Tax season can be a stressful and overwhelming time for many people. From gathering paperwork to navigating complex tax laws, the first couple of months of the year leaves a lot of individuals feeling nervous, uncertain and drained.
The thing is, leaving your taxes to the last minute puts you at risk in more ways than one. It’s why we’ll always recommend year-round tax preparation be completed by someone who gets you and your financial situation.
Everything you do impacts your taxes
From the money you earn to the investments you make, everything impacts your taxes. A change in your income, a new property purchase, or even a life event like getting married or having a kid; all these factors have a significant impact on your tax liability.
That's why having a tax preparer who’s completely up-to-date with every decision you’ve made is invaluable. They’ll help you navigate the complexities of the tax system, identify potential deductions, and ensure you’re taking advantage of every available tax benefit.
They’re your guide throughout the year and they’ll help you make informed decisions with your circumstances at the heart of it all. It’s the gold standard, at little extra cost.
Year-round tax planning means a smaller monthly subscription, rather than an annual lump sum. This means you can stay on top of your finances, keep everything that’s rightfully yours and make informed decisions that benefit you way into the future.
Procrastination in tax season often results in sleep loss, anxiety and penalties
Ever had to move apartments and decide to do it all yourself? We all have. From ordering the packaging, to late nights wrapping dishware, to loading things into the van: your move-out day is looming. It’s overwhelming project management and it asks a lot of you in a short space of time.
Now, if you’ve ever hired the experts to do it for you (or luxury level, the packing too) you notice the difference. You have brain space to focus, time to think about the bigger things and the opportunity to let someone do it faster and better.
It’s exactly the same when it comes to your tax return. (And at least with a house move you’re not doing it annually throughout the course of your life.)
When you put it off, cramming everything into a couple of weeks, you’ll make rushed decisions, overlook benefits, and increase stress levels. You're setting yourself up for worry and potential costly mistakes.
Instead, free up mental space and use a monthly service. Your taxes will be scrupulously handled and they’ll be dead-on accurate. Even better, you’ll gain something more valuable than compliance and maximized tax deductions. Total peace of mind.
The internet isn’t your tax advisor
It's important to remember the internet isn’t a qualified CPA. While there is a wealth of information available online, every individual's tax situation is totally unique.
When people opt for a DIY return they often turn to Google and, with content creators peddling skewed advice, it's riskier than ever. The IRS is on the lookout. You can make mistakes and it’s up to them to work out if it was intentional or not. Ultimately, implementing hearsay tax advice is a quick way to get noticed.
Whereas rules may change with the IRS, their attitude hasn’t. They just don’t do loopholes. If something seems too good to be true, it probably is.
When it comes to DIY returns or quickly hiring someone, the best case scenario is you’re compliant. The worst case is you’re handing over a lot of cash in missed tax benefits and subsequent penalties. Getting the right people to handle it for you means you fundamentally know your return is legal and tax efficient.
The thinking is, “well it’s done, at least”. We’d argue it isn’t
When you leave it to the last minute, it’s tempting to DIY or hire someone without much reconnaissance. If you don’t hire a skilled tax preparer, you simply won’t be taking advantage of all the tax benefits available to you.
Actually, if you hire anyone last minute - skilled or not - they simply won’t have everything they need to do a good job. They need to know you, your circumstances and have the time to do it properly. A good tax preparer will turn away work if it means they have to rush it.
A good tax preparer is an investment in you and your future
Whether you're starting a new business or looking to expand, a CPA can offer valuable insights and strategies to help you achieve your goals. They can also help you develop a budget, create financial goals, and track your progress.
You can feel confident knowing you have an expert in your corner, helping you navigate the complex world of finances. They’ll apply all of the ins and outs of your situation and provide personalized advice.
A CPA is more than just a tax expert, they’re your coach. They get where you're starting from, where you’ve been and what you want for the future. And, like with any healthy habit, you’ll get used to having them around and implementing their skills wherever possible.
How to choose the right CPA
Remember, if these guys are ultimately in charge of your financial health, you want to take some time and get this right. There are a few key factors to consider.
- Hire someone who is accessible and responsive. It needs to be easy to reach out with questions, seek guidance and air concerns
- Ask for references or read online reviews. Get a sense of their reputation and the experiences of other clients and don’t be afraid to ask probing questions
- Make sure you feel comfortable with them. They hold a lot of responsibility, so choose someone you can trust and have a good conversation with, beyond numbers and formalities. There are a lot of exceptional accountants out there who are human too
- If you’re a business owner, look for a firm who specializes in your industry. Their expertise will ensure they understand the specific challenges and opportunities you face
Choosing the right CPA is an important decision, so take your time and make sure you find someone who aligns with your needs and goals.
Now we wouldn’t be singing the praises of a monthly tax service if we didn’t offer one at Sundack. Even better, you’ll notice our Concierge subscription service only costs a touch more than our one-time annual tax return service. We want to make sure everyone can maximize what’s available to them and it starts by ensuring excellent tax services are affordable.
We pride ourselves on always being ahead of the tax season curve. Get in touch if you’re ready to get ahead too.