“Should I hire a professional or do it myself?”
It's a question a lot of people ask these days, particularly with the advance of 'do it yourself' tax return software. The temptation offered by this type of software to 'save money' can be very appealing.
Unfortunately, many people have regretted the decision. Why?
The 'do it yourself' way can cost more money in the long run.
Have you ever found yourself part way through a project when you realized you didn't know enough to finish it off properly? You simply didn't have the expertise? So, you ended up having to call the pros in not only to finish the project, but also to fix anything you didn't do quite right. That can be costly.
The same situation can arise when the project is your tax return.
The ads for do it yourself software are appealing. The software will do all the work!
However, no matter how good a software program is, it cannot think or evaluate. Computer programs cannot distinguish the fine nuances that make your situation unique.
And that means, just like the simple home renovation project you once tried to tackle on your own, do it yourself software may cost you money in the end.
A professional accounting team sees the unique picture of your financial life and customizes their handling of your return to get the best results for you.
Additionally, an accountant is with you to answer questions and provide advice throughout the entire year – and that's the knowledge and insight that will have a positive impact at tax time.
Of course, your need for a professional to help prepare your taxes goes up in direct relationship with the complexity of your situation. But don’t let the word ‘complexity’ fool you. Such simple changes as marriage, birth, divorce or a death will require some additional tax expertise.
Plus, your accounting team is there should the dreaded word ‘audit’ ever arise.
Hiring a tax professional means you have a partner to help you maximize your tax position year after year.
And when it comes to saving money, a partner can spot things you – or your software may not.
At Roche, we work strategically to minimize your tax position this year, next year – and the year after. We think long-term about the best strategies and are your partner in the process of building a strong financial position.
Filing your taxes is not just about submitting the proper paper work on time. It’s about your unique situation and the bigger picture.