Why You Shouldn’t DIY Your Taxes
As a business owner, you’re probably used to wearing a lot of hats, and that may help you get a lot of work done. However, there’s one major area of your business that requires specialized talent in preparing taxes. While you certainly can do your taxes yourself as a business owner, that doesn’t necessarily mean you should.
To show you why you shouldn’t DIY your taxes, Syvertsen Accounting LLC has noted two key reasons in this blog. Keep reading to know what they are and to avoid unnecessary hurdles with the tax authorities.
1. It can get complicated
While some tax forms have been streamlined in recent years, there are still thousands of pages of federal tax rules, not to mention the hundreds of recent tax-law changes. It is rare that an individual untrained as an accountant or tax lawyer can even begin to be familiar with the federal tax code. Needing to know all the complex rules can involve a lot of research and time investment. Most importantly, we wouldn’t want clients to miss any important money-saving write-offs. As small business owners, most individuals also fall in a higher income bracket. A higher-income typically means that they have more complicated finances. Because of these complexities, the chances are that they’ll end up spending a dramatically larger amount of time (and stress) on their taxes. If the idea of doing their own taxes causes stress and anxiety, it’s vital to call in the professionals to take the load off of their hands.
2. You might end up paying more
The IRS is not a mistake-friendly branch of the government. When individuals and businesses submit their taxes, the IRS expects them to be completely accurate, and if they’re not, it can cost the individual or company a lot of time, energy, and cash to rectify. Doing taxes by oneself could help save a little money upfront. But, depending on how accurate their information is, they could owe hundreds or even thousands of extra dollars to the federal government or to the state. Filing inaccurate, incomplete, or late business taxes can result in hefty fines, additional penalties, or an audit, which is a huge time investment (and an even bigger hassle). Basically, tax mistakes are costly from every angle, from a time, energy, and financial perspective.
Do things right - Hire a professional!
The worst outcome with doing DIY taxes would be inaccurate withholdings or missed write-offs that cause you to owe hundreds or thousands of dollars on your tax return. If you knew where the exact problem lies in the taxes filed for the previous year or before that, you would need to file an amended return. This time and could cost you money.
If you are unsure of where your number went wrong in your previous tax returns, you need to start over to ensure your numbers are correct. Although you do not really need to be licensed or certified to do your own taxes as today, hiring a professional tax preparer is worth the expense. There are many software options that can help you file your own taxes today. But, the software sites work best only if you have a very simple return with easy W2s, lower-income, and not a lot of write-offs.
If your returns are complicated or confuse you even a little bit, then it is important to hire a professional to file them for you. As professionals, we do taxes for a living. This means we know the ins and outs of the job and can save you the most money possible. Whenever you need a professional, it is best to talk with a few accountants and choose the best from your shortlist.
Syvertsen Accounting LLC is a small business that focuses on customer care and their best interest while helping you get every dollar you deserve. My prices vary based on your needs for that tax year. I have an easy chat feature on my website if you have any questions. Moreover, my Thumbtack will also allow you to select your need and provide a quote.
If you are looking for a tax accountant and preparer in Delaware, OH, then reach out to me at Syvertsen Accounting LLC. I operate as an independent contractor providing accounting and bookkeeping services to your company. You will not have to engage a bookkeeping employee or an accountant, pay benefits, or withhold taxes. Everything is completed by me for your convenience. My services are flexible and can be tailored to meet the specific needs of almost any company budget. I have over fifteen years of experience working for small and medium-sized businesses holding accounting and bookkeeping responsibilities in the areas of manufacturing, finance, and the service industry. Through my years of experience in these industries, I bring my clients the best practices to fit their needs. I offer services like individual and business tax, accounting, payroll, and outsourced bookkeeping services to clients.
To learn more about the services I offer, please click here. If you have a question, I would love to hear from you. Please contact me here.
