taxes. When it came to preparing my taxes, my old procrastination ways seemed to always get the best of me.įiling a tax return is not something you have to face alone and is often times best handled by a tax professional depending on your situation. Unfortunately, this is something that took me years to learn.
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