Another April 15th has come and gone and as taxpayers we can breathe a sigh of relief. Regardless of whether we owed money or were due a refund, we can rest until early 2016 when we’ll begin this annual ritual once again.
Some of us dutifully put all our tax related forms into a folder and delivered them to our tax professional. Others decided to do their own taxes – this used to be me. I remember how I would go to the study, close the door, block out everything else that was going on and work my way through the tax return. For those of us mathematically inclined, there was a sense of accomplishment in completing the tax return. There were even some parts that I dare say were interesting.
As I grew older, however, my free time seemed to grow more valuable. I didn’t want to spend my free hours doing this anymore. I didn’t want to have to worry about keeping up to date with the nuances of the tax code. I didn’t want to worry about missing out on a deduction. I didn’t want to worry about making mathematical or data input errors. I wanted to know that if the IRS had any questions about my return, that my tax professional would be there to address them on my behalf.
Everyone’s situation is different, so we each have to decide whether to seek professional tax help based on our individual circumstances; but if you want to free up some more time, create some peace of mind, and reduce your stress level you may want to consider investing in a tax professional next year.