Tax Preparation Services In Chicago, IL
Does preparing your income taxes for yourself or for your small business feel complicated and time-consuming?
Preparing your taxes effectively can make all the difference between getting a big refund and missing out. Sometimes, seeking professional help is the best way to ensure you get all the benefits you’re entitled to. It costs a bit of money, but the knowledge and expertise you can profit from is well worth it. An alternative is to complete your taxes using the best free online tax services. At Pasquesi Sheppard, we can guide you through the tax filing process. Here’s an overview of the benefits of both options and how to decide which is right for you.
Tax Preparation Software vs. Professional Help
If you hire a professional tax specialist, they’ll take over filling out your tax return and filing it. You supply them with the relevant information, such as wage payments, investments, pension payouts, and your previous tax returns.
After reviewing all the tax deductions you could take advantage of, the specialist will fill out the appropriate forms before submitting them to the IRS. They can also give you advice throughout the year on how to make smart tax decisions. If you hire a tax specialist, their fees can vary depending on the type of service you require and the complexity of your return.
Tax preparation software allows you to complete relevant tax forms online. Some people may find this a good option, whereas others are uncertain about investing the time to complete their return. They may wonder, “Is TurboTax easy to use, or should I hire a professional?” The IRS estimates that filling out a return takes an average of 13 hours, time that you could use for something else.
Tax specialists may use online software to carry out their work, but individuals can do so as well. One benefit from using tax software to file your return is the cost. You may have to pay a small fee to use the software, but it will be less than hiring a professional. However, this doesn’t factor in that a professional can often secure you a bigger refund, potentially more than offsetting the cost of hiring them. Ultimately, you’ll need to decide what’s right for you.
Key Features To Look For in Tax Preparation Services
If you decide to hire a tax professional, there are several things you should look for. Ask the tax preparer for their preparer tax identification number. The IRS issues this number, and it allows the preparer to communicate with the IRS on your behalf. It’s also a useful way to confirm that the specialist you’re planning to hire is legitimate.
Ask about their familiarity with the latest tax laws. Rules and regulations change often, so it’s good to know that the specialist you hire is aware of all the latest developments. Up-to-date knowledge can also increase the likelihood that they secure the best result for you.
Even if you hire a specialist to complete your taxes, the IRS can still audit you. Ask from the outset what services you can expect from the tax professional if you have to go through an audit.
Tips and Common Deductions
There are many potential tax rebates and deductions available, which is one reason to consider hiring a professional tax preparer. Otherwise, you could miss out on significant savings. The credits outlined below are just a small selection of potential deductions. Rules may differ depending on where you live and the type of work or business you have.
One potential savings is the Child Tax Credit, available to households with children under 17. It’s valued at $2,000 per child for the 2024 tax year. A related deduction is the Child and Dependent Care Credit, which applies to households with a child under 13.
The American Opportunity Tax Credit aims to encourage people to further their education by offering them the chance to claim up to $2,500 spent on schoolbooks and related equipment. Another related credit is the Lifetime Learning Credit, which you can apply to up to $10,000 of tuition fees that you pay, for a maximum credit of $2,000. There are also popular credits for charitable donations, medical expenses, and mortgage interest.
Professional Help for Complex Tax Situations
As you can see, there’s a wide variety of credits and related rules to consider when filing a tax form. Things can become complicated if you have a small business with employees or make investments regularly.
You may need to submit additional forms or evidence to the IRS to explain your situation. Assistance in such complex situations is extremely beneficial. Some tax professionals specialize in particular types of tax filings, such as corporate taxes, investments, and income tax returns.
Data Security
Whether you choose a free online tax service and fill out your form yourself or hire a professional, data security should be a key consideration. You must provide a high level of private information to the IRS, so you’ll want to ensure that the data is secure. Ask your prospective tax specialist how they handle data protection to get an idea of what to expect. They may have income tax software that safeguards your data with encryption or another method.
File Your Taxes With Pasquesi Sheppard
Hiring a tax preparer from Pasquesi Sheppard can make filing your taxes much easier. You can rely on our income tax expertise to accurately complete your return and transmit it to the IRS. If you have any questions about how the process works and how we can help, we can offer you a consultation. Don’t hesitate to contact us today to learn more.
Contact us today to begin your intricate tax preparation journey this upcoming year with Pasquesi Sheppard. We look forward to working with you and providing you with the best possible tax services.
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