As tax season steadily approaches, there’s a lot to do to prepare and file your state and federal income taxes. But while you’re getting your financial affairs in order, you’ll need to consider how you’ll file.
There’s a steady debate over TurboTax vs. using a CPA. Both have their advantages, but it all depends on your situation, and what you’re looking for with your income tax accounting.
At Flannery & Associates, we’re going to explain the benefits of having a personal accountant and why you should choose a CPA over TurboTax.
Getting Started with Your Taxes
If you decide to go the route of personal accounting software, you’ll want to be careful while putting in your finances. It’s a delicate situation, and a wrong number or decimal point could lead to a flood of IRS letters, audits, and even penalties.
If you do end up hearing from the IRS, having a CPA on your side can be a huge advantage. A CPA can easily step in and resolve any issue the IRS has with your taxes. If you use TurboTax, you’re on your own with handling the issues with the IRS.
Using an accountant takes a lot of the pressure off of you. They’re seasoned and certified and have completed countless tax returns over the years. This kind of experience will ensure that your taxes are filed properly and that you won’t be hearing from the IRS anytime soon.
Saving on Your Taxes
While downloading or installing TurboTax can allow you to complete your taxes without the costs of hiring a CPA, how much are you really saving? Using personal accounting software won’t make personalized financial recommendations or know where you can save on your income tax. While using this software, you may actually miss out on potential deductions that can lower the total costs.
Meeting with an accountant can help you see the bigger picture with your finances. On top of making recommendations, they can also help you plan for the future, whether you have major purchases coming up, or you simply want to expand your retirement portfolio.
Adding Convenience to Tax Season
One of the biggest appeals of using TurboTax is that you can simply do your taxes right from home without having to make an appointment and heading to an office to go through the process. However, meeting with an accountant doesn’t have to be an inconvenient chore.
Today’s accountants understand the shift with working from home and are now offering convenient services that allow you to get your taxes done while remaining comfortable at home. Hiring a virtual accountant can help you navigate your taxes with convenience.
Start Preparing for Tax Season
Now that you’ve read this article, you’re aware of the advantages of both TurboTax and hiring a CPA. You’ve also learned that having a CPA on your side will help you navigate your tax preparation and planning a little more smoothly because they can provide insights and suggestions to help you save and plan ahead with your financial future.
If you’re getting ready to prepare for tax season and you’re looking for professional assistance to help you file and plan, you can easily get started by contacting us at Flannery & Associates. We can assist you, at your convenience, with ensuring that your taxes are filed correctly and that you’re able to save.