April 15th is quickly approaching, but like in years past, we are facing this day with as little stress as we can by hiring a CPA to do our taxes. Full disclosure, I grew up in a family of accountants and I have been indoctrinated with the mindset of “let a professional do it” for as long as I have been on this earth.
Here are my top 3 reasons for hiring a tax professional to prepare your taxes.
It saves you money.
Most people see hiring a tax professional as an expense, but in reality, the knowledge a CPA can offer helps save you money in the long run. Tax regulations and laws are constantly changing, and accountants make it their life’s work to understand these laws and help them to work for you and save you money. Often, by finding even one tax deduction or credit, a CPA earns his fee.
You build a relationship
By working with a professional, you help to build a relationship with someone who knows the ins and outs of your financial life. They not only help you save money when they file your taxes, but they also help you to make wise decisions in the future that make the most sense for your financial situation. CPAs help to set you up for long term financial success. By working with the same professional year in and year out, they are able to know changes in regulations and laws that will most affect your return and they will know how to best handle those. If you have big financial decisions to make throughout the year, you can consult with your accountant to see what makes the most sense for your family. A CPA is more than just someone who files your taxes once a year, they can also serve as a valuable financial advisor throughout the year.
It saves you time and stress
I don’t have a financial background and neither does my wife. The amount of time and stress it would take for us to file our own taxes just does not make sense for us. Filing taxes while maximizing your deduction and credits AND while making no mistakes is very time consuming and very stressful. We decided a long time ago for the sake of our marriage, we would let a professional carry that weight. Plus, in the event of an audit, computer software can’t represent you!
I know a CPA does not make sense for everyone and every family, but for us, it has been a wonderful decision that has helped reduce financial stress not only during tax season but throughout the year. And accountants have saved us more money than they have cost us.