According to a study by the U.S. Government's General Accounting Office last year, 77% of taxpayers believe they benefited by using a professional tax preparer. Today's tax laws have gotten so complex that filing even a relatively simple tax return can be confusing. It's just too easy to overlook deductions and credits to which you are entitled.
Even the best do-it-yourself tax software on the market today is only as accurate as the experience and training of its user. Contrary to their advertising, their "guaranteed accurate" claim only pertains to the "calculations" made. They in no way guarantee the accuracy of the return, nor can they. The fine print of their guarantees clearly explain this.
We are reminded of a new client who made multiple errors preparing her own taxes the prior year. When we asked about the obvious errors, she replied, "Every time the software asked me a question, I felt I should put down something. I had no idea how the amounts I entered might affect my taxes. I'm not an accountant after all."
Luckily for her, she wasn't selected for an audit that year. But she's not out of the woods yet. If she's audited in the future, the IRS can go back several years into the past. And one thing we've learned over the years, blaming the tax software never, ever works.
So what's our point? Tax software is a wonderful tool to help the average person prepare a simple tax return. But as one's affairs get more complicated, and the schedules begin adding up, it might be time to consider getting some professional help.
We typically prepare tax returns using a four step process:
First, we write it up using a custom worksheet. Second, we enter it in our professional software, crosschecking the totals. Third, we have the tax software perform a series of checks. And fourth, we give the entire return a final check through.
We perform all of these steps to maximize the accuracy of your taxes and maximize your tax deductions. Compare this with many of our competitors who perform a one step process, just entering the data into tax software and printing it out.
Naturally, a process like ours takes longer. But if you would like your taxes minimized, value getting fewer tax notices in the future, and want the extra peace of mind that comes with working with competent professionals, then you've come to the right place.
Other types of taxes we prepare:
C-Corporations
S-Corporations
LLC's
Partnerships
Pensions
Trusts
Nonprofits.
Own a business and behind with your record keeping?
No problem. We can help you fix your books and prepare your taxes. Check out our business accounting service for more information.
Young Accounting, Ltd.
7777 Lake Street, Suite 200, River Forest, IL 60305 Tel (708) 366-6377 Email ken@youngcpafirm.com
Young Accounting is a Chicagoland accounting firm that provides a wide variety of accounting, tax and financial management services. Our clients are located in towns like Oak Park, River Forest, Chicago, Elmwood Park, Melrose Park, River Grove, Forest Park, Riverside, Elmhurst, Downers Grove, Westchester, Hillside, Oak Brook, Hinsdale, La Grange, Villa Park, Westmont and more. We service clients in Cook County, DuPage County and Lake County.
