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Navigating Tax Season: Expert Advice for Smooth Sailing Through Financial Reporting 

How many people on the planet actually enjoy when tax season rolls around, and they must be ready to report their taxable income for the previous year?

Very few individuals probably look forward to this time-consuming task, and yet, many Americans try filing their taxes alone and skipping out on using a professional tax preparation service. That's generally fine if you have a W2, are taking a standard deduction and don't have many assets.

Expert Advice for Smooth Sailing Through Financial Reporting 

However, tax laws are always changing. The U.S. tax code happens to be thousands of pages long, and some of these revisions can be quite complicated. Even the famous physicist Albert Einstein was baffled, saying "The hardest thing in the world to understand is the income tax."

Mistakes can be easily made when you don't have the professional skills and knowledge of an expert tax advisor in your corner. Going it alone and making errors on your form can cost you more money. You could miss a key deduction or credit, neglect to report all income or make a simple math error. Even worse, you could receive the dreaded IRS letter in the mail informing you of an audit.

Do-it-yourself tax planning often looks like a breeze with the rampant influence of social media online today. So-called experts give free advice on popular platforms such as TikTok and Reddit. Unfortunately, most of these influencers are not qualified to do so. AI tools like ChatGPT are also available to assist folks in preparing their IRS forms, but even these sources can make mistakes.

There are several advantages to using a well-established tax preparation service. Tax season and the bulk of dizzying paperwork can be overwhelming for most taxpayers trying to organize their records for federal and state returns. When you choose professional tax planning, you get peace of mind.

A tax expert is excellent at maximizing your benefits. For instance, getting married, having a baby, retiring or divorcing are all major life changes that can affect your taxes. This pro will find the deductions or credits to help you and new ways to potentially lower your tax bill.

Maybe you have received an inheritance, bought a business or are selling your home. Or perhaps, you're challenged with investment losses. A seasoned tax pro is well-versed in all these areas and ready to handle your most personal financial details and accurately file your income tax return.

When dealing with the IRS, guesswork is never the answer, and neither is lying. There are many schemes and scams by promoters attempting to con individuals to claim credits they're ineligible for, including ERCs or Employee Retention Credits.

The IRS means business and reminds all taxpayers that willful filing of false information and fraudulent tax forms can result in significant civil and criminal penalties.

Let a trusted tax advisor at Kerkstra Tax handle your most personal financial details to prepare your tax returns. This friendly team of professionals is committed to the highest quality service for individuals and businesses. Contact today.

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