Tax time only comes once a year, and if you’re one of the many taxpayers who do their own taxes, you’re probably dreading it. Preparing your own income tax return can be a migraine-inducing chore, even if you have a relatively simple financial situation with only one employer and few or no investments. If you have income from multiple sources and a large investment portfolio, doing your own taxes can be a nightmare.
According to data from the U.S. Government Accountability Office, the majority of taxpayers – 77 percent – feel that retaining the services of a professional tax preparer is well worth the expense. IRS codes and tax laws aren’t getting simpler or easier to understand as time goes by; quite the opposite, in fact. With health care reform and all that it entails, tax laws are getting so convoluted that it’s becoming all but impossible to file even the simplest individual tax return yourself.
File your own taxes and you risk making costly mistakes, losing money on easy-to-miss deductions and credits that only a licensed CPA knows to look for and claim. Sure, tax preparation software is getting more affordable and easier to use, but it hasn’t put any CPA’s out of business – and there’s a reason for that. Tax prep software is no substitute for the professional advice and assistance of a CPA. Coyne CPA specializes in offering more than tax preparation assistance. We use our knowledge and expertise of the tax codes to help you plan for tax time all year long.