Take the Stress Out of Tax Season with Tax Services in Lake in the Hills!
What is your least favorite part about doing your taxes? Is it how long it takes to do them, or is it the uncertainties that arise along the way? Of course, the looming presence of the IRS is also never reassuring!
Indeed, all these problems and more can make doing taxes very stressful.
We’re guessing, since you’re reading this blog, you’re tired of some or all of these stresses and are wondering if hiring a local tax professional may be a better alternative.
Fortunately, hiring a tax service can help with all those stresses and more! Read on to learn how Lake in the Hills tax services can make your life easier this tax season.
1. Lake in the Hills Tax Services Can Save You Money
Why would I pay for tax services near me if I can save money by doing them by myself? This is an excellent question, but it’s built on a faulty premise. The surprising truth is it’s often more fiscally responsible to hire a tax pro!
It may seem like a good idea to avoid spending money on your taxes. After all, then the cash stays in your wallet where it belongs! But what happens when you miss a tax credit you weren’t aware of while doing your taxes alone? Suddenly, you’re not getting back all you could have gotten in your return. Thus, you’re losing more money than you would have lost paying a professional!
Usually, the money you spend paying a tax pro is more than worth it for getting back everything the government owes you. A quality tax advisor will never let you be short-changed.
2. Hiring a Tax Professional Will Save You Time
Of course, money is not the only valuable thing you own. There’s only so much time in the day, and doing your taxes on your own can cost you a lot of it.
How long does it take to do taxes on your own? The Internal Revenue Service (IRS) estimates that the average taxpayer spends 11 hours filing their taxes every year. However, this can take even longer if you have multiple sources of income or own a business.
In other words, there goes your Saturday (or even the whole weekend) if you do your taxes alone!
Fortunately, a tax professional can save you most of that time by taking care of the grunt work for you! So, you can enjoy a relaxing Saturday with your family and still get the full tax refund you’re entitled to. Sounds pretty good to us!
3. Tax Advisors Resolve Uncertainty
Does this scenario sound familiar to you? You’re working on your taxes when suddenly you come across a tax credit you’ve never heard of. You think you may qualify for it but aren’t sure. And trying to wade your way through the legalese to figure out if you are eligible for it is making you more confused and giving you a headache!
Many taxpayers have known this painfully migraine-inducing situation. And sadly, a lot of them have given up on trying to figure out what the tax credit is and taken the standard deduction to get on with their lives. Doing this is a great way to miss opportunities to save money!
Fortunately, you don’t have to live with the uncertainty of wondering if you could have saved more on your taxes! A Lake in the Hills tax services provider can help you navigate through the complex tax code to get all the deductions you’re entitled to. The best part? No migraine for you!
4. Taxes Keep Getting More Complicated
We would be remiss if we didn’t mention that taxpayers have had even more of a headache at tax time in recent years. Unfortunately, the tax code has gotten even more confusing with recent adjustments like the Tax Cuts and Jobs Act of 2018. This law doubled the standard deductions available to taxpayers and put restrictions on itemized deductions. While this makes taking the standard deduction seem more appealing, itemizing still might be the best option for some taxpayers.
How do you figure out if itemizing might be the best option for you? You could spend hours reading through the tax code and articles online. Or you could hire a tax professional who can easily determine if itemizing is best for your situation.
After all, quality tax planning services always keep up to date on all the latest tax laws to get the best results for their clients. They master the complex legal documents so that you don’t have to!
5. Recent Life Changes Make Taxes Even More Challenging
Perhaps you’re reading this skeptically because you’ve always done your taxes independently and have never had much difficulty with it. Great! We’re glad you’ve made it this far without too many headaches.
But here’s the thing: Your taxes may not always be that simple.
Significant life changes can turn what was once a simple as filling out a few boxes into a much more cumbersome task. Such events include:
- A substantial increase in income
- Getting married or divorced
- Having children
- Starting a business
- Opening partnerships or trusts
All these transitions increase the number of boxes or forms you will have to fill in. Not only can this cost you more time and raise your stress levels, but it can also increase the chances of you making a costly mistake.
So, it’s never a bad idea to go with a tax service when a big change happens in your life.
6. Tax Services Help You Avoid Costly Errors
How are you with numbers? If math isn’t your strong suit and you often make calculation errors, then doing your taxes alone probably isn’t the best idea. After all, even the slightest error in calculation can lengthen the time it takes to get your return or worse!
If you accidentally fail to pay everything you owe on taxes, you could face a 5% penalty on your unpaid balance per month. Simple math errors or failing to report all of your income can also lead to being audited by the IRS.
An experienced tax advisor is much less likely to make these errors. After all, tax pros file returns for a living and know all the pitfalls to watch out for, especially when it comes to the IRS!
7. Tax Pros Know How to Deal with the IRS
No one likes to be audited. And interacting with the IRS is never fun. So, why put yourself at risk of either?
A Lake in the Hills tax services provider can easily handle any correspondence with the IRS for you. After all, tax pros speak their language fluently.
So, if the IRS has any questions about your return, your tax advisor can field them for you. They can talk and clear things up while you sit back and relax, knowing an expert has got you covered!
8. You Can Make Up for Past Mistakes
We all long to go back and make up for past errors. A tax preparer can do that for you—when it comes to your taxes, that is.
The best tax services offer to look back at your taxes from past years and see if you’re owed an additional refund. If they find anything, you could wind up getting a lot more from the government than you initially expected!
9. Tax Advisors Offer Wisdom for the Present and Future
As we have seen, professional tax preparers are more than just glorified data entry specialists. Not only can they file your taxes for you, but they can also help you get the most out of them. They will ensure you get all the deductions you deserve and answer any questions about your return.
But beyond that, they can also give you sound financial advice for the future. You will learn tips and strategies on how to save on next year’s taxes and beyond. It’s a great way to help set yourself up for long-term financial success!
Need Help with Your Taxes in Lake in the Hills, IL?
It’s never a bad idea to ask for help, especially when doing your taxes. Going with professional tax services will save you time, money and a lot of stress. And a tax pro can give you advice that will pay dividends for years to come!
Are you looking for tax services in Lake in the Hills, IL, or the surrounding region? At Merlak Tax Advisory Group, we offer all the benefits listed above on more for only $69! Please give us a call today at 779-220-9608 to schedule an appointment.
We look forward to helping you achieve your financial goals!