Tax professionals remain busy during tax season. However, many people opt to do their taxes themselves to save money. Not hiring a tax professional may seem like a great idea, but it can do more harm than good. Accounting firms can save you a lot of money. Here are a few reasons why hiring a professional this tax season is best.

Audit Protection

Being audited by the IRS is a nightmare. IRS employees want to see every single receipt possible to prove certain expenses. If you have children, then they'll want proof that the child lived with you to ensure you could legally claim certain deductions. Working with a professional reduces the chances of you getting audited.

Claim Deductions

Professionals at accounting firms will sit down with you in person to discuss your situation. According to Fit Small Business, around 66% of accounting staff worked in their offices full-time during 2022. This ensures you have someone to sit with to explore your tax situation. They'll help you claim every deduction possible for the most significant refund.

Tax Law Expertise

Tax laws change every year. The amount of money for an EIC has changed repeatedly. Many businesses see the amount you can deduct for charity expenses continuously evolving. Additionally, there are specific qualifications a child must meet to be claimed as a dependent. Professionals with experience at accounting firms stay current on tax laws to ensure compliance.

Saving Some Money

Many people opt to do their taxes themselves to save money. However, that can wind up costing you in the long run. Individuals who make mistakes will have to pay a professional to help them amend their taxes or help them with an audit. People may lose money because they miss essential deductions or tax credits. Working with an accounting firm for the first time is often financially beneficial.

Complex Situations

Anyone with a complex situation should hire an accounting firm. Small business taxes involve a series of complicated laws that have been implemented. Specific business structures are eligible for tax deductions, while others are not. If you have third-party custody of a child, it's essential to determine what deductions they qualify for.

We understand that tax time can be stressful. Accounting firms can help take a huge weight off your shoulders. Contact Riley's Tax Service today to schedule an appointment to discuss your tax situation.