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Five Benefits of Hiring a Professional Tax Return Preparer

NJ Income tax preparation

18 Oct Five Benefits of Hiring a Professional Tax Return Preparer

Posted at 10:52h in Income Tax, Tax Services by
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Benefits of Hiring a Professional Tax Return Preparer

Tax season can be a headache for most of us. Fortunately, if you are in New Jersey, you have easy access to professional help to make things easier. Hiring a Certified Public Accountant provides you with a number of benefits, especially if things have recently changed for you or your situation is somewhat complex.

Let us have a look at some of the most important advantages of hiring a professional tax return preparer when it comes to managing your taxes.

Credits and Deductions

The extensive experience and knowledge of a Certified Public Accountant can help in finding all the little-known credits or deductions that you might qualify for. Moreover, as the tax laws are modified every year, it can be very difficult for a taxpayer to keep up with these modifications and understand how they can apply these changes to their tax situation. If at all you have several credits or deductions and are only allowed to use any one, it is the knowledge of a CPA that can help you select one that will provide you with maximum benefits.

Filing Status

If you got married, divorced, had a child, adopted, or lost your partner this year, these instances can have a substantial impact on your tax filing as well as exemptions, credits, and deductions. It is the extensive knowledge about all the recent modifications and important dates that can help you choose the most beneficial filing status, making a professional tax return preparer very important for anyone whose situation has recently changed.

IRS Audit

IRS audit can be stressful and complicated. While you might be tempted to answer IRS yourself, it is highly recommended that one should hire a NJ Certified Public Accountant to even send initial response to revenue service department regarding any kind of audit inquiry. You can discuss everything with the CPA before the response is prepared for IRS to increase your chances of not getting any kind of charges at the end of an audit.

Child Education

If you have a child studying in college, a certified public accountant can help you in understanding how you can claim deductions if your child is a full-time student under the age of 24. Moreover, even if you have older children who earn investment income or wages, the knowledge of a CPA can be of great help while tax filing.

Starting Business

While starting a new business can be exciting, it comes with a number of tax implications. Business expenses, deductions, reporting income, insurances, calculation and paying taxes are some of the things that you need to be fully aware of.  No matter if you are starting a large or small business, it is very important to take advice from a professional tax return preparer while tax filing to ensure that you get maximum credits and deductions.

As you can see, there are several benefits of hiring a Certified Public Accountant for tax filing and you should definitely hire one to reduce the burden and stress of tax season.

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6 Comments
  • Scott Adams
    Posted at 17:00h, 07 November

    I like that you talked about asking a professional about how to file, if you just recently changed it. I got divorced this year, but most of the year I was married. I can see how it would be nice to have professional help because I don’t want to accidentally file wrong.

  • Derek Dewitt
    Posted at 09:12h, 31 October

    My wife and I are getting ready for tax season next year, but we can’t decide if we want to hire a professional to help us or not. I like that you mention how a certified public accountant can help you find the little-known credits or deductions that you might qualify for. We want to get the most money back possible, so this sounds ideal for us both. Thanks for sharing!

  • Taylor Bishop
    Posted at 09:37h, 07 September

    Thanks for helping me understand more about some of the reasons someone should hire a certified public accountant. I actually didn’t know that they are very aware about different modifications that could take place and how to alter a plan to fit those. Kind of interested to learn more about some advice they would give depending on the situation, and the different considerations they think about to make sure that their client gets the best results.

  • Jane Ambrose
    Posted at 12:03h, 29 June

    After reading this article, it is clear to me that hiring a professional accountant for the purpose of taxes can be very helpful. I totally agree that when starting a new business they are very useful for professional advice and knowledge. I had no idea that if you have a child in college they can help you claim your tax deductions. This information will be very helpful to me in the future with my taxes and accounting purposes!

  • Barbera Peters
    Posted at 12:25h, 28 June

    This was a very insightful article. I was pretty stressed about doing my taxes myself but after reading this I think that I should take the advice. I learned from this article that it is best to hire a Certified Public Accountant to talk to the IRS as a representative for myself.

  • Rachel Lannister
    Posted at 13:22h, 23 January

    In your article, you wrote that if you went through a divorce, it can have a big impact on your taxes. A close friend of mine went through a divorce earlier this year, and he’s been concerned about doing his taxes this year. I’ll have to tell him that he should get a good tax professional, so that they can walk him through the changes. Thanks for the advice.