How did you fare this last tax season? Now that you’ve started your own business, you already know it’s a difficult ball game. Dealing with piles of receipts, account statements and sorting out government grants and loans isn’t what you signed up for when you started your small business. You don’t even have the time to waste poring over a long list of tax codes. That’s why you need virtual tax preparers to provide a new level of convenience for filing your taxes while you focus on building your business.
Why Should You Hire Tax Preparers When You Can DIY It
As easy as DIY tax programs may appear, they still need more expertise and value, which only experts like virtual tax preparers can offer. If you are used to filing taxes with a software package, paying someone to do the job for you might seem strange or like a waste of money. But there’ll always be a difference.
With DIY tax software, you are more likely to make costly mistakes. Rather than clicking through generic software packages and relying on downloadable programs to fit your specific need, tax preparers provide convenience and expert services you can consult every time to help you with complex tax issues.
Having a virtual tax preparer in your life comes with various significant benefits. Here are some:
Hiring Virtual Tax Preparers Helps You Focus On Your Business.
When you hand over your tax need to virtual tax preparers, you save yourself hours of stress and work, especially when starting a business. This way, you can invest your time and effort in satisfying your customers and building your brand. Think of it this way: countless tax preparers can file your taxes for you, but nobody can run your business as you can!
Virtual Tax Preparers Cheaper Than DIY
Calculate how much you earn per hour and how many hours it takes to file your taxes, and you may realize that it’s less expensive to hire tax preparers than filing your taxes yourself.
Virtual Tax Preparers Prevent Filing Errors.
Small filing errors can lead to significant penalties by the IRS if you’re caught. On the other hand, tax preparers are less likely to make mistakes. They can spot unnecessary expenses you would have overlooked and find ways to deduct taxes to reduce your tax bill legally.
Tax Digital Documentation
Do you still have your old tax returns tucked in the corner of your office? Working with tax preparers eliminates the need to keep paper records of tax returns and helps you store your records digitally whenever you need it. With this, you can reduce clutter in your space and access your tax history quickly and easily.
What Should You Look For In A Virtual Tax Preparer?
While a virtual tax preparer can make tax filing easier and faster, you should also watch out for tax scams. Before handing personal information to someone who can use it to get your refund, you need to ensure that you can trust them before hiring them. Here are some tips to look out for in a tax preparer
- Check the preparer’s qualifications: the new regulation mandates all paid tax return preparers to have a Preparer Tax Identification Number (PTIN). In addition, you should also ask if the preparer is affiliated with a professional organization.
- Check the preparer’s history: do some research to check if the preparer has a questionable history. Check for disciplinary actions and licensure status to ensure that the preparer has the legal capacity to function.
- Ask about their service fee: before working with virtual tax preparers, discuss the service fees first. Avoid preparers who base their service fees on a percentage of your refund, and ensure that any refund you get is deposited in your account in your name rather than leaving it with your preparer.
- Ensure your tax preparer is accessible: one of the most important things to look out for in a potential preparer. Tax preparers must be accessible to answer questions whenever needed.
The difference between a chaotic and great tax season is who you work with. If you choose to do your taxes yourself, be conscious of potential mistakes and consider the time and effort you’ll spend on your taxes. It’s best to work with virtual tax preparers that can file your tax returns quickly and more efficiently.