Back in the day, when I was a stay at home mom with six kids running around the neighborhood, my husband and I were trying to make it by with as few expenses as possible. One way we did this was doing our own taxes at home. I did the best that I could, got a refund, and thought it was going great! Fast forward a few years, I went back to school and one day I was sitting in one of my accounting classes learning about credits and deductions. I began to feel sick to my stomach as I realized that we had missed out of thousands of dollars that could have been returned if I had simply gone to a professional accountant. I did the calculations and saw that the money I would have spent on an accountant would have more than paid for itself with the money we could have saved over the years. There was nothing to do about it now, as we had already passed the Statute of Limitations, but I made sure that was never a problem for us again.
With online tax software becoming more popular, there is an increasing amount of people who feel like they can handle their income taxes on their own. If you are a taxpayers with simple tax situations, any one of the online tax softwares could be perfect for you! For example, if you are single, have only one source of income, don’t own any property, and don’t have any children then walking through the forms and filing would be perfect for you.
However, if you’re like me with a bit more complicated tax situation, my advise for you today would be to go to a professional accountant! We don’t want you to miss out on any deductions and credits if you :
- Are married
- Have kids
- Make donations to charities or churches
- Plan to itemize your deductions
- Own a small business
- Have more than one source of income
- Don’t have any time to file your taxes
- Own a home
The last one on the list is probably the most vital one, simply because the most commonly overlooked tax deductions and credits usually have to do with homeownership. The tax forms can become increasingly complicated and it can be easy to overpay if you don’t know what you are doing, depriving you of thousands, or even millions of dollars, each year.
At Stapley Accounting we want to be fair and pay the IRS what is needed, but never more than that. We are dedicated to helping you save the most money and increasing your credits and deductions. As professionals, we have the ability to save you money by spotting credits you’ve missed, reviewing your information and calculations, as well as making sure all of your information makes it into the IRS within the allotted time.
If you have any questions be sure to call us at: (435) 294-0030