Recent data indicates that more Americans than ever are filing their taxes without professional help this year. In many cases, these taxpayers are completing their tax returns by themselves, or using software programs to assist with the process. Often times, this is a smart move – if you could save yourself some money and you have the time to spend on the project, it seems to make sense to file on your own.
As a recent USA Today article reports:
More Americans are e-filing their taxes on their own this year, according to Internal Revenue Service data released Thursday.
As of March 7, nearly 27.4 million people had prepared their own taxes, a 5.8% increase over the same period last year, when 25.9 million had filed at home, the data show.
Returns filed by pros are down this season. Roughly 34.8 million Americans have had their taxes e-filed by a professional, a decrease of 2.2% from last year. Traffic to IRS.gov has also decreased, down 8.3%, with about 181.2 million visits. Last year there had been about 197.7 million visits at this point.
Again, it’s a great idea to save money where you can. However, it is important to recognize that filing your taxes without professional guidance can potentially lead to IRS complications. For one thing, a tax attorney or accountant will be able to help you spot possible “red flags” in your tax return that could increase your chances of being audited. And a tax professional can evaluate your specific circumstances in relation to the tax code to help you save the most possible money on your return. Finally, tax professionals earn their living by staying up to date on all of the latest changes to the tax code, as well as IRS practices. The average taxpayer simply doesn’t have the time to stay up-to-speed in these areas.
If your tax situation is extremely simple, filing on your own may make sense. But if your tax return is more complex, it’s usually worth it to work with a professional who can help you reduce your tax liability and keep you out of hot water with the IRS.
If you’d like to learn more, call 844-841-9857 today!