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Common Mistakes You Can Avoid by Hiring a Professional Tax Consultant

Common Mistakes You Can Avoid by Hiring a Professional Tax Consultant

Like it or not, tax time is always looming. Whether it’s April, December, or somewhere in between, it’s vital to keep your tax records up to date and filings accurate. When deadlines approach, nobody wants to scramble for documentation and submit a sloppy form.

Fortunately, you can stay ahead of the game by staying on top of your taxes all year long. But how do you make sure you’re doing it right? Especially if you own a business, are self-employed, or have a more complicated return, how do you know you’ve dotted all your i’s and crossed all your t’s?

There is a way to rest easily, knowing your taxes are done properly and legally.

When you hire a professional tax consultant, you don’t have to worry. There will be no searching for documents the day before a deadline. No guesswork on your tax forms. No wondering if your filings pass mustard with the IRS. When you hire an accountant or certified tax preparer, they’ll take care of all that for you.

Working with a tax professional saves you hassle. Over time, you’ll also save money by reducing your tax liability. Best of all, you can avoid the little mistakes that can cause big problems. As food for thought, here are some common mistakes you can avoid by hiring a Southern Utah tax consultant.

  1. Mathematical goofs
    It seems simple enough to add everything correctly, figure in credits and deductions, or estimate payments. However, each year, math errors are the most common type of mistake found by the IRS on tax filings. Your tax professional is keenly aware of this, and takes special care to check and re-check every digit, greatly decreasing the likelihood of human error coming back to bite you.
  2. Missing income
    Did you do any work on the side this year? Did you get paid for an odd job or freelance project? Forgetting to include this income or not claiming what you made correctly can end up costing you. With your documentation, your tax preparer will know what to claim and how to document it, so you don’t end up paying penalties or increasing your risk of an audit.
  3. Incorrect filing status
    You have several options when claiming your filing status. Are you single, head-of-household, filing jointly or separately? What status(es) can you legally claim, and which will benefit you the most? What about dependents? Your accountant can clarify everything for you, and ensure your filing status fits your situation.
  4. Inaccurate charitable donations
    If you’ve given money or goods to any non-profit or charitable organization, such as a homeless shelter, church, or animal rescue, make sure you get the proper deductions. Always ask for a receipt and give it straight to your tax professional. They can make sure each donation is certified tax-exempt, and even help you estimate the proper market value of any tangible materials you give.

To avoid these mistakes and many more, consider hiring a tax consultant to handle everything for you. You’ll survive the deadlines without the dread – and quite possibly with more money in your pocket.

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