4 Great Reasons to Stop Doing Your Taxes Yourself

Paying taxes is part of any working person’s responsibilities. For many, it is one of the most difficult, annoying, and time-consuming tasks they have to do. While it is possible to develop enough skills to do your taxes by yourself, it does not take away the fact that it is an obligation most people don’t look forward to handling.

Even if you do like it, there are so many ways that a professional can do it a lot better. If you are still not convinced, here are some good reasons you should let a professional handle your taxes:

1. Even the smallest error can become expensive

Every person who has ever done their taxes knows the tedium of inputting and recording numbers and sums until a headache sets in. Taxation is not an easy subject, and you need technical skills and vocabulary needed to understand it. Even just the smallest mistake can cost someone thousands and thousands of dollars.

A professional can weed out these mistakes with their superior knowledge and understanding of the government’s tax processes.

2. It can take away your anxiety

For many, the subject of finances is stressful. Everyone might agree that the process of doing taxes should have been taught in schools, but that is not the case, and people are left to their own devices. 

For people with a busy schedule or intense career, taxes present an additional stressor. It is an unavoidable thing that you have to allocate time and mental stress for, no matter who you are. 

A personal accounting service can easily take this stress away by doing the job for you. While it does cost a fee, it’s perfectly worth it to protect your mental health.

3. The software does not know the nuances of tax regulations

While the right software can help with taxes, it often does not recognize the nuances in tax laws and regulations the same way a living professional can.

A good example is the specific regulations surrounding single parents and breadwinners. The software will ask you if you are single or the head of a household. For a single parent, both are true. 

That software, however, would not tell you the valuable deductions you might lose if you choose to file as a single person. Single-parent households can lose up to $1,500 a year on such mistakes alone.

A personal accounting service offers not only a better understanding of tax laws but of your situation as a human being too. 

4. It can ease the difficulties of tough events in your life

Family tragedies, like divorce, injury, or death, are difficult moments for anyone without having to worry about your taxes. Such events often come with changes and special tax concerns, especially in the event of receiving someone’s estate in their will or changes in custody.

You can relieve yourself of the burden and allow yourself the space to deal with your situation. A tax specialist can handle all of it for you, giving you one less thing to worry about in that difficult time in your life.

Conclusion

The only disadvantage to paying someone else to do your taxes is the expense, but even that can be mitigated by all the benefits of having a professional handle your accounting. It is not only easier for you, but also safer for your financial well-being. 

For more information on your taxes and personal accountants, send us a message. Totally Booked offers bookkeeping services in New York. Contact us today!