Okay, so we’ve all heard that saying about “nothing in this world is certain except death and taxes”.
And the fact is that young or old, we all pay taxes at some point, from sales taxes when purchasing the most basic commodities, to the income tax deducted from each paycheck you earn at work, right up to the property taxes that you’ll end up bequeathing to your children who’ll be inheriting that house you worked a lifetime for.
Two things are certain in life. Death & Taxes.
It’s a given that the government is entitled to a share of your money by law (except in a few countries) and the given purpose of taxation is to provide funds for the government to perform its basic functions and initiatives. These include building and maintaining infrastructure such as public schools and hospitals, roads, bridges, airports, and also paying the salaries of government workers and public officials who staff the various agencies meant to serve the public.
Simply put, taxes are the spending money for the government to do its job. As the recent US government partial shutdown demonstrated, the impact of taxation on people goes beyond merely grumbling about the large deduction in your last paycheck.
To ensure taxation is fair to everyone, government bureaus such as the Internal Revenue Service (IRS) in the US use tax brackets to determine how much of what you make or own can be deducted. In most cases, this would mean someone who made $1 million in 2018 would be taxed more than if someone made $100,000 during that time.
And to help such agencies check under which bracket you fall under, individuals of working age are required to fill out tax returns annually, which are then submitted to the concerned agency, to ensure proper deduction of taxes as provided for by law.
Tax Professionals, Make something normally very tedious, easy and simple.
But for all the annoyance of paying taxes, the experience of filling out tax return forms is often a far more tedious and unpleasant task. The numbers to take into account can be overwhelming. Then there’s having to figure out what goes where, and whether it’s tax-exempt or not. And of course, an incorrectly filed tax return or even missing the given deadline can lead to serious difficulties that can even cause you to run afoul of the law.
Navigating through the intricacies of tax return forms becomes even more challenging when considering regional nuances like state-specific regulations. Each state may have its own set of rules, adding an additional layer of complexity to an already cumbersome process. Furthermore, overlooking crucial details such as the Texas sales tax can result in further complications, highlighting the need for careful attention to regional tax intricacies. In essence, the experience of filling out tax return forms demands not only a thorough understanding of federal tax requirements but also a grasp of state-specific considerations that can significantly impact financial obligations.
Because of this, companies have sprung up all over the place offering free and paid services (with the matching benefits and features) to help make the annual Herculean labor a little more bearable.
And with so many options out there, choosing a competent professional to help handle the grind of your duties as an ordinary citizen of your country can make all the difference in the world.
Here’s some of the benefits of having your tax returns handled by the right person:
- You have someone to provide advice and answer your questions. Considering how many things you have to fill out on all of those forms, it’s easy to get confused or overwhelmed by everything. Fortunately, the professional can help clarify things for you and make it easier to understand the whole process of taxation and everything related to it. Let’s not forget that they can also advise you any deductions or credits you qualify for, keeping more money in your pocket legally. Add that up to the list of new thing(s) you learn each day.
- You avoid mistakes that can be costly or disastrous. As we mentioned, an incorrectly filed or missed tax return can be grounds for facing punishment under the law. With so many things to consider in such an important government document, the professional is trained to cover every requirement and make sure that all your details are in proper order. Suffice to say, it’s peace of mind that not even money can buy.
- You have someone to do the most tedious parts for you. For those who find filing tax returns a massive pain in the rear due to the amount of paperwork and items to cover, the heavy lifting is done by the professional. They’re the ones to request your credit scores and reports from credit reporting agencies (such as TransUnion and Equifax in the US) while providing regular updates. They’ll run through your data and provide recommendations and other useful data, and ensure that every “i” is dotted and “t” is crossed accordingly.
When you decide to avail of a tax professional to help you file your returns, it’s always best to do your research on which firms offer the best services for your needs. It’s also worth looking at the history and standing of the companies you’re considering, since you’re literally placing your taxes in their hands.
And once you’ve made your selection, while the professional is trained to work with minimal supervision, it’s still a good idea to check on them regularly and have your questions ready so you know what to expect and how to best handle any possible situations.
Adulting is indeed a challenge for anyone, especially when you have to give your share to your government. But with options like tax professionals at your disposal, it can also be an opportunity to fulfill a greater role as a law-abiding productive stakeholder in our country, helping ensure its future for present and future generations to come. And in a world that is shrinking ever quicker thanks to advances in communication technology and travel, this may be the greatest role that any one of us can play.