Many of us like to do as many things as we can for ourselves. For example, I like baking my own bread or taking care of my own DIY projects. So it’s not surprising that many people find the idea of doing their own taxes online using Free File or paid software appealing. After all, that’s how you save money, right?
Not necessarily, because even in our era of easily filed and self-done taxes, there are still hefty benefits to getting a professional to do them for you.
The Money, Stress, and Time of Doing Your Own Taxes
The biggest benefits, without a doubt, are the savings in money, stress, and time. Tax season can be stressful – that goes without saying. Part of it is because most people are not tax professionals, and quite frankly, it can be so much harder to do something when you only do that thing once a year. The rest of it is…well, tax!
Another area in which the average person could really benefit and save by hiring a tax preparer is in terms of time savings. Americans now are around 400% more productive than our counterparts in 1950. This means that not only do we work harder, but that our free time is now also at a premium. Did you know that a recent study estimated that the average person spends about 17 hours preparing their taxes?
That’s 17 hours, out of an already busy week that could be spent with family or doing something fun.
Lastly, when you do your own taxes online, you’re really not able to take advantage of the deduction maximization that tax preparers can provide. You see, a computer program just isn’t all that motivated to find all the deductions for you that an actual tax preparer is. And while it is true that even tax preparers must also file online on the behalf of our clients when we have over ten clients, our greater familiarity with the system in general, and additional tools, still mean that you benefit from those deductions you may have otherwise missed.
So why not save yourself the stress, time, and money, and hire yourself a tax preparer? You may be surprised by what we could do for you!