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Tax season is here and while many of you may already have a plan in place for how you will be filing this year, some may still be looking for a little guidance. Those of you who have your plan in place may be interested to learn a little more about other options in case you had life changes last year. These changes have led you to need a different filing option this year. We always want you to have the best information out there when it comes to tax filing.
What are your filing options for your taxes this year? We are here to break down the ways you can file this year and how they work for each person’s situation.
When it comes to DIY tax preparation, the two main options are online software or choosing to file by paper and mailing it to the IRS. Most people choose these days to file their taxes electronically, approximately 90%. This choice is due to it being a much faster and easier way to get your taxes filed and your refund sent to you. There are special circumstances in which you would have to file by mail such as filing a return for someone who has passed or other rare cases.
Tax preparation software may advertise that it can walk you step by step through your taxes but it can often miss vital deductions and calculations. If you own a business or are itemizing, a more thorough option may be the better choice for you.
According to the IRS, 53% of Americans chose to use a professional to help them file their taxes last year. People understand the value of having a professional, like your local McKinney CPA, assist you in filing your taxes.
Many people have had major changes this year with the current economic situation. If you have had a change in your job, own or sold a business, moved, had multiple sources of income, plan to itemize, or any major change like this, then hiring a professional to file your taxes for you is the best option for you. These types of things can make your taxes trickier, but a tax professional is equipped with all the knowledge to handle your taxes with no problem.
Another great thing about hiring a tax professional is that they are always up to date with the latest tax laws. Our tax laws are ever-changing and as an individual, it is very hard to keep up. Your CPA is always going to make sure that your tax return is compliant with current tax law.
When it comes time to file your taxes you want to make the best decision for your current situation. We are here to help you with all of your tax questions year-round, not just during tax season. When you are ready to file your taxes this year give us a call to schedule your appointment (972) 734-1040. We would love to help you.