March 5, 2011

Professional Tax Help May Be Needed

Each year I procrastinate getting my taxes done.  All of the itemizations and deductions are confusing and many times overwhelming.  Thankfully, I have an established relationship with an accountant in our area.  She is so nice and doesn’t mind me emailing her with questions.  All of this craziness is making a flat tax sound all the more appealing.  Why do we all have to go through this each year?  But that’s another rant for another day. Back to this whole tax mess . . .

The adoption tax credit has changed, there are rules about purchasing a new home, selling a home, and what if you receive a monthly housing allowance? 

If you’re the common man (like me), this sounds like a foreign language to you.  Don’t give up just yet.  You want your taxes done correctly and you want to receive your money without delay.  Forms that are filed incorrectly can delay refunds.

All of these new  laws and extended tax credits make it really hard for a person to file their own taxes.  I am known for being a thrifty tightwad money saving cheapskate, but here’s one time I cringe and shell out the money to a professional.   

Of course, there are some ways to save money on your tax preparation expenses.  Have your papers organized and deductions itemized by category.  Don’t make the tax preparer search through your papers.  Since they usually charge by the hour, this will only cost them time which costs you money.

Remember that the IRS has set up a handy YouTube channel to help answer some of your questions.

Will you hire a professional this year?

image sxc by YM


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