What’s the Best Place to Do Taxes?
If you’re stressed about the upcoming tax season, it can be hard to know where to turn. Luckily, there are options available that can help ease your pain. If you have simple taxes, do-it-yourself software can be a good choice. However, hiring a professional can make things easier if you have complex tax issues like self-employment income or itemized deductions.
Do-It-Yourself (DIY) Software
Using tax software can be a great way to save money and avoid paying large fees to file with a CPA or other professional. The best software offers user-friendly features and a wide range of forms.
Before choosing a program, it’s important to understand your tax needs. You may have only a few forms and schedules to fill out, or you’ll need to report business income and expenses on a separate form from your income.
The right software can also help you claim tax credits and rebates you didn’t know about. It can be especially helpful for those with complex tax situations, such as a home office or multiple sources of income.
Many of the best tax software options are free for eligible customers and offer different levels of support for both novice and seasoned tax filers alike. But remember to read the qualifying criteria for each free filing option carefully.
CPAs
A CPA, or certified public accountant, has gone through many accounting classes an exams and maintains continuing education credits to ensure they’re current on the latest tax laws. They are a trusted advisor and can help you stay on top of your taxes.
A good CPA can prepare your taxes and offer year-round tax planning advice to save you money in the future. Software and online filing services just don’t come close to offering that kind of professional guidance.
In addition to taxes, CPAs provide various other accounting services, such as financial planning, consulting, and auditing. They also provide assurance services to help clients ensure their financial records are accurate and comply with current regulations.
Retail Tax Prep
Retail tax prep is your best bet if you’re looking for a tax preparation solution that will get the job done without breaking the bank. These firms offer services spanning everything from simple online filing to the full-service, high-end tax preparation you expect from an accountant. They also have a good handle on the latest tax laws and regulations, making them a smart choice for taxes in any era.
The best tax prep companies provide the right mix of professional service and technology. This includes tax software, services, and mobile apps that will have your back on the go. The top-notch companies have the best of both worlds: great customer service and tech-savvy, highly trained staff. Some have even teamed up with local retailers to offer discounts and other incentives to customers. Some have thrown in a few extras, like free coffee or a gift card with the purchase of a new tax preparation package.
Tax Attorneys
Tax Attorneys can help you with a wide range of tax-related issues. They work as generalists or specialize in specific areas of the law, such as estate planning and corporate tax.
They handle tax requirements, commercial transactions, and compliance matters for businesses, organizations, governments, nonprofits, private foundations, trade associations, and individuals.
For instance, if you owe back taxes, a tax lawyer can negotiate with the IRS for an offer in compromise, remove penalties, set up payments, or protect your assets from collection actions.
A tax attorney can also help you with complex tax problems, such as wage garnishments, tax liens, and levies. They can investigate your case thoroughly and advise you about the best action for your situation.
Depending on your situation, you can hire a tax attorney from a law or accounting firm. Law firms generally handle tax disputes and can represent you in court, while accounting firms typically offer tax advice but do not litigate.