Many taxpayers, like yourself, are faced with the decision of hiring a tax professional or doing their taxes themselves. Both options come with their advantages and disadvantages. Here is a quick breakdown of the pros and cons of hiring a tax professional vs. doing it yourself.
Advantages of Hiring a Tax Professional
1. Potential for a Larger Tax Refund
One of the most significant advantages of hiring a tax professional is the potential for a larger tax refund. Tax professionals are experienced in preparing taxes, and they can help taxpayers find deductions and credits that they may not be aware of. Taxpayers who use a tax professional may find that they get a larger refund than if they had done their taxes themselves.
2. Year-Round Customer Support
Tax professionals offer year-round customer support, which can be especially important for those who require audit assistance. If you are audited by the IRS, having a tax professional who has the necessary documentation and experience can be incredibly helpful. You can rest assured that you have a qualified expert who can help you navigate any potential issues.
3. Convenience
Convenience is another significant advantage of hiring a tax professional. Many taxpayers do not have the time or desire to prepare their taxes, but they can still benefit from having a professional handle their taxes. With free downloadable apps, taxpayers can file their taxes from their smartphones, making the process quick and easy.
4. Tax Deductible Costs
Taxpayers who use a tax professional may be able to deduct the costs of hiring a tax professional from their taxes. This can make the cost of hiring a professional more affordable.
Disadvantages of Doing Your Taxes Yourself
1. Limited Knowledge of Tax Codes
Tax codes can be complicated, and it can be challenging for taxpayers to stay up to date with the latest changes. Tax professionals, on the other hand, are well-versed in the latest tax codes and know how to apply them to help taxpayers pay the lowest amount of taxes legally.
2. Potential for Errors
Doing your taxes yourself can be risky, especially if you have complex tax situations. There is a higher potential for errors, which can result in fines, penalties, and audits. Tax professionals have the necessary experience and knowledge to ensure that your taxes are prepared accurately.
3. Time-Consuming
Preparing your taxes yourself can be time-consuming, especially if you have a lot of forms to fill out. Taxpayers who do their taxes themselves may find that they spend several hours preparing their taxes.
The Pros vs The Cons
While there are certainly advantages to hiring a tax professional to prepare your taxes, there are also some benefits to doing your taxes yourself that you may want to consider. Here are the Pros of Doing your taxes yourself, which also happen to be the Cons of hiring a tax professional:
1. Cost
One of the most obvious advantages to doing your taxes yourself is the cost savings. While some tax preparation software may come with a fee, it can often be lower than what you would pay to hire a tax professional. Make sure to do your research and weigh the costs when vetting both options.
2. Control
When you do your taxes yourself, you have complete control over the process. You can take your time, go at your own pace, and make sure that everything is done correctly. This can be especially beneficial if you have a relatively simple tax situation.
3. Understanding Your Taxes
Doing your taxes yourself can also help you gain a better understanding of your finances and how taxes work. By going through the process yourself, you can learn more about deductions, credits, and other aspects of the tax code.
4. Personal Convenience
While hiring a tax professional can be convenient, doing your taxes yourself can also be convenient in its own way. You can work on your taxes whenever it's convenient for you, without having to schedule appointments or wait for someone else to get back to you. Doing your taxes yourself can also give you more flexibility in terms of how you file your taxes. You can choose to file online, by mail, or even in person if you prefer.
How Sunset Finance Can Help You
At Sunset Finance, we understand how overwhelming the tax season can be. That's why we offer tax preparation services and tax advance loans to make the process more manageable for our clients. Our tax professionals are experienced in preparing taxes, and we can help you get the largest refund possible.
Tax Preparation Services
Our tax preparation services include a free, no-obligation quote to help you understand how much you can expect to receive from your tax refund. We will also review your tax documents to ensure that you are claiming all of the deductions and credits that you are entitled to. With our year-round customer support, we are always available to answer any questions you may have.
Tax Advance Loans
We also offer tax advance loans to help our clients get the money they need before their tax refund arrives. Our tax advance loans can help you get up to $6,000* of your tax money back within 24 to 48 hours of IRS acceptance. With our fast and easy application process, you can get the money you need to cover any expenses that may arise.
*subject to our most liberal credit policies and IRS acceptance of your return.
Georgia NMLS #2045071
Free Tax Prep Resources
We've created the Sunset Finance Guide to Tax Returns to provide more information and make taxes a little less overwhelming.
Learn what you need to know about filing this year's taxes in this blog. Including current tax brackets and filing dates.
Learn more about Tax advance loans from our resource called "What is a tax Advance Loan?".
Related Posts
