Millions of Americans file their own taxes, but how many of them aren’t taking full advantage of tax deductions or tax breaks they qualify for but don’t know about?
Angie Hicks from Angie's List says, “Hiring a professional can actually help you take some deductions you didn’t even know you were eligible for. A lot of times, people think mileage for work is a possible deduction. We had one member that was commenting on how she was required to stay up on the news, and because of that, she was able to deduct her cable bill because she needed it for work."
You want to find someone you trust and ideally, develop a long-lasting relationship with. That way they know your finances and can help you if you’ve missed deductions.
Jennifer Harris is a Certified Public Accountant. She says, “Folks should set up an appointment as soon as anything changes in their financial situation from the year before. It’s never too late to educate yourself on what your situation is for that year. So, anytime during the year is the best time to schedule an appointment."
You should also know that your tax attorney or CPA will take care of you in case of an audit.
Many of us hate the idea of hiring someone to do something we think we can do just as well. But when it comes to taxes, the laws change and it’s hard for anyone but a tax professional to keep up with them. If you think you might be missing out – or paying more than your fair share of taxes – hiring a qualified professional might be money well spent.
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.